How to Request and Read Your Claims Experience Report: A Singapore SME's Practical Guide

Q: How to Request and Read Your Claims Experience Report: A Singapore SME's Practical Guide

A claims experience report is the insurer's record of every claim the SME has notified under a particular policy over the policy's history. The report is the single most material document in any renewal-quote process: underwriters use it to assess the rating factor, alternative insurers use it to evaluate switching, and the SME uses it as the basis for negotiating terms. A complete five-year claims experience report should set out, per claim: the date of notification, the date of loss, the cause/category, the amount paid (and reserved if open), the status (open / closed), and any subrogation recovery. The SME can request the report directly from the current insurer or via the IFA; turnaround is typically 5 to 10 working days. This article sets out how to request the report, what to look for when reading it, what the underwriter sees in it that the SME may not, and the patterns to discuss with the IFA at renewal.

The Answer in 60 Seconds

A claims experience report is the insurer's record of every claim the SME has notified under a particular policy over the policy's history. The report is the single most material document in any renewal-quote process: underwriters use it to assess the rating factor, alternative insurers use it to evaluate switching, and the SME uses it as the basis for negotiating terms. A complete five-year claims experience report should set out, per claim: the date of notification, the date of loss, the cause/category, the amount paid (and reserved if open), the status (open / closed), and any subrogation recovery. The SME can request the report directly from the current insurer or via the IFA; turnaround is typically 5 to 10 working days. This article sets out how to request the report, what to look for when reading it, what the underwriter sees in it that the SME may not, and the patterns to discuss with the IFA at renewal.

The Sourced Detail

The claims experience report - sometimes called the loss run, the claims register, or the claims experience certificate - is the operational backbone of insurance underwriting. The same report informs:

The incumbent insurer's renewal rating.
Alternative insurers' quotes if the SME moves cover.
The IFA's market submission.
The underwriter's pricing of any new cover layer.
The SME's own visibility into claim patterns.

A well-maintained claims experience trail across the SME's policy years is one of the higher-leverage documentation assets in the insurance position.

How to request the report

The standard process for requesting the report:

Write to the IFA or to the insurer directly, identifying the policy by number, the policy years requested, and the format preferred.
Wait 5-10 working days for the report's preparation. Some insurers can produce within 48 hours; others take longer for older policy years or complex portfolios.
Verify the report's coverage - does it cover all the policy years requested, all the claims, and the current reserves on open claims?

The IFA can request on the SME's behalf and is usually faster than direct request because of pre-existing communications channels.

For renewal cycles, the standard practice is to request the report at T-90 (90 days before renewal) as part of the pre-renewal data assembly - see how to brief your insurance adviser.

What the report should contain

A complete claims experience report contains, per claim:

Claim reference assigned by the insurer.
Date of notification to the insurer.
Date of loss (the underlying event date).
Cause / peril category (e.g., fire, water damage, theft, public liability, professional indemnity, motor).
Description of the claim (brief).
Amount paid to date by the insurer.
Outstanding reserves for open claims.
Status (open / closed / declined).
Subrogation recoveries (if any).
Deductible borne by the SME on each claim.

The report typically covers a five-year window, which aligns with the IRAS record-keeping requirement and with standard underwriting practice.

What the underwriter sees

Three patterns in a claims experience report drive underwriting decisions.

Pattern 1: Frequency. The number of claims per policy year. A consistently high frequency suggests an operational risk pattern - inadequate controls, sector exposure, or specific staff / location issues. A low or zero frequency is positive but is read alongside the SME's exposure base (revenue, headcount) to assess plausibility.

Pattern 2: Severity. The largest claim sizes and the trend in claim values. A small number of large claims indicates catastrophic risk concentration; a larger number of small claims indicates frequency-driven loss patterns.

Pattern 3: Open vs closed. Open claims with outstanding reserves are the underwriter's uncertainty range. A high open-claim ratio suggests claims are taking long to close - an indicator of complexity or dispute.

Loss ratio. Insurers calculate the SME's loss ratio (claims paid + reserves divided by net premiums paid) over the policy years. A loss ratio above the insurer's portfolio benchmark prompts rating adjustment; below it, the SME is a target for retention.

What the SME should look for

The SME reading its own report should look for:

Accuracy of recorded claims. Does every notified claim appear? Any missing claims (potentially mis-recorded by the insurer) and any present claims that the SME does not recognise (potentially mis-attributed) should be queried.

