IBNR "incurred but not reported" is a term common in managed general underwritten insurance.
When a policy of general insurance is written it will typically cover a 12 month period from inception of the policy. When the policy is sold, a premium is paid by the insured party to the insurer. The number and cost of claims that will arise from the policy are unknown and unknowable amounts at inception. Indeed, at expiry of the policy there can be a high degree of uncertainty as to what the cost of claims will ultimately be. There might be some information available on incurred claims amounts but this can often be zero.
CloudCover IBNR times are milliseconds, seconds, minutes, sometimes hourly.
CloudCover will conduct a non-traditional reserving exercise (in seconds, minutes, hourly) with a view to assessing what the ultimate cost will be industry by industry. This enables us to calculate the profitability of data risk that we have written and are planning to write in Internet millisecond (ms) time within the CDI Master Policy.
Tracking and monitoring provides dynamic loss control where our IBNR claims will be proactive risk mitigation at smaller lengths of time while reducing the number of claims within a CloudCover insuring period subject to verification, and postulated by risk influences that continue to to be unknowable.
Learn more >>
|
