Reported Claim Development Method Definition & Meaning | Insurance Term | CSIMarket
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Glossary

Reported Claim Development Method

Insurance Term

1. Reported Claims: This stage refers to the initial reporting of a claim to an insurance company.
2. Reserves: Reserves are funds that insurance companies set aside to cover the estimated cost of a claim.
3. Paid Claims: This stage refers to the actual payment of claims to policyholders.
4. Incurred But Not Reported Claims (IBNR): These are claims that have not yet been reported to the insurance company, but are expected to arise in the future.

The Reported Claim Development Method involves analyzing data on claims in each of these stages to estimate the average cost of a claim over time. This information is then used to set reserves and allocate funds to cover future claims.

In the insurance industry, the Reported Claim Development Method is commonly used for lines of business with long-tail claims, such as workers* compensation, medical malpractice, and long-term disability. This method provides a systematic approach to estimating future claim costs, which helps insurers manage risk and set appropriate premiums for policyholders.


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