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Reserve For Losses, LAE And Future Policy Benefit Reserve

6 Months Ended

Jun. 30, 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:

	Six Months Ended
	June 30,
(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		3,302,013		2,835,129
Prior years		(4,453)		2,727
Total incurred losses and LAE		3,297,560		2,837,856

Paid related to:
Current year		710,677		570,460
Prior years		1,394,838		1,579,931
Total paid losses and LAE		2,105,515		2,150,391

Foreign exchange/translation adjustment		35,651		(74,372)

Net reserves end of period		15,783,002		12,583,694
Plus reinsurance recoverables		1,862,760		1,692,947
Gross reserves end of period	$	17,645,762	$	14,276,641

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $3,302,013 thousand and $2,835,129 thousand for the six months ended June 30, 2021 and 2020, respectively. The increase in current year incurred losses in 2021 compared to 2020 was primarily due to a $270,000 thousand increase in catastrophe losses and the impact of the increase in premiums earned. In addition, current year incurred losses for the three and six months ended June 30, 2020 included $159,978 thousand and $309,978 thousand of losses associated with the COVID-19 Pandemic which did not recur in 2021.