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Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 9 Months Ended
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Sep. 30, 2022
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] |
Summary Of Activity In The Reserve For Losses And LAE | 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.)

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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 Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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