{"id":191,"date":"2020-05-31T15:19:12","date_gmt":"2020-05-31T09:49:12","guid":{"rendered":"https:\/\/theactuarialclub.com\/learn\/?p=191"},"modified":"2025-04-30T11:31:27","modified_gmt":"2025-04-30T06:01:27","slug":"claim-reserves-types-in-gi","status":"publish","type":"post","link":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/","title":{"rendered":"Claim Reserves types in GI"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:37.27%\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-amber-background-color has-background wp-element-button\" href=\"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/run-off-triangles\/\" style=\"border-radius:6px\">&lt; Previous<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column ghostkit-d-sm-none ghostkit-d-md-none is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:57.1%\"><\/div>\n\n\n\n<div class=\"wp-block-column tac-button-next is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:37.27%\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-amber-background-color has-background wp-element-button\" href=\"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/ibnr-reserves\/\">Next<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color has-background\" style=\"background-color:#d4edda\"><em>There are different types of claim reserves shown in the liabilities of the General Insurance company. Some of the reserves are required to be stated directly like Unpaid reserves(due but not paid) while some are projected using Run off triangles using different methods<\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Types of claim reserves in GI<\/h2>\n\n\n\n<p>There are certain types of reserves on the liabilities side also called as Technical reserves (or insurance reserves) might be split into:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Incurred But Not Reported \u2013 IBNR &amp;<\/em><\/li>\n\n\n\n<li><em>Incurred but not enough Reported \u2013 IBNER<\/em><\/li>\n\n\n\n<li><em>Outstanding Reported Claims Reserves \u2013 OS Reserves<\/em><\/li>\n\n\n\n<li><em>Re-opened claims Reserves<\/em><\/li>\n\n\n\n<li><em>Claims Handling Expenses Reserves<\/em><\/li>\n\n\n\n<li><em>Catastrophe Reserves \u2013 Cat Reserves<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">GI claim reserves reason<\/h2>\n\n\n\n<p>Claims reserves occur due to the delays in <a rel=\"noreferrer noopener\" href=\"https:\/\/theactuarialclub.com\/learn\/terms\/claim-reporting-delay\/\" target=\"_blank\">Claim reporting,<\/a> Claim settlement, or premature closure of claims files. <\/p>\n\n\n\n<p>Claims reserves are generally larger for long-tail classes of business.<\/p>\n\n\n\n<p>Claims reserves are estimates. Therefore any work which is based on claims reserves should recognize the uncertainty underlying the estimates. This uncertainty is generally greater for long-tail classes.<\/p>\n\n\n\n<p>When a claim event occurs there will be some time before it is reported or notified to the insurer \u2013 this is known as a claim delay. The insurer will incur numerous claims in a calendar year, and each of those claims will have a claim delay. <\/p>\n\n\n\n<p>To clear one thing, a Chartered Accountant CANNOT calculate Reserves. They can do finance, underwriters know about risk but Actuarial is something different and on that note, here you go.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<blockquote class=\"instagram-media\" data-instgrm-permalink=\"https:\/\/www.instagram.com\/p\/CAGaGzHAm3I\/?utm_source=ig_embed&amp;utm_campaign=loading\" data-instgrm-version=\"12\" style=\" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);\"><div style=\"padding:16px;\"> <a href=\"https:\/\/www.instagram.com\/p\/CAGaGzHAm3I\/?utm_source=ig_embed&amp;utm_campaign=loading\" style=\" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;\" target=\"_blank\" rel=\"noopener noreferrer\"> <div style=\" display: flex; flex-direction: row; align-items: center;\"> <div style=\"background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;\"><\/div> <div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center;\"> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;\"><\/div> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;\"><\/div><\/div><\/div><div style=\"padding: 19% 0;\"><\/div> <div style=\"display:block; height:50px; margin:0 auto 12px; width:50px;\"><svg width=\"50px\" height=\"50px\" viewBox=\"0 0 60 60\" version=\"1.1\" xmlns=\"https:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"https:\/\/www.w3.org\/1999\/xlink\"><g stroke=\"none\" stroke-width=\"1\" fill=\"none\" fill-rule=\"evenodd\"><g transform=\"translate(-511.000000, -20.000000)\" fill=\"#000000\"><g><path d=\"M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631\"><\/path><\/g><\/g><\/g><\/svg><\/div><div style=\"padding-top: 8px;\"> <div style=\" color:#3897f0; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;\"> View this post on Instagram<\/div><\/div><div style=\"padding: 12.5% 0;\"><\/div> <div style=\"display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;\"><div> <div