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RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Summary of Activity in the Reserve for Losses and LAE

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.)

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- References

No definition available.

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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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

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