Incurred Loss Definition - P&C Insurance - Paid, Case, IBNR, Ultimate Loss - Actuarial 101

This video defines and describes incurred loss, a common term used in P&C insurance. We explore how incurred loss is related to other loss types, such as paid loss, case reserves, IBNR (incurred but not reported), and ALAE (allocated loss adjustment expense). A 1-page pdf summary of the terms described in this video can be downloaded here: https://archeractuarial.com/tools/ For more information, visit us at https://archeractuarial.com/ Disclaimer: Information presented in this video should not be relied upon as actuarial or accounting advice, which should be provided by a credentialed actuary or accountant familiar with the details of your organization's risk management program.