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Unpaid losses and loss adjustment expenses | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Unpaid losses and loss adjustment expenses | Note 14. Unpaid losses and loss adjustment expenses 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 six-month periods ended June 30, 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 |  | 28,359 |  |  |  | 29,827 |
Prior accident years |  | (1,167 | ) |  |  | (1,948 | )
Total |  | 27,192 |  |  |  | 27,879 |
Paid losses and loss adjustment expenses: |  |  |  |  |
Current accident year |  | (9,491 | ) |  |  | (9,968 | )
Prior accident years |  | (15,626 | ) |  |  | (16,664 | )
Total |  | (25,117 | ) |  |  | (26,632 | )
Foreign currency effect |  | (110 | ) |  |  | 267 |
Balance at June 30: |  |  |  |  |
Net liabilities |  | 108,154 |  |  |  | 103,961 |
Reinsurance recoverable on unpaid losses |  | 4,650 |  |  |  | 5,069 |
Gross liabilities | $ | 112,804 |  |  | $ | 109,030 |
Our claim liabilities under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. Incurred losses and loss adjustment expenses related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). Incurred and paid losses and loss adjustment expenses are net of reinsurance recoveries. We recorded net reductions of estimated ultimate liabilities for prior accident years of $1.2 billion in the first six months of 2024 and $1.9 billion in 2023, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions, as percentages of the net liabilities at the beginning of each year, were 1.1% in 2024 and 1.9% in 2023. Ultimate liabilities for prior accident years of primary insurance businesses in the first six months were reduced $433 million in 2024 and $1.1 billion in 2023, primarily attributable to lower than expected private passenger auto and medical professional liability losses. In the first six months, ultimate liabilities for prior accident years of property and casualty reinsurance businesses were reduced $734 million in 2024, primarily attributable to lower than expected property losses, and $883 million in 2023, from lower than expected property and casualty losses.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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