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Unpaid Losses And Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]

Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses

The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses.

			Nine Months Ended September 30,
(dollars in thousands)			2023						2022
Gross reserves for losses and loss adjustment expenses, beginning of year			$	20,947,898					$	18,178,894
Reinsurance recoverables on unpaid losses, beginning of year			7,994,884						6,876,317
Net reserves for losses and loss adjustment expenses, beginning of year			12,953,014						11,302,577
Effect of foreign currency rate changes on beginning of year balance			16,246						(275,364)
Adjusted net reserves for losses and loss adjustment expenses, beginning of year			12,969,260						11,027,213
Incurred losses and loss adjustment expenses:
Current accident year			3,934,969						3,420,906
Prior accident years			(169,754)						(204,411)
Total incurred losses and loss adjustment expenses			3,765,215						3,216,495
Payments:
Current accident year			419,998						350,684
Prior accident years			2,018,199						1,880,471
Total payments			2,438,197						2,231,155
Effect of foreign currency rate changes on current year activity			416						(7,499)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 11)			(146,895)						375,222
Reinsurance recoverable for retroactive reinsurance transaction			(125,067)						—
Net reserves for losses and loss adjustment expenses, end of period			14,024,732						12,380,276
Reinsurance recoverables on unpaid losses			8,119,634						7,814,098
Gross reserves for losses and loss adjustment expenses, end of period			$	22,144,366					$	20,194,374

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- References

No definition available.

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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

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