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Unpaid losses and loss expenses (Tables)

3 Months Ended

Mar. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Unpaid Losses And Loss Expenses Roll Forward [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)			2023						2022
Gross unpaid losses and loss expenses – beginning of period			$	75,747					$	72,330
Reinsurance recoverable on unpaid losses – beginning of period (1)			(17,086)						(16,132)
Net unpaid losses and loss expenses – beginning of period			58,661						56,198
Net losses and loss expenses incurred in respect of losses occurring in:
Current year			5,336						4,963
Prior years (2)			(188)						(399)
Total			5,148						4,564
Net losses and loss expenses paid in respect of losses occurring in:
Current year			805						593
Prior years			3,911						3,569
Total			4,716						4,162
Foreign currency revaluation and other			(196)						3
Net unpaid losses and loss expenses – end of period			58,897						56,603
Reinsurance recoverable on unpaid losses (1)			16,520						16,593
Gross unpaid losses and loss expenses – end of period			$	75,417					$	73,196

(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, earned premiums, and development on international A&H lines totaling $(8) million and $159 million for the three months ended March 31, 2023 and 2022, 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
2023
North America Commercial P&C Insurance																					$	9					$	(81)					$	(72)
North America Personal P&C Insurance																					—						17						17
North America Agricultural Insurance																					—						—						—
Overseas General Insurance																					—						(143)						(143)
Global Reinsurance																					—						(8)						(8)
Corporate																					10						—						10
Total																					$	19					$	(215)					$	(196)
2022
North America Commercial P&C Insurance																					$	(20)					$	(88)					$	(108)
North America Personal P&C Insurance																					—						(51)						(51)
North America Agricultural Insurance																					—						(26)						(26)
Overseas General Insurance																					—						(60)						(60)
Global Reinsurance																					—						(3)						(3)
Corporate																					8						—						8
Total																					$	(12)					$	(228)					$	(240)

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 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 S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W)
-URI https://asc.fasb.org/extlink&oid=27015833&loc=d3e570705-122907

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X

- 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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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