insurance::open-claim

Open Claim

A reported claim that has not yet been fully settled and for which a reserve remains outstanding.

Canonical Definition

An open claim is a reported insurance claim that has not yet been fully settled, closed, or withdrawn. A reserve is held against an open claim representing the insurer's estimated future liability. Claims remain open while liability is being investigated, damages are being assessed, negotiations are ongoing, or payment has not yet been made. The count and aggregate reserve of open claims is a primary measure of claims portfolio exposure at any reporting date. Source: Insurance Europe Claims Management Glossary; Lloyd's Market Glossary.