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LIABILITY FOR UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES (Tables)

6 Months Ended

Jun. 30, 2024

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Schedule of Information on Liability for Unpaid Claims

Information regarding the liability for unpaid claims is shown below:

AS OF AND FOR THE SIX MONTHS ENDED JUN. 30 US$ MILLIONS						2024						2023
Policy and contract claims, beginning						$	7,288					$	1,786
Less: Unpaid claims balance, beginning – long-duration						198						217
Gross unpaid claims balance, beginning – short-duration						7,090						1,569
Less: Reinsurance recoverables, beginning						3,045						306
Foreign currency translation						4						—
Net unpaid claims balance, beginning – short-duration						4,041						1,263
Add: incurred related to
Current accident year						1,177						816
Prior accident years						34						(22)
Total incurred claims						1,211						794
Less: paid claims related to
Current accident year						306						342
Prior accident years						776						348
Total paid claims						1,082						690
Net unpaid claims balance, ending – short-duration						4,170						1,367
Foreign currency translation						2						—
Add: Reinsurance recoverables, ending						3,026						303
Gross unpaid claims balance, ending – short-duration						7,198						1,670
Add: Unpaid claims balance, ending – long duration						199						198
Policy and contract claims, ending						$	7,397					$	1,868

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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