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Work out your own loss pick.
The first number an underwriter looks for — it decides whether your account gets quoted seriously or priced defensively. Premium and incurred losses are all it takes: one year gets you a number, five show the trend the market prices.
What this is, exactly
A simplified version of the calculation an underwriter runs: incurred losses over premium, aggregated across the years you enter. A carrier's own pick goes further — trending the years forward, developing open claims toward expected settlement — so treat this as the number the conversation starts from, not the one it ends on.
Your numbers
Incurred means paid plus reserves — the figure the market judges you on, not just what has been paid out so far. Enter one line of coverage at a time; every line carries its own loss pick. Nothing you type here is sent anywhere.
One year is enough to start. Fill in as many as you have — a single year with both figures produces a number, and five show the direction a carrier will price. Plain figures or shorthand both work: 450000, $450,000, 450k, or 1.2M.
| Policy year | Premium | Incurred losses | Loss ratio |
|---|---|---|---|
| Most recent | — | ||
| 1 year prior | — | ||
| 2 years prior | — | ||
| 3 years prior | — | ||
| 4 years prior | — |
Enter at least one year with both a premium and an incurred figure to see your loss pick.
The limits of the number
What this number can't tell you
A loss pick tells you how your account looks to the market — not whether your coverage holds up. That question is only answered by reading the policies against how your business actually operates; an account can have an excellent loss pick and a gap that swallows the savings the first time it matters.
Now find out what the number is worth.
A 15-minute review: your loss record read the way a carrier reads it, your coverage read against how you actually operate, and a plain answer on where the money is.
Fifteen minutes with Michael Stoop, our founder. Nothing to prepare — bring the question you can't get a straight answer to.
Or call us now — 347.252.6150
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- No contingency payments, overrides, or profit-sharing