Glossary

Loss reserve

A reserve for losses that have already been incurred but have not yet been settled. These losses can be divided into two categories: reserves for reported but not yet settled claims (“Reported But Not Settled”, “RBNS”), and reserves for claims that have been incurred but have not yet been reported, or the correct amount has not been reported (“Incurred But Not (Enough) Reported”, “IBNR”, “IBNER”).