IBNR encompasses IBNYR (incurred but not yet reported) and IBNER (incurred but not enough reported). Are you referencing something different or is this just semantics?
@@mancinellismathlab7451 Part of the upward drift in claims paid does indeed come from claims of which the insurer wasn't aware yet at the previous cutoff date. Those are indeed the IBNR. But another reason the total increases is that some claims that have been reported taken an awfully long time to settle, for instance because (1) the extent of the damage becomes clear over a long time (e.g. environmental damage, or an injury claim where it takes a long time to assess whether or how much a victim will recover) or (2) are subject to lengthy litigation. These kind of claims have been very much reported, but payout isn't certain yet and are called Incurred or Reported but not Settled. This is a second source of increase in claims paid over time besides IBNR
@@mancinellismathlab7451 - I've dived into is and it seems you are right, Learned something. Not sure there's a UK vs US difference or something but IBNER is indeed used more broadly.
