Opinion—Are we fixated on the past or looking to the future?

"Incredible but not required." "Incomplete but never realized." We’ve all heard terms like these used to refer to IBNR liabilities. Now actuaries are using the same kind of unfortunate language to refer to models rather than methods—and distributions as opposed to ranges.

Is the skepticism warranted? Or is a fear of the unknown getting in the way of the next generation of reserving?

Go to Part 1, or Part 2.