(1) in relation to the totality of an insurer’s general insurance business, or a given class of such business, the claims paid in a given year less the claims reserve at the beginning of the year plus the claims reserve at the end of the year; (2) in relation to a cohort of claims originating in a given policy year or accident year the amounts paid to date on settled or partly settled claims plus the reserve for open claims (that is, excluding the BNR element).
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(01 The losses paid or payable for claims covered by a policy or group of policies attributable to a specific coverage period provided by the policy or policies (02) Paid losses adjusted for changes in the loss reserve for a calendar or financial year period.