Question

What is meant by "Incurred But Not Reported (IBNR)" in reinsurance?

a.

Claims that have been reported but not yet paid by the reinsurer

b.

Claims that have occurred but not yet reported to the reinsurer

c.

Future liability for losses that have already occurred but not reported

d.

Expected future development of reported claims in the reinsurer's records

Posted under IC85 Reinsurance Management

Answer: (c).Future liability for losses that have already occurred but not reported Explanation:IBNR refers to the liability for future payments on losses that have already occurred but have not yet been reported in the reinsurer's records. It may also include expected future development on claims that have been reported.

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Q. What is meant by "Incurred But Not Reported (IBNR)" in reinsurance?
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