UK Insurance and Reinsurance: Reserves, Claims Data, and Loss Development Triangles

Summary

This practice note explains insurance industry practice in relation to loss reserves, insurance claims data, and loss development triangles in general insurance. It also provides information about the significance of this data for insurers and guidance for lawyers regarding the relevance of claims data in insurance disputes. The practice note also explains terminology relating to loss reserves, including incurred claims, outstanding loss reserves (OSLR), incurred but not reported (IBNR), and incurred but not enough reported (IBNER).