SECP issues guidelines for estimation of IBNRs

ISLAMABAD, Mar 10 (APP): The Securities and Exchange Commission of Pakistan (SECP) has issued the guidelines for he non life insurance companies on methodology for estimation of incurred but not reported (IBNR) claims reserve, applicable with effect from July 1, 2016. The IBNR claims refer to those claims which have been incurred during the period covered by the insurance policy, but have not been reported to the insurance company during the accounting year, hence, making it difficult for the insurance company to adequately provide for such losses, a statement of SECP said here on Thursday.