Reported but not Settled (RBNS) Claim

A Reported but not Settled (RBNS) Claim is a legal claim of covered losses incurred that have been reported to the insurance company but not settled.

• Example(s):
  • …
• Counter-Example(s)
  • Incurred but not Reported
• See: Settlement, Actuarial science, Insurance, Credibility Theory, Average Severity, Actuary, Losses Incurred, Expected Loss Ratio.

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References

2016

• (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/Outstanding_claims_reserves
  • 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 (RBNS) or which have been incurred but not yet reported (IBNR) 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

2016

• (Investopedia,2016) ⇒ http://www.investopedia.com/terms/r/reported-not-settled-rbns.asp
  • QUOTE: Reported But Not Settled (RBNS) - Losses that have been reported to an insurance company, but that have not been settled by the end of the accounting period. Reported but not settled (RBNS) losses are calculated using an estimation of the severity of the loss based off of the available information from the claims settlement process.

(...) RBNS losses differ from incurred but not reported (IBNR) losses in that the former has been reported to the insurance company, but are similar in that neither have been settled during the accounting period. In many cases it may be difficult for an actuary to tell the difference between IBNR and RBNS losses, depending on the model that is being used. This is because claims are developed differently according to the reporting year and the accounting year. These claims may be forecasted separately.

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