What is Claims Provision?
Claims Provision An insurer’s balance sheet liability representing funds set aside to cover outstanding and incurred but not reported (IBNR) claims. Calculated according to statutory, IFRS 17, or Solvency II requirements.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Claims Provision” Used in Practice?
The insurer increased its claims provision to account for higher-than-expected losses during the reporting period.
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Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
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What is Claims Provision?
An insurer’s balance sheet liability representing funds set aside to cover outstanding and incurred but not reported (IBNR) claims. Calculated according to statutory, IFRS 17, or Solvency II requirements.
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