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Liability insurance is peculiar in the sense that the sins of the
past may remain hidden for many years and then be triggered suddenly. This is IBNR.
We believe the best way to handle liability risk information is via probabilistic assessment. New information changes the estimated exposure using the formula: exposure = probability Х magnitude. Provided insurers have a system for estimating probability and magnitude from new information then all information can be rationally managed.
Up to date in this case means that the information is analysed before the review date.