Claims that have occurred, irrespective of whether or not they have been reported to the insurer. (01) In the context of a particular year of original, all claims (whether reported or not) arising out of incidents in that year; (02) In the context of a revenue account under one year accounting the amounts paid on claims during the year plus the increase in the total reserves for outstanding claims over the year. (a decrease in reserves being treated as a negative increase). (03) In the context of three year accounting, all claims (whether reported or not) arising from the underwriting year of cover as determined at the time of closure of the account. Typically, incurred claim values include some expenses of payment claims such as those allocated to individual claims.