The underwriting year in marine insurance and reinsurance
"Ask any accountant who his most troublesome clients are. Invariably he will reply with a deep, heart-felt sigh: "The marine boys with their... (expletives deleted) underwriting year system!"
This is, of course a very serious situation. So serious, in fact, that we, the “marine boys”, periodically feel compelled to tell the world, all its accountants and anybody else who cares to listen: “Granted, but there are a few excellent reasons for this seemingly bizarre behaviour!"
This popular work, which distinguishes itself for its useful marine insights and highly readable style, is now available in a revised edition. The publication addresses key questions which confront the marine underwriter with ruthless regularity: What is an accounting or balance year? What is an accident year? How do we allocate underwriting years and how long should they be kept alive? A statistical comparison – with its several possibilities for interpretation – points to the pockets of trouble which the marine underwriter would do well to avoid.
