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Insurance Liabilities

9 Months Ended

Sep. 30, 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 nine months ended September 30,
	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		985.5		1,009.8
Prior years		37.9		19.9
Total incurred		1,023.4		1,029.7
Payments:
Current year		595.7		624.6
Prior years		335.1		316.5
Total payments		930.8		941.1
Net balance at end of period		2,054.3		1,937.0
Plus: reinsurance recoverable		425.4		404.7
Balance at end of period	$	2,479.7	$	2,341.7

Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	58.0	$	56.9

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.