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Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables) | 3 Months Ended
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Mar. 31, 2020
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:
| Three Months Ended March 31 |
(in millions of U.S. dollars) | 2020 |  |  | 2019 |
Gross unpaid losses and loss expenses – beginning of period | $ | 62,690 |  |  | $ | 62,960 |
Reinsurance recoverable on unpaid losses - beginning of period (1) | (14,181 | ) |  | (14,689 | )
Net unpaid losses and loss expenses – beginning of period | 48,509 |  |  | 48,271 |
Net losses and loss expenses incurred in respect of losses occurring in: |  |  |
Current year | 4,605 |  |  | 4,326 |
Prior years (2) | (120 | ) |  | (228 | )
Total | 4,485 |  |  | 4,098 |
Net losses and loss expenses paid in respect of losses occurring in: |  |  |
Current year | 920 |  |  | 785 |
Prior years | 3,335 |  |  | 3,234 |
Total | 4,255 |  |  | 4,019 |
Foreign currency revaluation and other | (565 | ) |  | 86 |
Net unpaid losses and loss expenses – end of period | 48,174 |  |  | 48,436 |
Reinsurance recoverable on unpaid losses (1) | 14,040 |  |  | 14,707 |
Gross unpaid losses and loss expenses – end of period | $ | 62,214 |  |  | $ | 63,143 |
(1) | Net of valuation allowance 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 $2 million and $24 million for the three months ended March 31, 2020 and 2019, respectively.
Prior Period Development, by Segment [Table Text Block] | The following table summarizes (favorable) and adverse PPD by segment.
| Three Months Ended March 31 |
(in millions of U.S. dollars) | Long-tail |  |  | Short-tail |  |  | Total |
2020 |  |  |  |  |
North America Commercial P&C Insurance | $ | (43 | ) |  | $ | (62 | ) |  | $ | (105 | )
North America Personal P&C Insurance | — |  |  | 1 |  |  | 1 |
North America Agricultural Insurance | — |  |  | (14 | ) |  | (14 | )
Overseas General Insurance | — |  |  | (4 | ) |  | (4 | )
Global Reinsurance | — |  |  | (7 | ) |  | (7 | )
Corporate | 11 |  |  | — |  |  | 11 |
Total | $ | (32 | ) |  | $ | (86 | ) |  | $ | (118 | )
2019 |  |  |  |  |
North America Commercial P&C Insurance | $ | (65 | ) |  | $ | (66 | ) |  | $ | (131 | )
North America Personal P&C Insurance | — |  |  | (10 | ) |  | (10 | )
North America Agricultural Insurance | — |  |  | (61 | ) |  | (61 | )
Overseas General Insurance | — |  |  | (4 | ) |  | (4 | )
Global Reinsurance | (1 | ) |  | (7 | ) |  | (8 | )
Corporate | 10 |  |  | — |  |  | 10 |
Total | $ | (56 | ) |  | $ | (148 | ) |  | $ | (204 | )

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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=116884095&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 + 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://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 + Details
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