Category: Actuarial fundamentals · Reviewed by Al Jabbar, Broker · Specialist Risks · Last reviewed
IBNR
IBNR is the standard acronym for Incurred But Not Reported — claim events that have occurred but have not yet been reported to the insurer at the reserving date.
Related acronyms
IBNYR — Incurred But Not Yet Reported (synonymous with IBNR in some texts).
IBNER — Incurred But Not Enough Reported (inadequacy of case reserves on known claims).
RBNS — Reported But Not Settled.
OCR — Outstanding Claims Reserve (case reserves on reported claims).
ULAE — Unallocated Loss Adjustment Expense.
ALAE — Allocated Loss Adjustment Expense.
Disclosure
UK insurers’ Solvency and Financial Condition Reports (SFCRs) disclose technical provisions split by line of business. Lloyd’s syndicates report year-end IBNR in the SAO (Statement of Actuarial Opinion).
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