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Insurance Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Insurance Liabilities

Liability for Unpaid Claims (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended March 31,
​		2021			2020
​	​	(in millions)
Balance at beginning of period	​	$	2,534.9	​	$	2,365.5
Less: reinsurance recoverable	​		436.9	​		403.8
Net balance at beginning of period	​		2,098.0	​		1,961.7
Incurred:	​		​	​		​
Current year	​		362.2	​		324.8
Prior years	​		28.3	​		19.5
Total incurred	​		390.5	​		344.3
Payments:	​		​	​		​
Current year	​		187.9	​		168.7
Prior years	​		175.1	​		166.3
Total payments	​		363.0	​		335.0
Net balance at end of period	​		2,125.5	​		1,971.0
Plus: reinsurance recoverable	​		433.9	​		413.9
Balance at end of period	​	$	2,559.4	​	$	2,384.9
​	​	​	​	​	​	​
Amounts not included in the rollforward above:	​		​	​		​
Claim adjustment expense liabilities	​	$	58.5	​	$	58.0

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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