Incurred but not reported IBNR

{
  "id": "MLC-T-INS-001789",
  "term": "Incurred but not reported IBNR",
  "field": "Insurance and risk management",
  "definition": "An estimate of the liability for claims that have occurred but have not yet been reported to the insurer. This reserve accounts for the time lag between an event causing a loss and the formal notification of that loss. Actuaries use statistical methods, such as the chain-ladder method, to project IBNR reserves.",
  "url": "https://mlchart.com/terminology/insurance/incurred-but-not-reported-ibnr/"
}