Value of the organization’s gross incurred claims as of the end of the reporting period.
Gross Incurred Claims (FP2460)
Calculation:
- Reporting Format Reporting Currency (OD5990)
- Metric Type Metric
- Metric Level Product/Service, Organization
- IRIS Metric Citation IRIS, 2021. Producer Price Premium (PI1568). v5.2.
Footnote
Organizations should footnote all assumptions used. See usage guidance for further information.
Usage Guidance
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This metric is intended to capture incurred claims, which occur when an insured event has happened for which the insurer may be liable if a claim is made. An insurer is usually not aware of all incurred claims in real time or for a current accounting period.
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Incurred claims include all gross paid claims during the period, plus a reasonable estimate of unpaid liabilities. Unpaid liabilities can be calculated as a sum of the change in reserves (including the reserve of claims incurred but not reported), course of settlement reserve, and accrued liabilities reserve.
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This metric is used in calculating Incurred Claims Ratio (FP8478), which helps assess the value of an insurance product per premium paid.
Impact Categories & Themes
SDG Goals & Targets
No Poverty
- SDG Target 1.5
Metric History
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June 2022 - IRIS v5.3 Released (current version)
Immaterial change. Minor revisions to definition and usage guidance for clarity.
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January 2020 - IRIS v5.1 Released
No change.
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May 2019 - IRIS v5.0 Released
No change.
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March 2016 - IRIS v4.0 Released
Immaterial change. Minor revision to definition language in order to align consistency of metric with catalog's structure and style.
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March 2014 - IRIS v3.0 Released
New metric. Gross Incurred Claims (FP2460) was developed via the IRIS Taxonomy Group.