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Property Casualty Loss and Loss Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Consolidated Property Casualty Loss And Loss Expense Reserves
This table summarizes activity for our consolidated property casualty loss and loss expense reserves:
(Dollars in millions)Years ended December 31,
 202420232022
Gross loss and loss expense reserves, January 1$8,975 $8,336 $7,229 
Less reinsurance recoverable362 405 327 
Net loss and loss expense reserves, January 18,613 7,931 6,902 
Net incurred loss and loss expenses related to:   
Current accident year5,672 5,173 4,875 
Prior accident years(236)(215)(159)
Total incurred5,436 4,958 4,716 
Net paid loss and loss expenses related to:   
Current accident year1,951 1,875 1,592 
Prior accident years2,430 2,401 2,095 
Total paid4,381 4,276 3,687 
Net loss and loss expense reserves, December 319,668 8,613 7,931 
Plus reinsurance recoverable269 362 405 
Gross loss and loss expense reserves, December 31$9,937 $8,975 $8,336 
Reconciliation of Property casualty Incurred Losses and ALAE and Paid Losses and ALAE Development Information
The following table provides a reconciliation of the property casualty incurred losses and allocated loss adjustment expenses (ALAE) development and paid losses and ALAE development information at December 31, 2024.
(Dollars in millions)Cumulative incurred losses
and ALAE
as reported within the triangles,
net of reinsurance		Cumulative paid losses and ALAE as reported within the triangles,
net of reinsurance		Liabilities for loss and ALAE for accident years not presented in the triangles, net of reinsuranceTotal liabilities for loss and ALAE, net of reinsuranceReinsurance recoverable on unpaid lossesTotal liabilities for gross loss and loss expense reserves
Commercial casualty$7,025 $3,921 $124 $3,228 $20 $3,248 
Workers' compensation1,746 1,105 326 967 53 1,020 
Commercial auto2,514 1,683 40 871 3 874 
Commercial property3,589 3,134 14 469 24 493 
Personal auto2,115 1,739 13 389 21 410 
Homeowner2,946 2,540 8 414 9 423 
Excess and surplus1,862 855 6 1,013 30 1,043 
Other lines1,905 
Total liabilities for loss and ALAE reserves9,416 
Unallocated loss adjustment expense reserves521 
Gross loss and loss expense reserves$9,937 
Schedule of Incurred and Paid Losses and ALAE Development by Accident Year
The following table shows the commercial casualty incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of
reported
claims
AccidentUnaudited
Year2015201620172018201920202021202220232024
2015$533 $526 $529 $516 $508 $502 $504 $496 $513 $520 $14 22 
2016563 574 557 555 554 538 531 525 538 24 22 
2017610 597 577 571 555 554 553 575 37 22 
2018650 641 622 588 612 618 638 63 23 
2019672 643 607 669 682 718 89 21 
2020674 629 606 593 619 79 15 
2021714 697 697 694 184 15 
2022924 902 876 297 14 
2023950 843 469 11 
20241,004 792 8 
Total$7,025 
Cumulative paid losses and ALAE, net of reinsurance
2015$38 $108 $200 $287 $362 $404 $424 $453 $471 $487 
201646 126 228 331 395 434 466 485 498 
201748 122 234 320 392 437 486 512 
201844 148 253 345 441 505 542 
201939 134 259 394 503 576 
202033 102 242 345 437 
202131 123 251 370 
202237 141 311 
202346 146 
202442 
Total3,921 
All outstanding liabilities before 2015, net of reinsurance124 
Liabilities for loss and ALAE, net of reinsurance$3,228 
The following table shows the workers’ compensation incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of
reported
claims
AccidentUnaudited
Year2015201620172018201920202021202220232024
2015$246 $220 $208 $195 $179 $173 $173 $171 $167 $168 $22 17 
2016230 218 206 188 183 183 183 181 182 24 16 
2017218 208 190 183 172 167 160 159 22 15 
2018222 207 199 186 179 175 174 28 15 
2019224 215 202 188 178 174 31 14 
2020204 190 172 153 148 37 11 
2021202 190 183 174 39 11 
2022209 205 182 53 11 
2023221 188 68 9 
2024197 84 7 
Total$1,746 
Cumulative paid losses and ALAE, net of reinsurance
2015$47 $93 $115 $129 $134 $137 $139 $139 $140 $141 
201646 97 119 131 141 146 148 150 152 
201745 88 106 114 119 122 126 127 
201848 95 115 127 133 135 138 
201949 94 115 122 129 132 
202037 68 82 96 101 
202137 82 100 113 
202237 76 94 
202336 71 
202436 
Total1,105 
All outstanding liabilities before 2015, net of reinsurance326 
Liabilities for loss and ALAE, net of reinsurance$967 
The following table shows the commercial auto incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of reported claims
AccidentUnaudited
Year20202021202220232024
2020$424 $391 $384 $377 $382 $7 36 
2021470 477 465 463 23 39 
2022558 569 560 60 41 
2023550 544 98 37 
2024565 252 31 
Total$2,514 
Cumulative paid losses and ALAE, net of reinsurance
2020$154 $214 $280 $328 $357 
2021179 278 346 398 
2022217 332 410 
2023216 322 
2024196 
Total1,683 
All outstanding liabilities before 2020, net of reinsurance40 
Liabilities for loss and ALAE, net of reinsurance$871 
The following table shows the commercial property incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of reported claims
AccidentUnaudited
Year20202021202220232024
2020$855 $742 $719 $716 $713 $18 24 
