Incurred But Not Reported (IBNR)

Insurance Financial Terms Dictionary

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Incurred but not reported (IBNR) is a reserve account used by insurance companies to compensate for losses that have not yet been reported.

Produced but not reported (IBNR) is most often associated with delayed reporting due to bureaucratic red tape and processing delays.
Because incurred but not reported (IBNR) claims are hidden liabilities, companies must calculate a proper estimate of funds to be held in reserve.