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Unpaid losses and loss adjustment expenses (Tables) | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Schedule of liability for unpaid claims and claims adjustment expense | Reconciliations of the changes in unpaid losses and loss adjustment expenses (“claim liabilities”), excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the three-month periods ended March 31, 2024 and 2023 follow (in millions).
| 2024 |  |  | 2023 |
Balance at the beginning of the year: |  |  |  |  |
Gross liabilities | $ | 111,082 |  |  | $ | 107,472 |
Reinsurance recoverable on unpaid losses |  | (4,893 | ) |  |  | (5,025 | )
Net liabilities |  | 106,189 |  |  |  | 102,447 |
Incurred losses and loss adjustment expenses: |  |  |  |  |
Current accident year |  | 13,854 |  |  |  | 14,776 |
Prior accident years |  | (634 | ) |  |  | (740 | )
Total |  | 13,220 |  |  |  | 14,036 |
Paid losses and loss adjustment expenses: |  |  |  |  |
Current accident year |  | (3,663 | ) |  |  | (3,841 | )
Prior accident years |  | (8,979 | ) |  |  | (9,747 | )
Total |  | (12,642 | ) |  |  | (13,588 | )
Foreign currency effect |  | (76 | ) |  |  | 93 |
Balance at March 31: |  |  |  |  |
Net liabilities |  | 106,691 |  |  |  | 102,988 |
Reinsurance recoverable on unpaid losses |  | 4,791 |  |  |  | 4,969 |
Gross liabilities | $ | 111,482 |  |  | $ | 107,957 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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