Incurred-but-not-reported(IBNR) Claims

What is Incurred-but-not-reported(IBNR) Claims?

Incurred-but-not-reported(IBNR) Claims is A term used for claims that are assumed to have occurred but of which the insurer has not been made aware of. These usually refer to claims that occur at the end of the financial year of the insurer and which will only be made known to the insurer in the following financial year. However, the insurer will need to account and reserve for these claims in the current financial year.


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