I am stuck on this part in general. I'm not sure how we derive the % developed and also how we calculate the number of expected claims and IBNR (although I do notice that the expected claims less IBNR gives the figures in the question). I also see that the number of expected claims = # reported / (%developed) so I think the main hurdle is the % developed figure that I can't seem to derive. Any help on this would be appreciated!
I've knocked up a spreadsheet for you in excel. Hopefully of some use. (This forum won't allow .xls files unfortunately, so I've given you two PDFs, one to show the formulae and another to show the results.)
