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Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)

9 Months Ended

Sep. 30, 2018

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)	2018				2017
Gross unpaid losses and loss expenses – beginning of period	$	63,179			$	60,540
Reinsurance recoverable on unpaid losses - beginning of period (1)	(14,014		)		(12,708		)
Net unpaid losses and loss expenses – beginning of period	49,165				47,832
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	14,186				14,963
Prior years (2)	(729		)		(781		)
Total	13,457				14,182
Net losses and loss expenses paid in respect of losses occurring in:
Current year	4,522				3,937
Prior years	8,596				8,389
Total	13,118				12,326
Foreign currency revaluation and other	(440		)		596
Net unpaid losses and loss expenses – end of period	49,064				50,283
Reinsurance recoverable on unpaid losses (1)	13,965				13,870
Gross unpaid losses and loss expenses – end of period	$	63,029			$	64,153

⁽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 $86 million and $110 million for the nine months ended September 30, 2018 and 2017, respectively.

Prior Period Development, by Segment [Table Text Block]

	Three Months Ended September 30												Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail				Short-tail				Total				Long-tail				Short-tail				Total
2018
North America Commercial P&C Insurance	$	(170	)		$	(46	)		$	(216	)		$	(266	)		$	(206	)		$	(472	)
North America Personal P&C Insurance	—				58				58				—				59				59
North America Agricultural Insurance	—				(1		)		(1		)		—				(77		)		(77		)
Overseas General Insurance	(49		)		(23		)		(72		)		(51		)		(115		)		(166		)
Global Reinsurance	(39		)		15				(24		)		(69		)		15				(54		)
Corporate	12				—				12				67				—				67
Total	$	(246	)		$	3			$	(243	)		$	(319	)		$	(324	)		$	(643	)
2017
North America Commercial P&C Insurance	$	(230	)		$	(6	)		$	(236	)		$	(407	)		$	(139	)		$	(546	)
North America Personal P&C Insurance	—				32				32				—				66				66
North America Agricultural Insurance	—				(4		)		(4		)		—				(83		)		(83		)
Overseas General Insurance	(106		)		(2		)		(108		)		(74		)		(110		)		(184		)
Global Reinsurance	(41		)		—				(41		)		(69		)		5				(64		)
Corporate	87				—				87				140				—				140
Total	$	(290	)		$	20			$	(270	)		$	(410	)		$	(261	)		$	(671	)

X

- References

No definition available.

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- Definition

Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses.

+ 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=99382578&loc=d3e14764-158437

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W)
-URI http://asc.fasb.org/extlink&oid=27015833&loc=d3e570705-122907

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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=99382578&loc=d3e14764-158437

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