The loss development factors within Loss Forecaster are updated approximately once per year. The factors are developed internally by actuaries with SIGMA Actuarial Consulting Group and are an aggregation of a variety of sources, including data from our broad base of clients, other actuaries, and insurance companies, as well as published data sources (such as AM Best and NCCI).
SIGMA uses these same factors in their own consulting if a client does not have enough unique data to consider.
The LDFs are neither industry- nor state-specific. They are national averages for each particular coverage. National or state averages are available for workers compensation analyses.