Reported losses

{
  "id": "MLC-T-INS-002891",
  "term": "Reported losses",
  "field": "Insurance and risk management",
  "definition": "The total losses that policyholders have reported to an insurer, made up of amounts already paid plus case reserves on claims still open, and excluding incurred but not reported losses. Actuaries arrange reported losses by accident year and development age and apply loss development factors to project ultimate losses. Ultimate losses equal reported losses plus the IBNR reserve.",
  "url": "https://mlchart.com/terminology/insurance/reported-losses/"
}