Outstanding claims reserves in general insurance are a type of technical reserve or accounting provision in the financial statements of an insurer. They seek to quantify the outstanding loss liabilities for insurance claims which have been reported and not yet settled (IBNeR) or which have been incurred but not yet reported (IBNyR) reserves. This is a technical reserve of an insurance company, and is established to provide for the future liability for claims which have occurred but which have not yet been settled.
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Famous quotes containing the words outstanding, claims and/or reserves:
“The theater is a baffling business, and a shockingly wasteful one when you consider that people who have proven their worth, who have appeared in or been responsible for successful plays, who have given outstanding performances, can still, in the full tide of their energy, be forced, through lack of opportunity, to sit idle season after season, their enthusiasm, their morale, their very talent dwindling to slow gray death. Of finances we will not even speak; it is too sad a tale.”
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