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Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 12 Months Ended
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Dec. 31, 2022
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] |
Summary Of Activity In The Reserve For Losses And LAE | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Gross reserves beginning of period $ 19,009 $ 16,322 $ 13,531 Less reinsurance recoverables on unpaid losses (1,946) (1,844) (1,641) Net reserves beginning of period 17,063 14,478 11,891 Incurred related to: Current year 8,102 7,400 6,149 Prior years (2) (9) 401 Total incurred losses and LAE 8,100 7,391 6,551 Paid related to: Current year 1,220 2,491 2,046 Prior years 3,740 2,226 2,078 Total paid losses and LAE 4,960 4,717 4,124 Foreign exchange/translation adjustment (243) (89) 161 Net reserves end of period 19,960 17,063 14,478 Plus reinsurance recoverables on unpaid losses 2,105 1,946 1,844 Gross reserves end of period $ 22,065 $ 19,009 $ 16,322 (Some amounts may not reconcile due to rounding.)
Ultimate Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | Reinsurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 710 $ 801 $ 788 $ 779 $ 748 $ 719 $ 699 $ 699 $ 694 $ 684 $ 11 N/A 2014 762 800 807 783 741 719 732 730 720 13 N/A 2015 777 818 814 811 795 832 832 829 47 N/A 2016 790 865 862 857 933 935 965 91 N/A 2017 870 830 837 918 926 982 132 N/A 2018 1,311 1,309 1,386 1,416 1,485 354 N/A 2019 1,683 1,748 1,751 1,775 727 N/A 2020 1,896 1,867 1,846 1,178 N/A 2021 2,454 2,449 1,829 N/A 2022 2,818 2,133 N/A $ 14,554 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 48 $ 121 $ 211 $ 310 $ 383 $ 489 $ 540 $ 565 $ 593 $ 603 2014 57 122 212 301 426 501 545 585 607 2015 57 157 263 408 497 565 611 647 2016 88 187 320 426 539 614 690 2017 80 185 316 455 575 677 2018 154 284 456 616 803 2019 208 338 511 718 2020 190 300 489 2021 214 318 2022 200 $ 5,754 All outstanding liabilities prior to 2013, net of reinsurance 916 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 9,715 (Some amounts may not reconcile due to rounding.) Reinsurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 1,275 $ 930 $ 819 $ 763 $ 757 $ 753 $ 760 $ 758 $ 758 $ 757 $ 2 N/A 2014 1,343 1,181 1,030 937 933 937 930 930 928 3 N/A 2015 1,386 1,053 976 950 952 945 946 943 2 N/A 2016 1,695 1,518 1,554 1,548 1,526 1,527 1,523 10 N/A 2017 2,784 3,407 3,518 3,647 3,692 3,703 3 N/A 2018 2,611 2,486 2,488 2,426 2,379 24 N/A 2019 2,038 2,070 2,015 1,899 29 N/A 2020 2,408 2,481 2,425 240 N/A 2021 2,754 2,780 476 N/A 2022 3,257 1,898 N/A $ 20,594 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 375 $ 510 $ 638 $ 693 $ 713 $ 723 $ 732 $ 733 $ 733 $ 735 2014 366 641 769 842 874 884 891 892 893 2015 377 607 759 842 869 891 900 905 2016 469 961 1,249 1,367 1,421 1,441 1,454 2017 819 2,180 2,744 3,130 3,332 3,426 2018 545 1,525 1,878 2,065 2,136 2019 730 1,185 1,505 1,667 2020 584 1,321 1,733 2021 684 1,534 2022 652 $ 15,134 All outstanding liabilities prior to 2013, net of reinsurance 103 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,562 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 393 $ 393 $ 393 $ 393 $ 351 $ 344 $ 351 $ 350 $ 350 $ 347 $ 25 $ 22,031 2014 431 457 454 460 396 397 398 397 398 32 26,449 2015 519 527 535 541 467 471 471 477 40 29,020 2016 552 550 579 612 549 538 540 53 34,164 2017 610 600 620 652 628 629 85 38,344 2018 701 705 742 755 769 154 39,029 2019 848 844 876 885 204 42,006 2020 993 1,049 1,043 416 39,545 2021 1,189 1,246 732 44,274 2022 1,367 865 37,739 $ 7,703 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 33 $ 117 $ 176 $ 225 $ 260 $ 286 $ 304 $ 311 $ 317 $ 321 2014 41 125 202 257 297 325 339 350 360 2015 44 135 219 292 353 382 413 435 2016 55 164 268 341 400 443 481 2017 54 172 280 378 453 529 2018 63 207 317 443 594 2019 72 234 397 551 2020 66 236 388 2021 109 