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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2018
Reinsurance Disclosures [Abstract] |
Schedule of direct, assumed and ceded premiums | The following table presents direct, assumed, and ceded premiums:
| Year Ended December 31 |
(in millions of U.S. dollars) | 2018 |  |  | 2017 |  |  | 2016 |
Premiums written |  |  |  |
Direct | $ | 34,782 |  |  | $ | 33,137 |  |  | $ | 31,543 |
Assumed | 3,186 |  |  | 3,239 |  |  | 3,440 |
Ceded | (7,389 | ) |  | (7,132 | ) |  | (6,838 | )
Net | $ | 30,579 |  |  | $ | 29,244 |  |  | $ | 28,145 |
Premiums earned |  |  |  |  |
Direct | $ | 34,108 |  |  | $ | 32,782 |  |  | $ | 31,811 |
Assumed | 3,175 |  |  | 3,332 |  |  | 3,744 |
Ceded | (7,219 | ) |  | (7,080 | ) |  | (6,806 | )
Net | $ | 30,064 |  |  | $ | 29,034 |  |  | $ | 28,749 |
Schedule of Reinsurance Recoverable on Ceded Insurance [Table Text Block] | b) Reinsurance recoverable on ceded reinsurance
|  | December 31, 2018 |  |  | December 31, 2017 |
(in millions of U.S. dollars) | Net Reinsurance Recoverable (1) |  |  | Provision for Uncollectible |  |  | Net Reinsurance Recoverable (1) |  |  | Provision for Uncollectible |
Reinsurance recoverable on unpaid losses and loss expenses | $ | 14,689 |  |  | $ | 251 |  |  | $ | 14,014 |  |  | $ | 247 |
Reinsurance recoverable on paid losses and loss expenses | 1,304 |  |  | 72 |  |  | 1,020 |  |  | 74 |
Reinsurance recoverable on losses and loss expenses | $ | 15,993 |  |  | $ | 323 |  |  | $ | 15,034 |  |  | $ | 321 |
Reinsurance recoverable on policy benefits | $ | 202 |  |  | $ | 4 |  |  | $ | 184 |  |  | $ | 4 |
Schedule of reinsurance recoverable and provision by category of reinsurer |
December 31, 2018 | Gross Reinsurance Recoverable on Loss and Loss Expenses |  |  | Provision for Uncollectible Reinsurance |  |  | % of Gross Reinsurance Recoverable |
(in millions of U.S. dollars, except for percentages) |  |
Categories |
Largest reinsurers | $ | 6,578 |  |  | $ | 70 |  |  | 1.1 | %
Other reinsurers rated A- or better | 5,339 |  |  | 63 |  |  | 1.2 | %
Other reinsurers with ratings lower than A- or not rated | 558 |  |  | 68 |  |  | 12.2 | %
Pools | 429 |  |  | 16 |  |  | 3.7 | %
Structured settlements | 548 |  |  | 18 |  |  | 3.3 | %
Captives | 2,590 |  |  | 16 |  |  | 0.6 | %
Other | 274 |  |  | 72 |  |  | 26.3 | %
Total | $ | 16,316 |  |  | $ | 323 |  |  | 2.0 | %
Schedule of income and expenses relating to GMDB and GLB reinsurance | The following table presents income and expenses relating to GMDB and GLB reinsurance. GLBs include GMIBs.
| Year Ended December 31 |
(in millions of U.S. dollars) | 2018 |  |  | 2017 |  |  | 2016 |
GMDB |  |  |  |  |
Net premiums earned | $ | 47 |  |  | $ | 49 |  |  | $ | 55 |
Policy benefits and other reserve adjustments | $ | 20 |  |  | $ | 40 |  |  | $ | 45 |
GLB |  |  |  |  |
Net premiums earned | $ | 96 |  |  | $ | 110 |  |  | $ | 118 |
Policy benefits and other reserve adjustments | 110 |  |  | 105 |  |  | 52 |
Net realized gains (losses) | (250 | ) |  | 363 |  |  | 48 |
Gain (loss) recognized in Net income | $ | (264 | ) |  | $ | 368 |  |  | $ | 114 |
Net cash received and other | 47 |  |  | 65 |  |  | 79 |
Net decrease (increase) in liability | $ | (311 | ) |  | $ | 303 |  |  | $ | 35 |
Schedule of Net Amount of Risk and 100 Percent Mortality [Table Text Block] |
(in millions of U.S. dollars, except for percentages) |  | Net amount at risk |  |  |
Reinsurance covering |  | December 31 2018 |  | December 31 2017 |  | 2018 Future claims discount rate | Other assumptions | Total claims at 100% mortality at December 31, 2018(1) |
GMDB Risk Only |  | $ | 408 |  | $ | 279 |  | 3.3% - 3.5% | No lapses or withdrawals | $ | 177 |
|  |  |  |  | Mortality according to 100% of the Annuity 2000 mortality table |
GLB Risk Only |  | $ | 1,233 |  | $ | 691 |  | 4.0% - 4.3% | No deaths, lapses or withdrawals | N/A |
|  |  |  |  | Annuitization at a frequency most disadvantageous to Chubb(2) |
|  |  |  |  | Claim calculated using interest rates in line with rates used to calculate reserve |
Both Risks: (3) | GMDB | $ | 103 |  | $ | 81 |  | 4.0% - 4.3% | No lapses or withdrawals | $ | 18 |
|  |  |  |  | Mortality according to 100% of the Annuity 2000 mortality table |
| GLB | $ | 517 |  | $ | 392 |  | 4.0% - 4.3% | Annuitization at a frequency most disadvantageous to Chubb(2) | N/A |
|  |  |  |  | Claim calculated using interest rates in line with rates used to calculate reserve |
(1) | Takes into account all applicable reinsurance treaty claim limits.
(2) | Annuitization at a level that maximizes claims taking into account the treaty limits.
(3) | Covering both the GMDB and GLB risks on the same underlying policyholders.

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