style=\"background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);\"><\/div> <div style=\"background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;\"><\/div> <div style=\"background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);\"><\/div><\/div><div style=\"margin-left: 8px;\"> <div style=\" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;\"><\/div> <div style=\" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)\"><\/div><\/div><div style=\"margin-left: auto;\"> <div style=\" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);\"><\/div> <div style=\" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);\"><\/div> <div style=\" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);\"><\/div><\/div><\/div> <div style=\"display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;\"> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;\"><\/div> <div style=\" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;\"><\/div><\/div><\/a><p style=\" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;\"><a href=\"https:\/\/www.instagram.com\/p\/CAGaGzHAm3I\/?utm_source=ig_embed&amp;utm_campaign=loading\" style=\" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;\" target=\"_blank\" rel=\"noopener noreferrer\">A post shared by The Actuarial Club (@theactuarialclub)<\/a> on <time style=\" font-family:Arial,sans-serif; font-size:14px; line-height:17px;\" datetime=\"2020-05-12T19:49:02+00:00\">May 12, 2020 at 12:49pm PDT<\/time><\/p><\/div><\/blockquote> <script async src=\"\/\/www.instagram.com\/embed.js\"><\/script>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<p>The below claim reserves example will give you an idea on what are the different terms used for these reserves. We will cover them in detail in upcoming sections.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Questions Related to Claim Reserves<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\"><strong class=\"schema-faq-question\"><strong>What are the types of reserves in General Insurance?<\/strong><\/strong> <p class=\"schema-faq-answer\"><em>Incurred But Not Reported \u2013 IBNR<br\/>Incurred but not enough Reported \u2013 IBNER<br\/>Outstanding Reported Claims Reserves \u2013 OS Reserves<br\/>Catastrophe Reserves \u2013 Cat Reserves<\/em><br\/><br\/><\/p> <\/div> <div class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Why Claim Reserves are created?<\/strong> <p class=\"schema-faq-answer\">Claims reserves are estimates of claims that have occurred on or before the financial statement report date but which have yet to be paid. <br\/><br\/>This a current liability that has to be reported regularly on the insurer\u2019s financial statements even though the actual final settlement cost of the claims may be unknown to the entity on that date.<br\/><br\/><\/p> <\/div> <\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are different types of claim reserves shown in the liabilities of the General Insurance company. Some of the reserves are required to be stated directly like Unpaid reserves(due but not paid) while some are projected using Run off triangles using different methods. Types of claim reserves in GI There are certain types of reserves [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-191","post","type-post","status-publish","format-standard","hentry","category-actuarial-gi-reserving"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Claim Reserves types in GI &#8226; TAC Actuarial Learning<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Claim Reserves types in GI\" \/>\n<meta property=\"og:description\" content=\"There are different types of claim reserves shown in the liabilities of the General Insurance company. Some of the reserves are required to be stated directly like Unpaid reserves(due but not paid) while some are projected using Run off triangles using different methods. Types of claim reserves in GI There are certain types of reserves [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/\" \/>\n<meta property=\"og:site_name\" content=\"TAC Actuarial Learning\" \/>\n<meta property=\"article:author\" content=\"http:\/\/www.facebook.com\/maygoyal\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-31T09:49:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-30T06:01:27+00:00\" \/>\n<meta name=\"author\" content=\"Mayank Goyal FIA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@may_mgtl\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mayank Goyal FIA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/\"},\"author\":{\"name\":\"Mayank Goyal FIA\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#\\\/schema\\\/person\\\/b648b855bd3a04dca7fb005fb3d604f4\"},\"headline\":\"Claim Reserves types in GI\",\"datePublished\":\"2020-05-31T09:49:12+00:00\",\"dateModified\":\"2025-04-30T06:01:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/\"},\"wordCount\":388,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#organization\"},\"articleSection\":[\"Actuarial GI Reserving\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#respond\"]}]},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/\",\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/\",\"name\":\"Claim