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RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE | 9 Months Ended
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Sep. 30, 2023
Insurance [Abstract] |
RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE | RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated:
| Nine Months Ended September 30,
| 2023 |  | 2022
(Dollars in millions) |  |  |
Gross reserves beginning of period | $ | 22,065 |  |  | $ | 19,009 |
Less reinsurance recoverables on unpaid losses | (2,105) |  |  | (1,946) |
Net reserves beginning of period | 19,960 |  |  | 17,063 |
Incurred related to: |  |  |
Current year | 6,175 |  |  | 6,291 |
Prior years | (2) |  |  | (2) |
Total incurred losses and LAE | 6,173 |  |  | 6,289 |
Paid related to: |  |  |
Current year | 2,071 |  |  | 1,794 |
Prior years | 2,381 |  |  | 1,841 |
Total paid losses and LAE | 4,452 |  |  | 3,635 |
Foreign exchange/translation adjustment | (43) |  |  | (605) |
Net reserves end of period | 21,637 |  |  | 19,112 |
Plus reinsurance recoverables on unpaid losses | 2,196 |  |  | 2,110 |
Gross reserves end of period | $ | 23,833 |  |  | $ | 21,222 |
(Some amounts may not reconcile due to rounding.) Current year incurred losses were $6.2 billion and $6.3 billion for the nine months ended September 30, 2023 and 2022, respectively. Gross and net reserves increased for the nine months ended September 30, 2023, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $604 million in 2023 current year attritional losses compared to 2022, offset by a decrease of $723 million in 2023 current year catastrophe losses.

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
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