Incurred but not Reported Losses

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Incurred but not Reported Losses

A claim that an insurer has not yet paid. Incurred but not reported losses do not show up in the insurer's expenditures because of the non-payment. However, they do form part of the insurer's liabilities.
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References in periodicals archive ?
The guidelines prescribe a standard method for the estimation of IBNR claims reserve and will bring about standardization and uniformity across the non-life insurance sector in respect of such estimation.
So far, insurance companies have been using different methods to estimate the IBNR claims reserve, which have been found to be largely inadequate, as revealed by the findings of an industry-wide survey conducted by the SECP.
Recently SECP gave 'Guidelines for Estimation of IBNR Claims Reserves' which encourage the use of an Actuary by non-life insurance companies in Pakistan for claim reserving purpose.