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Reserve For Losses, LAE And Future Policy Benefit Reserve | 6 Months Ended
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Jun. 30, 2020
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:
| Six Months Ended
| June 30,
(Dollars in thousands) | 2020 |  | 2019
Gross reserves beginning of period | $ | 13,611,313 |  | $ | 13,119,090
Less reinsurance recoverables |  | (1,640,712) |  |  | (1,619,641)
Net reserves beginning of period |  | 11,970,601 |  |  | 11,499,449
Incurred related to: |  |  |  |  |
Current year |  | 2,835,129 |  |  | 2,135,335
Prior years |  | 2,727 |  |  | 7,845
Total incurred losses and LAE |  | 2,837,856 |  |  | 2,143,180
Paid related to: |  |  |  |  |
Current year |  | 570,460 |  |  | 374,123
Prior years |  | 1,579,931 |  |  | 1,598,544
Total paid losses and LAE |  | 2,150,391 |  |  | 1,972,667
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 |  | (74,372) |  |  | (57,392)
Net reserves end of period |  | 12,583,694 |  |  | 11,612,570
Plus reinsurance recoverables |  | 1,692,947 |  |  | 1,636,918
Gross reserves end of period | $ | 14,276,641 |  | $ | 13,249,488
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $2,835,129 thousand and $2,135,335 thousand for the six months ended June 30, 2020 and 2019, respectively. The increase in current year incurred losses in 2020 compared to 2019 was primarily due to $309,978 thousand of incurred losses due to COVID-19 as well as the impact of the increase in premiums earned.

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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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