Reserves on open claims. Are the reserves reasonable in light of the underlying facts? An over-reserved open claim drags the loss ratio without reflecting actual exposure; an under-reserved claim creates an unpleasant adjustment when settled.

Sub-categorisation. For a multi-line cover (e.g., a package property + liability policy), the sub-categorisation of claims is relevant for understanding which exposures are driving the experience.

Subrogation. Subrogation recoveries reduce the insurer's net loss. A claim partially recovered through subrogation is materially different from one not recovered, but both appear with the original gross paid amount.

Status transitions. A claim moving from open to closed at the renewal should be confirmed - the closure reflects in the loss ratio.

Reading patterns in the report

Five-year patterns worth reviewing with the IFA at renewal.

Trend in claim count. A rising trend prompts operational review. A falling trend supports a renewal pricing improvement.

Concentration of cause. Multiple claims from one cause (e.g., water damage from the same building) suggests a structural issue that the SME should address (or that the cover should specifically exclude or limit).

Open-claim aging. Claims that have been open for more than 12 months are operationally important to chase, both for the SME's certainty and for the renewal underwriting.

Recovery percentage. Subrogation as a percentage of gross paid is a measure of the insurer's claims handling effectiveness - and is also a measure of the SME's contractual position with third parties (vendors, sub-contractors, landlords).

Deductible burden. The total deductible paid across the period is the SME's effective self-insurance contribution. If it is high, a deductible-restructuring discussion may be warranted at renewal.

How the report feeds the renewal

At the T-60 brief to the IFA (see how to brief your insurance adviser), the claims experience report is the primary loss data. The IFA's market submission references the report directly.

Three renewal outcomes depend on the report.

Outcome A: Improved terms (lower premium, broader cover). A clean five-year experience with low frequency and severity supports negotiation for improved terms.

Outcome B: Stable terms (rate-on-line maintained, cover unchanged). A typical five-year experience produces a renewal at consistent terms.

Outcome C: Adverse terms (higher premium, narrower cover, exclusions added). An adverse five-year experience prompts the insurer's rating-up response; in extreme cases, non-renewal.

In each outcome, the SME's understanding of the report's content shapes the renewal conversation. Without the report, the SME accepts the insurer's terms without the analytical basis to negotiate.

Where the report fits in the SME's records

The claims experience report belongs in the relevant policy-year folder under the seven-folder document structure, alongside the policy schedule and endorsements. Retention: at least five years per IRAS record-keeping requirements.

Where the SME has multiple insurers across policy years, the reports from each should be consolidated in a single tab for cross-period analysis.

Common Mistakes / What Goes Wrong

Not requesting the report until T-30. The IFA receives it too late to use in the renewal-quote process.
Accepting the report without verification. Insurer error in recording is common; verify against the SME's own records.
Ignoring open claims in renewal planning. The reserves are the uncertainty range.
No comparison across policy years. The patterns emerge from multi-year data.
Sharing the report only with the incumbent insurer. Alternative insurers need it for competitive quotes.
No annotation of unusual claims. A one-off catastrophic claim should be flagged with context.
No subrogation tracking. The recovered amount is invisible without it.
Report retained for one renewal cycle only. Five-year retention is the minimum.
Personal data in claims descriptions not addressed for PDPA. Underwriters may not need individual claimant names; check before sharing.
No post-renewal review of the report. The next year's report is the new baseline.

What This Means for Your Business

Request the claims experience report at T-90 at every renewal.
Verify the report against your own claims records within a week of receipt.
Analyse the five-year patterns before the IFA brief.
Use the report as the basis for renewal-term negotiation.
Address PDPA implications of sharing the report with alternative insurers.
Retain the report in the seven-folder structure for at least five years.
Track subrogation, deductibles, and open-claim aging as part of the annual insurance review.
Use the report in the 60-minute audit as the loss-data input.

Questions to Ask Your Adviser

Can you obtain our five-year claims experience report for every policy at our next renewal?
What is your standard format for the report and how do you cross-check accuracy?
For our open claims, what are the current reserves and what is the expected closure timeline?
Looking at the five-year patterns, where do you see opportunities to negotiate improved renewal terms?
For sharing the report with alternative insurers in a market exercise, what is your PDPA arrangement?

Related Information

Published 22 May 2026. Source verified 22 May 2026. COVA is an introducer under MAS Notice FAA-N02. We do not recommend insurance products. We provide factual information sourced from primary regulators and route you to a licensed IFA who can match a policy to your specific situation.