Definitions for "Incurred But Not Reported"
Keywords:  ibnr, reinsurer, actuarial, claim, unl
An insurer's estimate of costs associated with claims that have not yet been submitted for payment, based on studies of prior lags in claim submissions. Used to set claim reserves.
The actuarial estimate of amounts required to pay ultimate net losses after netting out existing amounts on reported but unpaid claims. The IBNR estimate includes an allowance for potential changes in such existing amounts as well as additional amounts for claims that have already occurred but are yet to be reported.
(IBNR): These are medical expenses that the authorization system has not captured and for which claims have not yet his the door. Unexpected IBNRs have torpedoed more managed care plans than any other cause.
Refers to a financial accounting of all services that have been performed but, as a result of a short period of time, have not been invoiced or recorded.