ProfileLadder (version 0.2.2)

summary.profileLadder: Summary Method for Objects of the S3 Class Method profileLadder

Description

The function provides an overall summary of the output from the functions parallelReserve() and mcReserve() (summary of the object of the class profileLadder)

Usage

# S3 method for profileLadder
summary(object, plotOption = FALSE, ...)

Value

Summary of the completed functional profiles and the estimated reserve (provided by the function parallelReserve() or mcReserve()). Summary of the incremental residuals (standard or backfitted) is also provided if the residuals are available. The output is a list with the following items:

origins

a matrix with the row-specific summary of the completed functional profiles (except the first fully developed profile---i.e., the first row in the run-off triangle). The first column of the matrix (First) gives the first origin payments; The second column (Latest) gives the last available (cumulative) payments (i.e., values from the last running diagonal in the run-off triangle); The third column (Dev.To.Date) gives a relative proportion of the paid amount (Latest) with respect to the estimated ultimate (Ultimate) given in the fourth column; Finally, the last column (IBNR) gives the estimated amount still left to pay (Incurred But Not Reported)

overall

Table with the summary of the true/estimated reserve: Paid amount represents the sum of the last running diagonal; Estimated reserve gives the reserve estimate provided by one of the estimation algorithm (PARALLAX, REACT, or MACRAME); True reserve is given as a sum of the last column (if available, NA otherwise); Finally, some Accuracy in terms of Reserve% is given as a percentage of the estimated reserve with respect to the true reserve (see Maciak, Mizera, and Pešta (2022) and Dev.To.Date gives the proportion of the overall estimatd ultimate and the overall paid amount

resids

Table with basic empirical description characteristics of the residuals (standard or back-fitted) if the residuals are provided in x

Arguments

object

an object of the class profileLadder -- i.e., either a run-off triangle itself or the output form the parallelReserve() or mcReserve() functions

plotOption

logical to indicate whether a graphical output should be also provided (set by DEFAULT to FALSE). If the incremental residuals (standard or back-fitted) are provided within the object x the plot provides a summary of the residuals (otherwise a simple barplot summarizing the estimated reserve is given)

...

not used

See Also

as.profileLadder(), parallelReserve(), mcReserve()

Examples

data(CameronMutual)
summary(CameronMutual)

## standard summary output
summary(mcReserve(CameronMutual))

## summary output with plotOption = TRUE
summary(mcReserve(CameronMutual), plotOption = TRUE)

## summary output with (standard) residuals and plotOption = TRUE
summary(mcReserve(CameronMutual, residuals = TRUE), plotOption = TRUE)

## summary output with (back-fitted) residuals and plotOption = TRUE
summary(mcReserve(observed(CameronMutual), residuals = TRUE), plotOption = TRUE)