IBNR Claims

Abbreviation for 'incurred, but not reported' - Amount set aside for claims that are anticipated to have occurred but which have not yet been advised to the Company. The accounting code definition states that as a reserve it also represents any general reserve for inflation. For direct business written within the UK it normally constitutes the average number of claims which are reported late x the average claims costs. London Market Business, however, normally represents the difference between known case reserves and the ultimate loss ratios determined by the Company.

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