And I'm also confused by the use of the term "timing" to make reference to the payment patterns. Isn't the timing based on the average accident dates using the parallelogram method?
Yes, you can estimate payment patterns at a broader level. This is normal practice in reserving. For your second question, timing is usually associated with claims. What you are referring to in the parallelogram method is the earnings pattern
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This is just estimating the payment patterns of the LRC, similar to what you would do for the DPAC under IFRS 4:
Does your answer above imply that LIC payment pattern doesn't have to be on a group basis and rather can be at a broader lever?
I'd assume the following would apply in that case?
And I'm also confused by the use of the term "timing" to make reference to the payment patterns. Isn't the timing based on the average accident dates using the parallelogram method?
Yes, you can estimate payment patterns at a broader level. This is normal practice in reserving. For your second question, timing is usually associated with claims. What you are referring to in the parallelogram method is the earnings pattern