The paper reviews the development of loss reserving models over the past, classifying them according to an elementary taxonomy. The taxonomic components include (1) the algebraic structure of the model, (2) the form of its parameter estimation, (3) whether or not it is explicitly stochastic, and...

The distribution of the total incurred losses of an accident year (or underwriting year) is considered. Before commencement of the accident year, there is a prior on this quantity. The distribution may eveolve over time according to Bayesian revision which takes account of the accumulation of...