Incurred but not reported (IBNR) refers to insurance claims that have occurred but have not yet been reported to the insurer. This concept is particularly important in the context of insurance reserves and actuarial science, as it represents a liability for the insurance company. IBNR is significant for several reasons: 1. **Claims Development**: Insurance claims can take time to be reported, especially in certain lines of insurance like health, workers' compensation, or auto insurance.
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