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Reserve For Losses, LAE And Future Policy Benefit Reserve | 9 Months Ended
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Sep. 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: Nine Months Ended September 30, (Dollars in millions) 2022 2021 Gross reserves beginning of period $ 19,009 $ 16,322 Less reinsurance recoverables on unpaid losses (1,946) (1,844) Net reserves beginning of period 17,063 14,478 Incurred related to: Current year 6,291 5,578 Prior years (2) (6) Total incurred losses and LAE 6,289 5,572 Paid related to: Current year 1,794 1,376 Prior years 1,841 1,803 Total paid losses and LAE 3,635 3,179 Foreign exchange/translation adjustment (605) (41) Net reserves end of period 19,112 16,831 Plus reinsurance recoverables on unpaid losses 2,110 2,033 Gross reserves end of period $ 21,222 $ 18,864 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 6.3 billion and $ 5.6 billion for the nine months ended September 30, 2022 and 2021, respectively. Gross and net reserves increased for the nine months ended September 30, 2022, reflecting an increase in underlying exposure due to earned premium growth, year over year, the impact of $ 45 million of incurred losses related to the Ukraine/Russia war and an increase of $ 30 million in 2022 current year catastrophe losses compared to 2021. 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 million of incurred underwriting losses related to the Ukraine/Russia war for the nine months ended September 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 https://asc.fasb.org/subtopic&trid=2560295 + Details
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