Descriptive Metrics

For a benchmark, the values in the following table are calculated by the average-of-averages methodology described in "Overview of Compare."


Metric	Description
# Companies	The number of companies that contributed data to the data set: If 1, the data set is from your company. Otherwise, the data set is a benchmark.
# Exposures	The number of exposures in the returned data set. For claim-level metrics, the number is based on the total number of exposures for the claims.
# Claims	The number of claims in the returned data set. For exposure-level metrics, the number reflects the number of claims to which the exposures apply.
# Exposures per Claim	The number of exposures per claim. A high number suggests A greater claim complexity in the case of claim-level metrics; or A higher risk concentration in the case of exposure-level metrics.
% Closed	The percentage of exposures or claims that are closed, depending on the metric level. The metric is of particular interest in the following ways: As an indication of cycle time when you look back on the data set. As a reflection of the data's completeness, as metric calculations might be skewed by missing long-tail claims; that is, by claims that take a long time to close, perhaps because of litigation or a lingering injury. The meaning of individual metrics might depend on whether they are applied to closed exposures, pending exposures, or both.
% Zero Incurred	Depending on metric level, the percentage of the data set's exposures or claims that, if open, have no reserve set and, if closed, have had no net payments. "Closed No-Pay" is a common term for claims closed without ever having an indemnity payment, and "Closed No-Pays" make up the closed subset of "Zero Incurred." This metric might indicate the rate of claim denial, the automatic opening of exposures or lack of automatic opening, or the automatic reserving practices or lack of such practices. The meaning also might depend on whether claims are pending or closed. Most metrics are more meaningful and comparable when the filter is set to exclude "Zero Incurred" exposures.
% Catastrophe	Depending on metric level, the percentage of the data set's exposures or claims that are marked with a catastrophe code. This metric might be useful for indicating an area's risk distribution, for exploring catastrophe trends, or for providing a context for other metrics.
% Litigated	Depending on metric level, the percentage of the data set's exposures or claims that are marked as litigated.