An amount reserved based on the estimated amount needed to meet incurred claims that have not yet been finally settled.

The total of losses or claims that have been notified but at a given time are still outstanding and as such are only estimated amounts.

in Lloyd’s, claims which have been notified to an insurer syndicate by the end of the year, but not yet paid; in general insurance the provision for claims outstanding includes both claims notified but not yet settled, and IBNR. Outstanding claims portfolio