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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2020
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) | 2020 |  | 2019 |  | 2018
Premiums written |  |  |  |
Direct | $ | 37,749 |  |  | $ | 36,848 |  |  | $ | 34,782 |
Assumed | 3,512 |  |  | 3,276 |  |  | 3,186 |
Ceded | (7,441) |  |  | (7,849) |  |  | (7,389) |
Net | $ | 33,820 |  |  | $ | 32,275 |  |  | $ | 30,579 |
Premiums earned |  |  |  |  |
Direct | $ | 37,037 |  |  | $ | 35,876 |  |  | $ | 34,108 |
Assumed | 3,323 |  |  | 3,107 |  |  | 3,175 |
Ceded | (7,243) |  |  | (7,693) |  |  | (7,219) |
Net | $ | 33,117 |  |  | $ | 31,290 |  |  | $ | 30,064 |
Schedule of Reinsurance Recoverable on Ceded Insurance [Table Text Block] | b) Reinsurance recoverable on ceded reinsurance
|  | December 31, 2020 |  | December 31, 2019
(in millions of U.S. dollars) | Net Reinsurance Recoverable (1) |  | Valuation allowance |  | Net Reinsurance Recoverable (1) |  | Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses | $ | 14,647 |  |  | $ | 257 |  |  | $ | 14,181 |  |  | $ | 240 |
Reinsurance recoverable on paid losses and loss expenses | 945 |  |  | 57 |  |  | 1,000 |  |  | 76 |
Reinsurance recoverable on losses and loss expenses | $ | 15,592 |  |  | $ | 314 |  |  | $ | 15,181 |  |  | $ | 316 |
Reinsurance recoverable on policy benefits | $ | 206 |  |  | $ | 5 |  |  | $ | 197 |  |  | $ | 4 |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
(in millions of U.S. dollars) | Year Ended December 31, 2020
Valuation allowance for uncollectible reinsurance - beginning of period | $ | 316 |
Provision for uncollectible reinsurance | 21 |
Write-offs charged against the valuation allowance | (25) |
Foreign exchange revaluation | 2 |
Valuation allowance for uncollectible reinsurance - end of period | $ | 314 |
Schedule of reinsurance recoverable and provision by category of reinsurer |
December 31, 2020 | Gross Reinsurance Recoverable on Loss and Loss Expenses |  | Valuation allowance for Uncollectible Reinsurance |  | % of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages) |  |
Categories |
Largest reinsurers | $ | 7,267 |  |  | $ | 88 |  |  | 1.2 | %
Other reinsurers rated A- or better | 4,901 |  |  | 58 |  |  | 1.2 | %
Other reinsurers rated lower than A- or not rated | 466 |  |  | 64 |  |  | 13.7 | %
Pools | 366 |  |  | 14 |  |  | 3.8 | %
Structured settlements | 521 |  |  | 11 |  |  | 2.1 | %
Captives | 2,107 |  |  | 11 |  |  | 0.5 | %
Other | 278 |  |  | 68 |  |  | 24.5 | %
Total | $ | 15,906 |  |  | $ | 314 |  |  | 2.0 | %

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- Definition Tabular disclosure of allowance for credit loss on reinsurance recoverable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
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