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Unpaid Losses And Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2024

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.

			Six Months Ended June 30,
(dollars in thousands)			2024						2023
Gross reserves for losses and loss adjustment expenses, beginning of year			$	23,483,321					$	20,947,898
Reinsurance recoverables on unpaid losses, beginning of year			8,820,567						7,994,884
Net reserves for losses and loss adjustment expenses, beginning of year			14,662,754						12,953,014
Effect of foreign currency rate changes on beginning of year balance			(41,045)						46,000
Adjusted net reserves for losses and loss adjustment expenses, beginning of year			14,621,709						12,999,014
Incurred losses and loss adjustment expenses:
Current accident year			2,741,620						2,500,098
Prior accident years			(221,298)						(139,208)
Total incurred losses and loss adjustment expenses			2,520,322						2,360,890
Payments:
Current accident year			196,079						164,713
Prior accident years			1,639,765						1,461,051
Total payments			1,835,844						1,625,764
Effect of foreign currency rate changes on current year activity			(1,272)						(2,949)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 12)			(25,726)						(131,874)
Reinsurance recoverable for retroactive reinsurance transaction			—						(125,067)
Net reserves for losses and loss adjustment expenses, end of period			15,279,189						13,474,250
Reinsurance recoverables on unpaid losses			9,367,429						7,900,563
Gross reserves for losses and loss adjustment expenses, end of period			$	24,646,618					$	21,374,813

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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://www.xbrl.org/2003/role/disclosureRef
-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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