Actuarial calculations for medical malpractice, accidents or other acts of negligence
Our actuaries provide the financial calculations that quantify the loss of income to the injured party or the loss of support to the dependants of the breadwinner in the event of a fatal accident. This includes projecting forward the expected future losses and converting that into a lump sum which represents the legal claim for loss of income or support. We produce a report describing the information supplied, our methodology and then a summary of our results.
We also quantify the value of future medical expenses.
We are typically instructed by attorneys for the plaintiff or defendant. They would supply us with the required facts of the case that we would need in order to do the calculations. (See the information we need in the ‘data required’ part of the website.) For loss of income or loss of support claims, they would often supply these facts via a report of an industrial psychologist (earning expert). This lays out the expected earnings on the injured party had the accident not occurred and now that the accident has occurred. For future medical claims, the attorneys would supply the costs of all the expected future medical treatments and related items. They would often supply these facts via reports of various medical experts.
Testimonials
It has always been an absolute pleasure to work with Ivan Kramer and his team. The service is friendly, punctual and efficient with turnaround times between requesting a report and receiving same being most impressive. The actuarial reports are easy to read and to utilise in Court and are always without mistake. Ivan is abreast of new third party law and applies same in his calculations with ease. He has appeared in Court for me on several occasions and has delivered his testimony in a user friendly manner. Long may our working relationship last!
Our firm has been referring work to Ivan Kramer Consulting Actuary for a period in excess of seven years. Many of his calculations have been scrutinised by our Courts and it is pleasing to see that the content of his reports have met with approval by our Courts and has been on the receiving end of many favourable comments by our Judges.
The turn-around time from the moment our instructions are transmitted to him until the receipt of the report is phenomenal. The mandate is executed promptly and efficiently, and the contents are accurate and reliable. Mr. Kramer is always ready to assist, and on many occasions, revised calculations have to be completed urgently on the day of the case when new information comes to hand. Mr. Kramer is always ready, eager, and anxious to assist and oblige.
We have no hesitation in recommending Mr. Kramer.
This letter serves to confirm that Ivan Kramer actuaries first approached Houghton Harper Incorporated 6 years ago with a proposal that he/his firm do the actuarial reports in our damages claims. That was the beginning, and we have never looked back.
Once supplied with all the necessary information, Ivan and David provide the reports promptly and professionally. The reports are easy to use, clear, and concise. In short, the actuarial firm of Ivan Kramer has been directly involved in the successful outcome of many of our clients’ claims for loss of support and loss of income.
We have always been extremely satisfied with the reports of Ivan Kramer and will continue to work with him in the future.
1. I am an advocate practicing at the Johannesburg Bar specializing in personal injury litigation. In this capacity, I have over many years dealt with Ivan Kramer – Actuary with regard to actuarial reports and calculations relating to quantification of claims.
2. The professional services received from the practice are extremely prompt and efficient. The reports produced are well formatted, logical, and easy to understand. These reports certainly assist in explaining to a judge the method and basis of calculation utilized in proving claims for loss of income.
I have been using the services of Ivan Kramer actuaries for approximately 10 years and have always found their reports and service to be of an extremely high standard. Their reports are accurately and expeditiously presented. It is a pleasure working with actuaries who display a consistent level of professionalism.
Nothing is ever too urgent or too much trouble for Ivan Kramer Actuaries. Their service is extremely reliable, efficient, and fast. The quality of work is highly commendable.
Simply awesome on all fronts. Thank you very much.
Acting on the mutual agreement of the parties, Mr. Ivan Kramer, an actuary, was appointed to assist the court in recalculating the quantum of the appellant’s loss of earning capacity. Mr. Kramer has duly executed his mandate with admirable promptness and furnished the court with his report.