It is a well known fact that the packet loss ratio is an important but insufficient measure to assess the influence of packet loss on user perceived quality of service in telecommunication networks. In this paper we therefore assess other loss process characteristics of finite capacity Markov-modulated M/M/1-type buffers. Combining a probability generating functions approach with matrix techniques, we derive an expression for the joint probability generating function of the time and the number of accepted packets – packets that are not lost – between packet losses. We then illustrate our approach by means of some numerical examples.