What is IBNR? - P&C Insurance - Loss Reserves - Actuary 101

This video, part of the loss reserving fundamentals series, defines IBNR, or "incurred but not reported".  IBNR is described in relation to case reserves and overall loss reserves. Four of the main sources of IBNR are discussed.

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For the purpose of simplicity, this informative video uses insurance terms in their general sense. For example, "insurers" may refer to commercial insurance carriers or organizations retaining loss through high deductible programs. The term "loss"is used generally, rather than specific references to "loss and expense".

Chapters
0:00 - Introduction
0:35 - What is a loss reserve?
2:10 - Loss Reserve Components: Case Reserves & IBNR
3:33 - 4 Sources of IBNR
4:05 - Case reserve development
5:50 - Late reported claims
7:17 - Reopened claims
7:49 - Pipeline claims
8:24 - Summary & Definition of IBNR

Disclaimer: Information presented in this video should not be relied upon as actuarial or accounting advice, which should be provided by a credentialed actuary or accountant familiar with the details of your organization's risk management program.

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• #ibnr
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