plot.MackChainLadder: Plot method for a MackChainLadder object
Description
plot.MackChainLadder, a method to plot the output of
MackChainLadder. It is designed to give a quick look at a
MackChainLadder object, to check the result and Mack's assumptions.Usage
## S3 method for class 'MackChainLadder':
plot(x, mfrow=c(3,2), title=NULL, ...)
Arguments
x
output from MackChainLadder
...
optional arguments to plot method
Details
plot.MackChainLadder shows six graphs, starting from the top left
with a stacked bar-chart of the latest claims position plus IBNR and
Mack's standard error by origin period; next to it on the right is a
plot of the forecasted development patterns of all origin periods
(numbered, starting with 1 for the oldest origin period),
and 4 residual plots. The residual plots
show the standardised residuals against fitted values, origin period,
calendar period and development period. All residual plot should show
no pattern or direction for Mack's method to be applicable.
Pattern in any direction can be the result of trends.
See
Zehnwirth and Barnett. Best estimates for reserves. Proceedings
of the CAS, LXXXVI I(167), November 2000. for more details on trends.