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v3.22.2.2

Unpaid losses and loss expenses (RF) (Details) $ in Millions | 9 Months Ended
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Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($)
Unpaid Losses and Loss Expenses [Roll Forward] |  |  |  |
Gross unpaid losses and loss expenses – beginning of period | $ 72,943 |  | $ 67,811 |
Reinsurance recoverable on unpaid losses – beginning of period (1) | (16,184) | [1] | (14,647) | [1]
Net unpaid losses and loss expenses – beginning of period | 56,759 |  | 53,164 |
Current Year Claims and Claims Adjustment Expense | 18,426 |  | 17,556 |
Prior Year Claims and Claims Adjustment Expense | (952) | [2] | (868) | [2]
Total, Incurred | 17,474 |  | 16,688 |
Net loss and loss expenses paid, Current Year | 5,104 |  | 4,771 |
Net loss and loss expenses paid, Prior Years | 9,217 |  | 7,922 |
Total, Paid | 14,321 |  | 12,693 |
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other | (1,300) |  | (78) |
Net unpaid losses and loss expenses – end of period | 58,612 |  | 57,081 |
Reinsurance recoverable on unpaid losses (1) | 17,380 | [1] | 15,550 | [1]
Gross unpaid losses and loss expenses – end of period | 75,992 |  | 72,631 |
prior period development, net adjustments | 243 |  | $ 87 |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross | 3,049 |  |  |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 1,853 |  |  |
[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 $243 million and $87 million for the nine months ended September 30, 2022 and 2021, respectively.

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- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. + 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 -Subparagraph (a) -URI https://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 50 -Paragraph 3 -Subparagraph (cc) -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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- Definition Liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(13)(a)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (cc) -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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