IBNR - what is it?

What is an IBNR?

This is the acronym for the insurer’s estimate of its liability for ‘incurred but not reported’ claims. What insurers use are a comination of a rolling five years combined with development years, to factor in the approximate amount of claims that come in over the following years after the year the event would have occurred.

It is a job normally given to acturies and can be quite subjective. It is most important to factor in an amount for the development years so that insurers can be sure they are building up their premium pool to cater for these future claims.

IBNR’s are theoretically better controlled under the professional indemnity claims made and notified policy format that under the occurrence–based insurance policy.

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