2021607 586 576 575 6 14 
2022813 779 752 9 16 
2023833 786 14 14 
2024763 182 11 
Total$3,589 
Cumulative paid losses and ALAE, net of reinsurance
2020$489 $637 $672 $687 $695 
2021326 527 558 564 
2022393 691 727 
2023506 719 
2024429 
Total3,134 
All outstanding liabilities before 2020, net of reinsurance14 
Liabilities for loss and ALAE, net of reinsurance$469 
The following table shows the personal auto incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of reported claims
AccidentUnaudited
Year20202021202220232024
2020$305 $281 $277 $277 $276 $1 71 
2021350 343 342 344 3 80 
2022427 418 429 10 86 
2023466 474 25 92 
2024592 106 100 
Total$2,115 
Cumulative paid losses and ALAE, net of reinsurance
2020$186 $225 $248 $264 $271 
2021219 278 304 325 
2022277 349 382 
2023304 389 
2024372 
Total1,739 
All outstanding liabilities before 2020, net of reinsurance13 
Liabilities for loss and ALAE, net of reinsurance$389 
The following table shows the homeowner incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of reported claims
AccidentUnaudited
Year20202021202220232024
2020$497 $475 $470 $471 $471 $2 23 
2021495 449 440 440 3 19 
2022552 505 500 7 20 
2023742 693 20 24 
2024842 144 22 
Total$2,946 
Cumulative paid losses and ALAE, net of reinsurance
2020$326 $434 $453 $464 $468 
2021285 405 424 431 
2022299 461 481 
2023468 637 
2024523 
Total2,540 
All outstanding liabilities before 2020, net of reinsurance8 
Liabilities for loss and ALAE, net of reinsurance$414 
The following table shows the excess and surplus lines incurred and paid losses and ALAE development by accident year. The table also shows the IBNR reserves plus expected development on reported losses and claim frequency:
(Dollars in millions, reported claims in thousands)As of December 31, 2024
Incurred losses and ALAE, net of reinsurance for the years ended December 31,Total of incurred
but not reported
liabilities plus
expected
development on
reported losses		Cumulative number of reported claims
AccidentUnaudited
Year2015201620172018201920202021202220232024
2015$96 $81 $73 $67 $65 $66 $65 $61 $65 $66 $2 2 
201693 87 84 82 90 91 88 89 91 4 3 
2017104 95 95 94 94 91 94 98 6 3 
2018116 109 110 108 107 105 111 7 3 
2019137 135 141 139 142 149 15 3 
2020172 172 160 152 165 24 4 
2021217 235 233 253 60 4 
2022294 280 285 103 4 
2023328 276 146 3 
2024368 267 2 
Total$1,862 
Cumulative paid losses and ALAE, net of reinsurance
2015$8 $19 $29 $41 $51 $54 $56 $58 $62 $63 
201610 21 39 51 62 75 81 83 84 
201711 23 41 57 68 77 88 90 
201811 26 50 62 75 88 95 
201913 34 55 79 102 116 
202016 37 56 86 118 
202117 45 82 132 
202221 46 85 
202315 43 
202429 
Total855 
All outstanding liabilities before 2015, net of reinsurance6 
Liabilities for loss and ALAE, net of reinsurance$1,013 
Schedule of Average Annual Percentage Payout of Incurred Claims
The following table shows the average annual percentage payout of incurred losses for the commercial casualty line of business:
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345678910
Average annual percentage payout6.0%13.2%18.8%16.8%14.0%8.7%6.0%4.6%3.0%2.9%
The following table shows the average annual percentage payout of incurred losses for the workers’ compensation line of business:
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345678910
Average annual percentage payout24.1%24.8%11.2%6.7%3.8%2.0%1.5%0.7%0.8%0.3%
The following table shows the average annual percentage payout of incurred losses for the commercial auto line of business. Commercial auto includes both physical damage and liability losses. A majority of the incurred losses paid after year 2 are the result of liability losses.
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345
Average annual percentage payout38.5%19.3%15.2%11.8%7.6%
The following table shows the average annual percentage payout of incurred losses for the commercial property line of business:
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345
Average annual percentage payout59.6%30.6%5.1%1.6%1.1%
The following table shows the average annual percentage payout of incurred losses for the personal auto line of business. Personal auto includes both physical damage and liability losses. A majority of the incurred losses paid after year 2 are the result of liability losses.
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345
Average annual percentage payout64.5%16.6%8.0%5.8%2.6%
The following table shows the average annual percentage payout of incurred losses for the homeowner line of business:
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345
Average annual percentage payout64.7%26.7%4.2%1.9%0.8%
The following table shows the average annual percentage payout of incurred losses for the excess and surplus lines insurance segment. Excess and surplus lines consist mostly of commercial casualty and commercial property coverages. A majority of the incurred losses paid after year 2 are the result of commercial casualty losses.
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345678910
Average annual percentage payout9.0%12.3%16.2%15.7%14.3%10.3%6.3%2.7%3.8%2.0%