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Insurance Liabilities

3 Months Ended

Mar. 31, 2020

5. Insurance Liabilities

Liability for Unpaid Claims

The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows:


	For the three months ended March 31,
	2020		2019
	(in millions)
Balance at beginning of period	$	2,365.5	$	2,252.7
Less: reinsurance recoverable		403.8		404.3
Net balance at beginning of period		1,961.7		1,848.4
Incurred:
Current year		324.8		325.5
Prior years		19.5		25.1
Total incurred		344.3		350.6
Payments:
Current year		168.7		162.9
Prior years		166.3		157.6
Total payments		335.0		320.5
Net balance at end of period		1,971.0		1,878.5
Plus: reinsurance recoverable		413.9		397.5
Balance at end of period	$	2,384.9	$	2,276.0

Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	58.0	$	54.7

Incurred liability adjustments relating to prior years, which affected current operations during 2020 and 2019, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.