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Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances

The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Reserve for losses and loss adjustment expenses at beginning of period			$	20,758					$	18,109					$	20,032					$	17,757
Unpaid losses and loss adjustment expenses recoverable			6,347						5,710						6,280						5,599
Net reserve for losses and loss adjustment expenses at beginning of period			14,411						12,399						13,752						12,158
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year			1,612						1,274						3,219						2,416
Prior years			(121)						(171)						(257)						(312)
Total net incurred losses and loss adjustment expenses			1,491						1,103						2,962						2,104
Net foreign exchange (gains) losses and other			44						(249)						99						(282)
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year			(215)						(166)						(355)						(237)
Prior years			(857)						(579)						(1,584)						(1,235)
Total net paid losses and loss adjustment expenses			(1,072)						(745)						(1,939)						(1,472)
Net reserve for losses and loss adjustment expenses at end of period			14,874						12,508						14,874						12,508
Unpaid losses and loss adjustment expenses recoverable			6,394						5,686						6,394						5,686
Reserve for losses and loss adjustment expenses at end of period			$	21,268					$	18,194					$	21,268					$	18,194

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- References

No definition available.

+ 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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

+ Details

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