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📝 '''Reported claim''' is a [[Definition:Claims | claim]] that has been formally notified to an [[Definition:Insurer | insurer]] or [[Definition:Reinsurance | reinsurer]] by the [[Definition:Policyholder | policyholder]], [[Definition:Insurance broker | broker]], or other authorized party, triggering the insurer's obligation to investigate, reserve for, and ultimately adjust the loss. The act of reporting transforms an insured event from an unknown or potential liability into a recognized item on the insurer's books, making it a foundational concept in [[Definition:Claims management | claims management]], [[Definition:Reserving | reserving]], and financial reporting. The distinction between reported and [[Definition:Incurred but not reported (IBNR) | unreported (IBNR)]] claims is one of the most consequential divisions in insurance accounting, directly affecting the accuracy of an insurer's [[Definition:Loss reserves | loss reserves]] and the reliability of its financial statements.

📊 Once a claim is reported, the insurer opens a claim file and establishes a [[Definition:Case reserve | case reserve]] — an estimate of the expected ultimate cost of the claim based on available information. This reserve sits alongside the insurer's [[Definition:Incurred but not reported (IBNR) | IBNR]] reserves, which estimate the cost of events that have occurred but have not yet been notified. The speed and completeness of reporting vary enormously by line of business: [[Definition:Motor insurance | motor]] claims tend to be reported within days, while [[Definition:Professional liability insurance | professional liability]] or [[Definition:Asbestos claims | asbestos-related]] claims can take years or even decades to surface. Regulatory and accounting standards globally — whether [[Definition:US GAAP | US GAAP]], [[Definition:IFRS 17 | IFRS 17]], or local statutory frameworks such as Japan's insurance accounting rules or China's [[Definition:C-ROSS | C-ROSS]] requirements — all require that reported claims be recorded and reserved for in a timely manner, and actuaries use reported claim counts and development patterns as primary inputs to their [[Definition:Actuarial analysis | reserve analyses]].

⏱️ Timely and accurate reporting is critical not just for individual claim handling but for enterprise-level financial health. Delays in claim reporting — whether caused by slow notification by policyholders, intermediary bottlenecks, or systemic issues in long-tail lines — can distort an insurer's perception of its current liabilities, leading to reserve deficiencies that erode [[Definition:Surplus | surplus]] when they eventually come to light. In [[Definition:Reinsurance | reinsurance]], reporting lags between the [[Definition:Cedant | cedant]] and reinsurer compound this problem, and treaty contracts typically include specific reporting obligations and timelines to mitigate the delay. Modern [[Definition:Claims management | claims management]] systems and [[Definition:Insurtech | insurtech]] solutions increasingly use automated [[Definition:First notice of loss (FNOL) | first notice of loss]] tools, digital intake channels, and [[Definition:Artificial intelligence (AI) | AI]]-assisted triage to accelerate the transition from insured event to reported claim, improving both reserving accuracy and customer experience.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Incurred but not reported (IBNR)]]
* [[Definition:Case reserve]]
* [[Definition:First notice of loss (FNOL)]]
* [[Definition:Claims management]]
* [[Definition:Loss reserves]]
* [[Definition:Loss development]]
{{Div col end}}

Definition:Reported claim - Revision history

PlumBot: Bot: Creating new article from JSON