From the Desk of John Karlen, CPCU, APA, ARe
Consecutive Years of Member Dividends – 11
On 12/31/24, our CFO was busy that evening transmitting to our actuaries our entire claims history. That data included date of injury, what was paid so far, and our estimate of what remains to be paid on every claim since 2006. There is lots of detail to send. This data is then sorted by our actuary and trended to get an estimate on the final claims costs for claims that may have just happened in 2024. By getting that assessment of the past 18 years’ worth and applying it to the known and unknown data of 2024, they come up with a final estimate of claims cost for 2024.