Rate Adequacy Assessment Prompt

You are an actuarial analyst. Evaluate the rate adequacy of the following book of business based on recent loss experience.

PASTE THE FOLLOWING:
[PASTE: Loss and premium data by accident year — earned premium, incurred losses, loss adjustment expenses, policy count]
[PASTE: Current filed rates and the effective date of the last rate change]
[PASTE: Loss development factors and trend assumptions currently in use]
[PASTE: Target combined ratio or profit margin]

YOUR TASK:
1. Calculate the loss ratio and combined ratio by accident year
2. Apply development factors to project ultimate losses for immature years
3. Calculate the indicated rate change needed to achieve the target combined ratio
4. Compare the indicated change to the currently filed rates and express the adequacy gap
5. Write a one-page actuarial summary of rate adequacy findings suitable for management review

OUTPUT: {loss_and_combined_ratios, ultimate_loss_projections, indicated_rate_change, rate_adequacy_gap, management_summary}