What is a loss run report?

A loss run report is essential in understanding an insurer's past claims history and performance. This report provides a detailed summary of the claims that have been made within a specific time frame, typically including information such as the dates of the claims, the types of losses incurred, the amounts paid, and any reserves set aside for pending claims.

Loss run reports are critical for various stakeholders, including underwriters who assess risk, agents who help clients understand their coverage, and businesses seeking insurance, as they allow them to evaluate their claims history over time. The insights gained from loss run reports can influence future insurance rates and coverage decisions, making it a vital tool in property and casualty insurance.

The other choices do not accurately represent the nature of a loss run report. A report detailing customer service experiences focuses on the quality of service rather than claims. Documentation of claims denied by an insurer would only cover a subset of claims, not a comprehensive overview. A financial forecast of future claim costs predicts future events rather than reviewing past incidents. Therefore, the summary of an insurer’s past claims is the most accurate definition of a loss run report.