INSURANCE CLAIMS RESERVES REVIEW CHECKLIST

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--- DATA COLLECTION & VALIDATION ---
[ ] Date of Loss Occurrence
[ ] Claim Number
[ ] Loss Type (e.g., Property, Liability, Auto) (Property, Liability, Auto, Workers' Compensation, Other)
[ ] Initial Loss Estimate
[ ] Description of Loss
[ ] Policy Status (Active, Cancelled, Lapsed)
[ ] Supporting Documentation (e.g., Police Report, Photos)

--- LOSS RATIO ANALYSIS ---
[ ] Current Loss Ratio
[ ] Prior Year Loss Ratio
[ ] Industry Average Loss Ratio
[ ] Trend Direction (Loss Ratio) (Increasing, Decreasing, Stable)
[ ] Explanation of Loss Ratio Trends
[ ] Earned Premium for Period

--- DEVELOPMENT PATTERN REVIEW ---
[ ] Ultimate Loss Ratio (Projected)
[ ] Date of Last Development Pattern Analysis
[ ] Development Pattern Type (Chain Ladder, Bornhuetter-Ferguson, Other)
[ ] Description of Observed Development Pattern
[ ] Average Loss Development Factor (ALDF)
[ ] Date of Significant Change in Development Pattern (if applicable)
[ ] Explanation for any deviations from expected development patterns

--- SEVERITY ANALYSIS ---
[ ] Average Claim Severity (Current Year)
[ ] Average Claim Severity (Prior Year)
[ ] Percentage Change in Severity
[ ] Description of any significant trends in claim severity
[ ] Potential Drivers of Severity Increase (select all that apply) (Increased Litigation Costs, More Complex Claims, Rising Medical Expenses, Changes in Claim Handling Procedures, Economic Inflation)
[ ] Date of last severity analysis review

--- INCURRED BUT NOT REPORTED (IBNR) ANALYSIS ---
[ ] Current IBNR Estimate
[ ] Historical Trend of IBNR
[ ] Average Period for Claim Reporting
[ ] Estimated Claim Reporting Lag (Months)
[ ] IBNR Calculation Method (Chain Ladder, Bornhuetter-Ferguson, Loss Ratio Method, Other)
[ ] Justification for IBNR Calculation Method
[ ] Date of Last IBNR Review
[ ] Supporting Documentation (e.g., actuarial reports)

--- DISCOUNT RATE ASSESSMENT ---
[ ] Current Discount Rate (%)
[ ] Rationale for Current Discount Rate
[ ] Yield on Relevant Benchmark Securities (e.g., Treasury Bonds)
[ ] Date of Benchmark Rate Determination
[ ] Explanation of Any Deviation from Benchmark Rate
[ ] Methodology for Discount Rate Selection (Yield Curve Based, Cost of Capital, Other (Specify))
[ ] If 'Other' selected above, please specify methodology.

--- LEGAL & REGULATORY COMPLIANCE ---
[ ] Applicable Accounting Standards (IFRS, US GAAP, Local GAAP)
[ ] Regulatory Reporting Requirements (Solvency II, NAIC Standards, Local Regulations)
[ ] Last Regulatory Exam Date
[ ] Permit/License Number
[ ] Summary of Recent Regulatory Changes
[ ] Copy of Regulatory License

--- DOCUMENTATION & AUDIT TRAIL ---
[ ] Date of Reserve Review
[ ] Summary of Review Findings
[ ] Review Methodology Used (Actuarial Model, Loss Reserving Guidelines, Combination of Methods)
[ ] Supporting Documentation (e.g., spreadsheets, reports)
[ ] Reviewer Signature
[ ] Total Page Count of Supporting Documents

--- SENSITIVITY ANALYSIS ---
[ ] Loss Ratio Increase/Decrease (%)
[ ] Claim Severity Increase/Decrease (%)
[ ] Discount Rate Change (%)
[ ] IBNR Estimate Variance (%)
[ ] Assumption Type (Loss Ratio, Claim Severity, Discount Rate, IBNR Estimate)
[ ] Impact on Reserve Amount (USD)

--- MANAGEMENT REVIEW & APPROVAL ---
[ ] Review Date
[ ] Summary of Review Findings
[ ] Overall Assessment (Adequate, Requires Adjustment, Unsatisfactory)
[ ] Reserve Adjustment Percentage (if applicable)
[ ] Reviewer Signature
[ ] Reviewer Name

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