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Summary of Reserve for Title Claim Losses (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Summary of the Reserve for Title Claim Losses

A summary of the reserve for title claim losses follows:

			Year Ended December 31,
			2023						2022			2021
			(Dollars in millions)
Beginning balance			$	1,810					$	1,883		$	1,623
Change in insurance recoverable			15						(128)			94
Claim loss provision related to:
Current year			207						308			385
Prior years			—						—			—
Total title claim loss provision			207						308			385
Claims paid, net of recoupments related to:
Current year			(22)						(21)			(14)
Prior years			(240)						(232)			(205)
Total title claims paid, net of recoupments			(262)						(253)			(219)
Ending balance of claim loss reserve for title insurance			$	1,770					$	1,810		$	1,883
Provision for title insurance claim losses as a percentage of title insurance premiums			4.5		%				4.5		%	4.5		%

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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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