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Unpaid losses and loss adjustment expenses (Tables)

6 Months Ended

Jun. 30, 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 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

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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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