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Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables) | 9 Months Ended
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Sep. 30, 2017
Liability for Claims and Claims Adjustment Expense [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
| Nine Months Ended September 30 |
(in millions of U.S. dollars) | 2017 |  |  | 2016 |
Gross unpaid losses and loss expenses – beginning of period | $ | 60,540 |  |  | $ | 37,303 |
Reinsurance recoverable on unpaid losses (1) | (12,708 | ) |  | (10,741 | )
Net unpaid losses and loss expenses – beginning of period | 47,832 |  |  | 26,562 |
Acquisition of subsidiaries | — |  |  | 21,402 |
Total | 47,832 |  |  | 47,964 |
Net losses and loss expenses incurred in respect of losses occurring in: |  |  |
Current year | 14,963 |  |  | 13,169 |
Prior years (2) | (781 | ) |  | (972 | )
Total | 14,182 |  |  | 12,197 |
Net losses and loss expenses paid in respect of losses occurring in: |  |  |
Current year | 3,937 |  |  | 3,865 |
Prior years | 8,389 |  |  | 7,470 |
Total | 12,326 |  |  | 11,335 |
Foreign currency revaluation and other | 596 |  |  | (155 | )
Net unpaid losses and loss expenses – end of period | 50,283 |  |  | 48,671 |
Reinsurance recoverable on unpaid losses (1) | 13,870 |  |  | 12,676 |
Gross unpaid losses and loss expenses – end of period | $ | 64,153 |  |  | $ | 61,347 |
(1) Net of provision for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $110 million and $75 million for the nine months ended September 30, 2017 and 2016, respectively.

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- References No definition available. + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437 + Details
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