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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Premiums written |  |  |  |  |
Direct | $ | 52,969 |  |  | $ | 47,511 |  |  | $ | 42,811 |
Assumed | 4,557 |  |  | 4,467 |  |  | 3,928 |
Ceded | (10,165) |  |  | (10,258) |  |  | (8,912) |
Net | $ | 47,361 |  |  | $ | 41,720 |  |  | $ | 37,827 |
Premiums earned |  |  |  |  |
Direct | $ | 51,582 |  |  | $ | 46,160 |  |  | $ | 41,116 |
Assumed | 4,289 |  |  | 4,395 |  |  | 3,609 |
Ceded | (10,159) |  |  | (10,195) |  |  | (8,433) |
Net | $ | 45,712 |  |  | $ | 40,360 |  |  | $ | 36,292 |
Schedule of Reinsurance Recoverable on Ceded Insurance | Reinsurance recoverable on ceded reinsurance
|  | December 31, 2023 |  | December 31, 2022
(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 | $ | 17,884 |  |  | $ | 285 |  |  | $ | 17,086 |  |  | $ | 289 |
Reinsurance recoverable on paid losses and loss expenses | 2,068 |  |  | 82 |  |  | 1,773 |  |  | 62 |
Reinsurance recoverable on losses and loss expenses | $ | 19,952 |  |  | $ | 367 |  |  | $ | 18,859 |  |  | $ | 351 |
Reinsurance recoverable on policy benefits | $ | 280 |  |  | $ | — |  |  | $ | 302 |  |  | $ | 4 |
(1) Net of valuation allowance for uncollectible reinsurance.
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:
| Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022
Valuation allowance for uncollectible reinsurance - beginning of period | $ | 351 |  |  | $ | 329 |
Provision for uncollectible reinsurance | 47 |  |  | 43 |
Write-offs charged against the valuation allowance | (32) |  |  | (19) |
Foreign exchange revaluation | 1 |  |  | (2) |
Valuation allowance for uncollectible reinsurance - end of period | $ | 367 |  |  | $ | 351 |
Reinsurance Recoverable, Credit Quality Indicator | The following tables present a listing, at December 31, 2023, of the categories of Chubb's reinsurers:
December 31, 2023 | Gross Reinsurance Recoverable on Losses and Loss Expenses |  | Valuation allowance for Uncollectible Reinsurance |  | % of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages) |  |
Categories |  |  |  |  |
Largest reinsurers | $ | 10,993 |  |  | $ | 117 |  |  | 1.1 | %
Other reinsurers rated A- or better | 4,898 |  |  | 57 |  |  | 1.2 | %
Other reinsurers rated lower than A- or not rated | 455 |  |  | 56 |  |  | 12.3 | %
Pools | 441 |  |  | 14 |  |  | 3.2 | %
Structured settlements | 493 |  |  | 11 |  |  | 2.2 | %
Captives | 2,653 |  |  | 16 |  |  | 0.6 | %
Other | 386 |  |  | 96 |  |  | 24.9 | %
Total | $ | 20,319 |  |  | $ | 367 |  |  | 1.8 | %

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