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Loss and Loss Adjustment Expense Reserves | 9 Months Ended
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Sep. 30, 2023
Loss and Loss Adjustment Expenses Reserves [Abstract] |
Loss and Loss Adjustment Expense Reserves | LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES Activity in the loss and loss adjustment expense reserves is summarized as follows:
| September 30,
(millions) | 2023 |  | 2022
Balance at January 1 | $ | 30,359.3 |  |  | $ | 26,164.1 |
Less reinsurance recoverables on unpaid losses | 5,559.2 |  |  | 4,733.6 |
Net balance at January 1 | 24,800.1 |  |  | 21,430.5 |
Incurred related to: |  |  |
Current year | 33,035.0 |  |  | 28,245.4 |
Prior years | 1,147.0 |  |  | 52.8 |
Total incurred | 34,182.0 |  |  | 28,298.2 |
Paid related to: |  |  |
Current year | 18,581.3 |  |  | 15,712.4 |
Prior years | 11,764.7 |  |  | 9,418.5 |
Total paid | 30,346.0 |  |  | 25,130.9 |
Net balance at September 30 | 28,636.1 |  |  | 24,597.8 |
Plus reinsurance recoverables on unpaid losses | 4,941.2 |  |  | 6,034.0 |
Balance at September 30 | $ | 33,577.3 |  |  | $ | 30,631.8 |
We experienced unfavorable reserve development of $1,147.0 million and $52.8 million during the first nine months of 2023 and 2022, respectively, which is reflected as “incurred related to prior years” in the table above. Year-to-date September 30, 2023 •The unfavorable prior year reserve development included approximately $929 million attributable to accident year 2022, $108 million to accident year 2021, and the remainder to accident years 2020 and prior. •Our perso nal auto products incurred about $866 million of unfavorable loss and loss adjustment expense (LAE) reserve development, with the Agency and Direct auto businesses each contributing about half. Over half of the unfavorable development was attributable to higher than anticipated severity in auto property and physical damage coverages, while the remaining unfavorable development was primarily due to increased loss costs in Florida injury and medical coverages and, to a lesser extent, higher than anticipated late reported injury claims; partially offset by lower than expected loss adjustment expenses. •Our Commercial Lines business experienced about $277 million of unfavorable development, primarily driven by higher than anticipated severity and frequency of late reported injury claims, with about half of the unfavorable development attributable to our transportation network company (TNC) business. Year-to-date September 30, 2022 •Approximately $45 million of the unfavorable prior year reserve development was attributable to accident year 2021 and $29 million to 2019 and prior accident years, partially offset by $21 million of favorable development attributable to accident year 2020. •Our personal auto products incurred about $28 million of favorable loss and LAE reserve development, with about $25 million attributable to the Direct business. The favorable development was primarily attributable to more subrogation and salvage recoveries and lower LAE than originally anticipated, partially offset by higher than anticipated severity and frequency of auto property damage payments on previously closed claims and late reported injury claims. •Our Commercial Lines business experienced about $77 million of unfavorable development, primarily due to higher than anticipated severity of injury case reserves and higher than anticipated severity and frequency of late reported claims in our TNC business.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479584/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479584/944-310-50-3 + Details
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