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To explain loss ratio we have to start by the factors included in a loss.
The loss factors are:
Claims paid plus
net reserves plus
incurred but not reported (IBNR) plus
provision for adverse deviation (PAD)
Total them and substract your total with
Total recoveries (actual +potential)
You now have the total loss.
Once we have these factors, we can divide the loss by the earned premium to obtain the ratio.
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