What does accident year experience mean?

accident year experience meaning in Insurance Dictionary

The accident 12 months is any 12-month duration that losses from situations taking place throughout that 12-month duration tend to be tracked. Accident year knowledge is calculated with the addition of the sum total losings from any situations happening for the reason that 12-month duration. Two other cost-accounting terms utilized in sorting reduction knowledge are twelve months and plan (underwriting) 12 months.