Definition of "Loss reserves"

Yadira Bello real estate agent
Yadira Bello, Real Estate Agent Agent Trust Realty

Provision for known claims due but not paid, known claims not yet due, and provision for incurred but not reported (IBNR) claims. The critical problem facing a casualty insurance company is the amount of reserves necessary for the incurred but not reported losses (IBNR) because many of these claims and their resultant settlements may not manifest themselves until several years in the future. This is known as the tail end distribution liability.

 

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