Reserves types in GI &#8226; TAC Actuarial Learning\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#website\"},\"datePublished\":\"2020-05-31T09:49:12+00:00\",\"dateModified\":\"2025-04-30T06:01:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#breadcrumb\"},\"mainEntity\":[{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#faq-question-1590913039950\"},{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#faq-question-1590918857535\"}],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Actuarial GI Reserving\",\"item\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/category\\\/actuarial-gi-reserving\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Claim Reserves types in GI\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#website\",\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/\",\"name\":\"TAC Actuarial Learning\",\"description\":\"Where we define everything an Actuary should know\",\"publisher\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#organization\",\"name\":\"TAC\",\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2020\\\/06\\\/2tac-gold-rect-1200-630.jpg\",\"contentUrl\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2020\\\/06\\\/2tac-gold-rect-1200-630.jpg\",\"width\":1200,\"height\":630,\"caption\":\"TAC\"},\"image\":{\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/#\\\/schema\\\/person\\\/b648b855bd3a04dca7fb005fb3d604f4\",\"name\":\"Mayank Goyal FIA\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cbd3b6e3d8a402975b519d8c3160a56924b5d46edb37e247d0c0a141f7a0079a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cbd3b6e3d8a402975b519d8c3160a56924b5d46edb37e247d0c0a141f7a0079a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cbd3b6e3d8a402975b519d8c3160a56924b5d46edb37e247d0c0a141f7a0079a?s=96&d=mm&r=g\",\"caption\":\"Mayank Goyal FIA\"},\"description\":\"Redmond Lover(Microsoft), London Dreamer(Actuary), California Thinker(Entrepreneur). Actuarial Science, Blogger, Web Developing, Winphan India, App development, Social Media Managing, Event Managing &amp; bla bla bla.\",\"sameAs\":[\"http:\\\/\\\/www.insurology.in\",\"http:\\\/\\\/www.facebook.com\\\/maygoyal\",\"https:\\\/\\\/www.instagram.com\\\/maygoyal\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/mayank-goyal\\\/\",\"https:\\\/\\\/x.com\\\/may_mgtl\"],\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/author\\\/mayankgoyal\\\/\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#faq-question-1590913039950\",\"position\":1,\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#faq-question-1590913039950\",\"name\":\"What are the types of reserves in General Insurance?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<em>Incurred But Not Reported \u2013 IBNR<br\\\/>Incurred but not enough Reported \u2013 IBNER<br\\\/>Outstanding Reported Claims Reserves \u2013 OS Reserves<br\\\/>Catastrophe Reserves \u2013 Cat Reserves<\\\/em><br\\\/><br\\\/>\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#faq-question-1590918857535\",\"position\":2,\"url\":\"https:\\\/\\\/theactuarialclub.com\\\/learn\\\/actuarial-gi-reserving\\\/claim-reserves-types-in-gi\\\/#faq-question-1590918857535\",\"name\":\"Why Claim Reserves are created?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Claims reserves are estimates of claims that have occurred on or before the financial statement report date but which have yet to be paid. <br\\\/><br\\\/>This a current liability that has to be reported regularly on the insurer\u2019s financial statements even though the actual final settlement cost of the claims may be unknown to the entity on that date.<br\\\/><br\\\/>\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Claim Reserves types in GI &#8226; TAC Actuarial Learning","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/","og_locale":"en_US","og_type":"article","og_title":"Claim Reserves types in GI","og_description":"There are different types of claim reserves shown in the liabilities of the General Insurance company. Some of the reserves are required to be stated directly like Unpaid reserves(due but not paid) while some are projected using Run off triangles using different methods. Types of claim reserves in GI There are certain types of reserves [&hellip;]","og_url":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/","og_site_name":"TAC Actuarial Learning","article_author":"http:\/\/www.facebook.com\/maygoyal","article_published_time":"2020-05-31T09:49:12+00:00","article_modified_time":"2025-04-30T06:01:27+00:00","author":"Mayank Goyal FIA","twitter_card":"summary_large_image","twitter_creator":"@may_mgtl","twitter_misc":{"Written by":"Mayank Goyal FIA","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#article","isPartOf":{"@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/"},"author":{"name":"Mayank Goyal FIA","@id":"https:\/\/theactuarialclub.com\/learn\/#\/schema\/person\/b648b855bd3a04dca7fb005fb3d604f4"},"headline":"Claim Reserves types in