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Reserve For Losses, LAE And Future Policy Benefit Reserve | 6 Months Ended
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Jun. 30, 2022
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) 2022 2021 Gross reserves beginning of period $ 19,009,486 $ 16,322,143 Less reinsurance recoverables on unpaid losses (1,946,365) (1,843,691) Net reserves beginning of period 17,063,121 14,478,452 Incurred related to: Current year 3,667,769 3,302,013 Prior years (1,659) (4,453) Total incurred losses and LAE 3,666,110 3,297,560 Paid related to: Current year 978,599 710,677 Prior years 1,483,844 1,399,579 Total paid losses and LAE 2,462,443 2,110,256 Foreign exchange/translation adjustment (259,484) 35,651 Net reserves end of period 18,007,304 15,701,407 Plus reinsurance recoverables on unpaid losses 1,985,750 1,862,760 Gross reserves end of period $ 19,993,054 $ 17,564,167 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 3.7 billion and $ 3.3 billion for the six months ended June 30, 2022 and 2021, respectively. Gross and net reserves increased for the six months ended June 30, 2022, reflecting an increase in underlying exposure due to premium growth and the impact of $ 45.0 million of incurred losses related to the Ukraine/Russia war, partially offset by a reduction of $ 115.0 million in current year catastrophe losses. The war in the Ukraine is ongoing and an evolving event. Economic and legal sanctions have been levied against Russia, specific named individuals and entities connected to the Russian government, as well as businesses located in the Russian Federation and/or owned by Russian nationals by numerous countries, including the United States. The significant political and economic uncertainty surrounding the war and associated sanctions have impacted economic and investment markets both within Russia and around the world. The Company has recorded $ 45.0 million of incurred underwriting losses related to the Ukraine/Russia war for the three and six months ended June 30, 2022.

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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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