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Reserve For Losses, LAE And Future Policy Benefit Reserve | 9 Months Ended
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Sep. 30, 2019
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] |
Reserve For Losses LAE And Future Policy Benefit Reserve | 5. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and LAE is summarized for the periods indicated:
| Nine Months Ended
| September 30,
(Dollars in thousands) | 2019 |  | 2018
Gross reserves beginning of period | $ | 13,119,090 |  | $ | 11,884,321
Less reinsurance recoverables |  | (1,619,641) |  |  | (1,212,649)
Net reserves beginning of period |  | 11,499,449 |  |  | 10,671,672
Incurred related to: |  |  |  |  |
Current year |  | 3,559,505 |  |  | 3,218,162
Prior years |  | (44,401) |  |  | 432,187
Total incurred losses and LAE |  | 3,515,104 |  |  | 3,650,349
Paid related to: |  |  |  |  |
Current year |  | 550,724 |  |  | 724,791
Prior years |  | 2,406,753 |  |  | 2,730,015
Total paid losses and LAE |  | 2,957,477 |  |  | 3,454,806
Foreign exchange/translation adjustment |  | (52,125) |  |  | (78,103)
Net reserves end of period |  | 12,004,952 |  |  | 10,789,112
Plus reinsurance recoverables |  | 1,632,687 |  |  | 1,601,041
Gross reserves end of period | $ | 13,637,639 |  | $ | 12,390,153
(Some amounts may not reconcile due to rounding.)
Incurred prior years losses decreased by $44,401 thousand for the nine months ended September 30, 2019 and increased by $432,187 thousand for the nine months ended September 30, 2018. The $44,401 thousand decrease for the nine months ended September 30, 2019, primarily related to reserve reductions associated with the early commutation of a multi-year contract. The increase for the nine months ended September 30, 2018 was mainly due to $532,156 thousand of adverse development on prior years catastrophe losses, primarily related to Hurricanes Harvey, Irma and Maria, as well as the 2017 California wildfires. The increase in loss estimates for Hurricanes Harvey, Irma and Maria was mostly driven by re-opened claims, loss inflation from higher than expected loss adjustment expenses and in particular, their impact on aggregate covers. This reserve increase was partially offset by $99,968 thousand of favorable development on prior years attritional losses which mainly related to U.S. and international property and casualty reinsurance business.

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- Definition Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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