What does IBNR mean in Accounting?
This page is about the meanings of the acronym/abbreviation/shorthand IBNR in the Business field in general and in the Accounting terminology in particular.
Submitted by paul8539 on August 16, 2011
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Definition
What does IBNR mean?
- Incurred but not reported
- In insurance, incurred but not reported (IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an estimate. The sum of IBNR losses plus reported losses yields an estimate of the total eventual liabilities the insurer will cover, known as ultimate losses.
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"IBNR." Abbreviations.com. STANDS4 LLC, 2024. Web. 14 May 2024. <https://www.abbreviations.com/term/578198>.
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