261 2022 85 $ 4,003 All outstanding liabilities prior to 2013, net of reinsurance 127 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,828 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 112 $ 98 $ 91 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ - N/A 2014 132 123 120 119 119 119 119 119 120 1 N/A 2015 173 153 144 146 144 146 146 150 1 N/A 2016 288 274 279 289 292 294 294 - N/A 2017 494 499 492 495 489 504 - N/A 2018 405 400 394 407 422 1 N/A 2019 347 347 351 363 1 N/A 2020 599 507 498 27 N/A 2021 646 579 66 N/A 2022 767 273 N/A $ 3,789 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 69 $ 93 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 2014 82 116 118 118 118 119 119 119 119 2015 102 141 142 145 146 146 147 147 2016 162 249 271 287 290 293 293 2017 179 423 457 479 496 499 2018 245 357 376 404 418 2019 227 315 339 357 2020 293 416 453 2021 328 473 2022 372 $ 3,223 All outstanding liabilities prior to 2013, net of reinsurance - Liabilities for claims and claim adjustment expenses, net of reinsurance 566 (Some amounts may not reconcile due to rounding.)
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | Reinsurance – Casualty Business Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.9 % 7.8 % 11.7 % 12.7 % 12.5 % 10.2 % 6.8 % 4.5 % 3.6 % 1.5 % Reinsurance – Property Business Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 27.2 % 31.8 % 16.1 % 8.8 % 4.0 % 2.0 % 0.9 % 0.3 % 0.1 % 0.1 % Insurance – Casualty Business Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.1 % 17.6 % 16.8 % 15.5 % 13.4 % 8.4 % 5.7 % 3.3 % 2.1 % 1.3 % Insurance – Property Business Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 54.3 % 31.5 % 5.7 % 4.5 % 2.3 % 1.0 % 0.6 % 0.1 % 0.1 % - %
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2022 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 9,715 Reinsurance Property 5,562 Insurance Casualty 3,828 Insurance Property 566 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 19,671 Reinsurance recoverable on unpaid claims Reinsurance Casualty 150 Reinsurance Property 576 Insurance Casualty 1,220 Insurance Property 160 Total reinsurance recoverable on unpaid claims 2,105 Insurance lines other than short-duration - Unallocated claims adjustment expenses 244 Other 45 289 Total gross liability for unpaid claims and claim adjustment expense $ 22,065 (Some amounts may not reconcile due to rounding.)
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in millions) 2022 2021 2020 Gross basis: Beginning of period reserves $ 175 $ 219 $ 258 Incurred losses 144 11 2 Paid losses (42) (55) (40) End of period reserves $ 278 $ 175 $ 219 Net basis: Beginning of period reserves $ 156 $ 198 $ 229 Incurred losses 138 - (1) Paid losses (37) (42) (30) End of period reserves $ 257 $ 156 $ 198 (Some amounts may not reconcile due to rounding.)
Summary Of Activity In The Reserve For Future Policy Benefits | At December 31, (Dollars in thousands) 2022 2021 2020 Balance at beginning of year $ 36 $ 38 $ 43 Liabilities assumed - - - Adjustments to reserves (3) 1 (1) Benefits paid in the current year (4) (3) (4) Balance at end of year $ 29 $ 36 $ 38 (Some amounts may not reconcile due to rounding.)

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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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- Definition Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=116884468&loc=SL65671311-158438 + Details
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- Definition Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=116884468&loc=SL65671315-158438 + Details
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- Definition Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4G -URI https://asc.fasb.org/extlink&oid=116884468&loc=SL65671329-158438 + Details
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