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Loss and Loss Adjustment Expense Reserves (Tables)

9 Months Ended

Sep. 30, 2020

Loss and Loss Adjustment Expenses Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

Activity in the loss and loss adjustment expense reserves is summarized as follows:

			September 30,
(millions)			2020						2019
Balance at January 1			$	18,105.4					$	15,400.8
Less reinsurance recoverables on unpaid losses			3,212.2						2,572.7
Net balance at January 1			14,893.2						12,828.1
Incurred related to:
Current year			18,073.6						18,108.2
Prior years			116.1						215.2
Total incurred			18,189.7						18,323.4
Paid related to:
Current year			10,615.2						10,864.9
Prior years			6,682.8						6,061.7
Total paid			17,298.0						16,926.6
Net balance at September 30			15,784.9						14,224.9
Plus reinsurance recoverables on unpaid losses			3,804.3						3,145.1
Balance at September 30			$	19,589.2					$	17,370.0

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- Definition

Loss and Loss Adjustment Expenses Reserves [Abstract]

+ 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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