GI","datePublished":"2020-05-31T09:49:12+00:00","dateModified":"2025-04-30T06:01:27+00:00","mainEntityOfPage":{"@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/"},"wordCount":388,"commentCount":0,"publisher":{"@id":"https:\/\/theactuarialclub.com\/learn\/#organization"},"articleSection":["Actuarial GI Reserving"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#respond"]}]},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/","url":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/","name":"Claim Reserves types in GI &#8226; TAC Actuarial Learning","isPartOf":{"@id":"https:\/\/theactuarialclub.com\/learn\/#website"},"datePublished":"2020-05-31T09:49:12+00:00","dateModified":"2025-04-30T06:01:27+00:00","breadcrumb":{"@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#faq-question-1590913039950"},{"@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#faq-question-1590918857535"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/theactuarialclub.com\/learn\/"},{"@type":"ListItem","position":2,"name":"Actuarial GI Reserving","item":"https:\/\/theactuarialclub.com\/learn\/category\/actuarial-gi-reserving\/"},{"@type":"ListItem","position":3,"name":"Claim Reserves types in GI"}]},{"@type":"WebSite","@id":"https:\/\/theactuarialclub.com\/learn\/#website","url":"https:\/\/theactuarialclub.com\/learn\/","name":"TAC Actuarial Learning","description":"Where we define everything an Actuary should know","publisher":{"@id":"https:\/\/theactuarialclub.com\/learn\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/theactuarialclub.com\/learn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/theactuarialclub.com\/learn\/#organization","name":"TAC","url":"https:\/\/theactuarialclub.com\/learn\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/theactuarialclub.com\/learn\/#\/schema\/logo\/image\/","url":"https:\/\/theactuarialclub.com\/learn\/wp-content\/uploads\/sites\/6\/2020\/06\/2tac-gold-rect-1200-630.jpg","contentUrl":"https:\/\/theactuarialclub.com\/learn\/wp-content\/uploads\/sites\/6\/2020\/06\/2tac-gold-rect-1200-630.jpg","width":1200,"height":630,"caption":"TAC"},"image":{"@id":"https:\/\/theactuarialclub.com\/learn\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/theactuarialclub.com\/learn\/#\/schema\/person\/b648b855bd3a04dca7fb005fb3d604f4","name":"Mayank Goyal FIA","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/cbd3b6e3d8a402975b519d8c3160a56924b5d46edb37e247d0c0a141f7a0079a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/cbd3b6e3d8a402975b519d8c3160a56924b5d46edb37e247d0c0a141f7a0079a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/cbd3b6e3d8a402975b519d8c3160a56924b5d46edb37e247d0c0a141f7a0079a?s=96&d=mm&r=g","caption":"Mayank Goyal FIA"},"description":"Redmond Lover(Microsoft), London Dreamer(Actuary), California Thinker(Entrepreneur). Actuarial Science, Blogger, Web Developing, Winphan India, App development, Social Media Managing, Event Managing &amp; bla bla bla.","sameAs":["http:\/\/www.insurology.in","http:\/\/www.facebook.com\/maygoyal","https:\/\/www.instagram.com\/maygoyal\/","https:\/\/www.linkedin.com\/in\/mayank-goyal\/","https:\/\/x.com\/may_mgtl"],"url":"https:\/\/theactuarialclub.com\/learn\/author\/mayankgoyal\/"},{"@type":"Question","@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#faq-question-1590913039950","position":1,"url":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#faq-question-1590913039950","name":"What are the types of reserves in General Insurance?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"<em>Incurred But Not Reported \u2013 IBNR<br\/>Incurred but not enough Reported \u2013 IBNER<br\/>Outstanding Reported Claims Reserves \u2013 OS Reserves<br\/>Catastrophe Reserves \u2013 Cat Reserves<\/em><br\/><br\/>","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#faq-question-1590918857535","position":2,"url":"https:\/\/theactuarialclub.com\/learn\/actuarial-gi-reserving\/claim-reserves-types-in-gi\/#faq-question-1590918857535","name":"Why Claim Reserves are created?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Claims reserves are estimates of claims that have occurred on or before the financial statement report date but which have yet to be paid. <br\/><br\/>This a current liability that has to be reported regularly on the insurer\u2019s financial statements even though the actual final settlement cost of the claims may be unknown to the entity on that date.<br\/><br\/>","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"acf":[],"_links":{"self":[{"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/posts\/191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/comments?post=191"}],"version-history":[{"count":13,"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/posts\/191\/revisions"}],"predecessor-version":[{"id":897,"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/posts\/191\/revisions\/897"}],"wp:attachment":[{"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/media?parent=191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/categories?post=191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theactuarialclub.com\/learn\/wp-json\/wp\/v2\/tags?post=191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}