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RESERVE FOR LOSSES AND LAE - Schedule of Roll Forward of the Company’s Beginning and Ending Reserve for Losses and LAE (Details) - USD ($) $ in Millions | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |  |  |
Gross reserves beginning of period | $ 22,065 | $ 19,009 | $ 16,322
Less reinsurance recoverables on unpaid losses | (2,105) | (1,946) | (1,844)
Net reserves beginning of period | 19,960 | 17,063 | 14,478
Incurred related to: |  |  |
Current year | 8,432 | 8,102 | 7,400
Prior years | (5) | (2) | (9)
Total incurred losses and LAE | 8,427 | 8,100 | 7,391
Paid related to: |  |  |
Current year | 1,379 | 1,220 | 2,491
Prior years | 4,731 | 3,740 | 2,226
Total paid losses and LAE | 6,110 | 4,960 | 4,717
Foreign exchange/translation adjustment | 229 | (243) | (89)
Net reserves end of period | 22,506 | 19,960 | 17,063
Plus reinsurance recoverables on unpaid losses | 2,098 | 2,105 | 1,946
Gross reserves end of period | $ 24,604 | $ 22,065 | $ 19,009

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- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (cc) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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- Definition Amount, after effects of reinsurance, of payments to settle claims incurred in the current period and related claims settlement costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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- Definition Amount, after valuation allowance, recoverable under reinsurance contracts including premium paid under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, premium paid, policy benefits and policy reserves. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479838/944-20-50-5 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479616/944-310-45-5 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 + Details
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