Schedule p

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This article refers to Schedule P from the United States Property and Casualty Annual Statement, not the IRS form 5500.

Schedule P is a 7 part exhibit in the annual statement that details the loss and loss related expense history of the Insurance company. It is the only part of the Annual Statement that has accident year losses. Here is a breakdown of the 7 parts:

       Part 1:    This part details the current reserve structure.  It shows detailed losses by Insurance line, [[paid                    
       losses]], case reserves, bulk reserves, Defense and Cost Containment (DCC) expenses, and Adjusting and Other  
       expenses.

       Part 2:    This show the Net Incurred Loss Triangle.  Net Incurred includes paid, case, bulk and IBNR.  This part 
       lets you see how the ultimate loss estimate changes as the accident year matures over time.

       Part 3:    This is the Paid Loss Triangle.  It shows how paid losses develop and can be used to create [[Loss 
       Development Factors]].

       Part 4:    This is the Bulk and IBNR triangle showing how much Bulk and IBNR changes as the period matures.

       Part 5:    This is the Claim Counts triangles.  It show reported, open, and closed claim triangles.

       Part 6:    This is the Exposure year earned premium development triangle.  It shows how Exposure year earned premium 
       develops as the period matures.  Exposure year earned premium can be affected by audits or by premium adjustments to retro 
       insurance policies.

       Part 7:    This section details 'loss sensitive contracts'.