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Reserve For Losses, LAE And Future Policy Benefit Reserve | 3 Months Ended
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Mar. 31, 2021
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] |
Reserve For Losses LAE And Future Policy Benefit Reserve | 4. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and LAE is summarized for the periods indicated:
| Three Months Ended
| March 31,
(Dollars in thousands) | 2021 |  | 2020
Gross reserves beginning of period | $ | 16,398,997 |  | $ | 13,611,313
Less reinsurance recoverables |  | (1,843,691) |  |  | (1,640,712)
Net reserves beginning of period |  | 14,555,306 |  |  | 11,970,601
Incurred related to: |  |  |  |  |
Current year |  | 1,713,253 |  |  | 1,433,440
Prior years |  | (1,834) |  |  | (2,600)
Total incurred losses and LAE |  | 1,711,419 |  |  | 1,430,840
Paid related to: |  |  |  |  |
Current year |  | 215,302 |  |  | 168,528
Prior years |  | 837,051 |  |  | 907,790
Total paid losses and LAE |  | 1,052,353 |  |  | 1,076,318
Foreign exchange/translation adjustment |  | (5,841) |  |  | (156,565)
Net reserves end of period |  | 15,208,531 |  |  | 12,168,558
Plus reinsurance recoverables |  | 1,882,113 |  |  | 1,651,946
Gross reserves end of period | $ | 17,090,644 |  | $ | 13,820,504
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $1,713,253 thousand and $1,433,440 thousand for the three months ended March 31, 2021 and 2020, respectively. The increase in current year incurred losses in 2021 compared to 2020 was primarily due to a $240,000 thousand increase in catastrophe losses and 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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