[[Actuarial Notes Wiki|Wiki]] / [[Exam 5 (CAS)]] / **Close Year** ## Definition ==Close Year== is a data organization method where claims are grouped by the year in which they were closed or settled. ## Uses - Analyzing claim settlement patterns - Measuring claims department efficiency - Understanding closure rates - Limited use in ratemaking ## Characteristics - Significant lag from accident date - Useful for operational metrics - Not commonly used for rate indications - Helps assess claim handling speed ## Related Concepts - [[Accident Year#Definition]] - [[Report Year#Definition]] - [[Ratemaking Data Organization#Definition]] ## References - Werner & Modlin, Chapter 3