The quarterly claims movements indicate the actions taken during the quarter which comprises of the following:
- Claims intimated and revived
i. Claims intimated- this comprises of the number of claims that have been reported to the insurers during the quarter;
ii. Revived claims – these are claims previously closed but have been revived by the policyholders/claimant during the quarter;
- Claims revised – these are the claims whose reserves amount have been changed during the quarter
- Claims paid – these are the claims paid by the insurers during the quarter. The claims paid may include those outstanding at the beginning of the period and those intimated and revived during the quarter;
- Claims declined– these are claims that the insurer has declined to pay during the quarter for various reasons per policy document or otherwise.
- Claims closed as no claims – these are notified claims for which the insurer makes provisions for liability but the liability does not crystalize during the quarter.
- Total number of claims actionable/payable – It is the summation of the number of claims paid, claims declined, claims closed as no claims, and claims outstanding at the end of the quarter.
The number of claims outstanding at the end of the quarter result from the above movements and are computed as:
- claims outstanding at the beginning of the quarter
- add claims intimated and revived during the quarter
- less claims paid during the quarter
- less claims declined and claims closed as no claims during the quarter.