News Non-Life11 Jul 2024

Singapore:Tax authority accepts loss trianglulation and other methods for estimating for IBNR claim reserves for tax deductions

| 11 Jul 2024

The Inland Revenue Authority of Singapore (IRAS) has agreed to accept the loss triangulation method, which elicits loss development patterns based on historical data collated in the form of basic loss development triangles, to arrive at the provision for IBNR claims for tax deduction purposes.

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