What is Outstanding Claims Reserves?

Legal Definition
Outstanding claims reserves in general insurance are a type of technical reserve or accounting provision in the financial statements of an insurer. They seek to quantify the outstanding loss liabilities for insurance claims which have been reported and not yet settled (RBNS) or which have been incurred but not yet reported (IBNR) reserves. This is a technical reserve of an insurance company, and is established to provide for the future liability for claims which have occurred but which have not yet been settled.
-- Wikipedia