
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.