Last year the Casualty Actuarial Society's Loss Simulation Model Working Party (LSMWP) , via the Dynamic Risk Modeling Committee, engaged a consulting firm to develop an open source simulation model of the processes of loss emergence and settlement, commonly known as loss development, that underlie the loss "triangles" and other statistics used to estimate unpaid claims. It has created a tool which is programmed in R and VB.NET that researchers could use to test loss reserving methods and models. The LSMWP will present the new model and the draft of its working party paper at the September Casualty Loss Reserve Seminar. The new open source model and paper will be uploaded to the CAS web site after this seminar.
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