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RESERVE FOR LOSSES AND LAE (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Roll Forward of the Company’s Beginning and Ending Reserve for Losses and LAE

The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

			Years Ended December 31,
(Dollars in millions)			2023						2022						2021
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

(Some amounts may not reconcile due to rounding.)

Schedule of Reconciliation of the Net Incurred and Paid Claims and Ultimate Loss and ALAE and Paid Loss and ALAE, Net of Reinsurance

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows:

			December 31, 2023
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty			$	11,493
Reinsurance Property			5,379
Insurance Casualty			4,629
Insurance Property			690
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance			22,192
Reinsurance recoverable on unpaid claims
Reinsurance Casualty			89
Reinsurance Property			551
Insurance Casualty			1,300
Insurance Property			157
Total reinsurance recoverable on unpaid claims			2,098
Insurance lines other than short-duration			—
Unallocated claims adjustment expenses			269
Other			45
			314
Total gross liability for unpaid claims and claim adjustment expense			$	24,604

(Some amounts may not reconcile due to rounding.)

The following tables present the ultimate loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business.

Reinsurance - Casualty Business

																																																																		At December 31, 2023
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	881					$	928					$	815					$	792					$	750					$	727					$	740					$	738					$	728					$	720					$	—					N/A
2015												900						828						824						822						805						842						842						840						839						42						N/A
2016																		800						877						874						869						945						946						977						1,007						79						N/A
2017																								883						843						849						931						939						995						1,059						78						N/A
2018																														1,388						1,385						1,462						1,493						1,561						1,658						320						N/A
2019																																				1,734						1,799						1,801						1,826						1,867						520						N/A
2020																																										1,947						1,919						1,898						1,859						799						N/A
2021																																																2,497						2,492						2,433						1,496						N/A
2022																																																						2,764						2,722						2,049						N/A
2023																																																												3,023						2,537						N/A
																																																												$	17,185

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	58					$	123					$	214					$	304					$	429					$	505					$	550					$	591					$	613					$	635
2015												58						160						267						413						502						571						618						654						682
2016																		90						191						326						432						546						622						699						767
2017																								81						189						321						462						585						687						796
2018																														170						294						480						636						819						998
2019																																				224						354						523						728						957
2020																																										199						312						496						729
2021																																																213						322						547
2022																																																						188						353
2023																																																												223
																																																												$	6,687
All outstanding liabilities prior to 2014, net of reinsurance																																																												995
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	11,493

(Some amounts may not reconcile due to rounding.)

Reinsurance - Property Business

																																																																		At December 31, 2023
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	1,511					$	1,214					$	1,019					$	926					$	925					$	926					$	919					$	919					$	917					$	917					$	8					N/A
2015												1,522						1,044						964						938						941						933						935						932						929						1						N/A
2016																		1,689						1,510						1,546						1,540						1,517						1,518						1,515						1,517						16						N/A
2017																								2,781						3,404						3,515						3,643						3,689						3,699						3,713						9						N/A
2018																														2,615						2,491						2,493						2,431						2,384						2,369						(1)						N/A
2019																																				2,014						2,045						1,991						1,875						1,879						(13)						N/A
2020																																										2,397						2,470						2,414						2,386						58						N/A
2021																																																2,751						2,777						2,699						152						N/A
2022																																																						3,247						2,926						822						N/A
2023																																																												2,791						1,537						N/A
																																																												$	22,126

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	361					$	632					$	756					$	830					$	862					$	872					$	879					$	881					$	882					$	882
2015												372						596						746						829						857						878						887						893						896
2016																		461						951						1,239						1,357						1,410						1,429						1,442						1,453
2017																								813						2,174						2,739						3,124						3,326						3,420						3,495
2018																														541						1,520						1,865						2,061						2,133						2,198
2019																																				716						1,167						1,489						1,651						1,778
2020																																										576						1,302						1,711						1,993
2021																																																676						1,528						2,024
2022																																																						638						1,389
2023																																																												612
																																																												$	16,720
All outstanding liabilities prior to 2014, net of reinsurance																																																												(24)
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	5,379

(Some amounts may not reconcile due to rounding.)

Insurance - Casualty Business

																																																																		At December 31, 2023
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	431					$	457					$	454					$	460					$	397					$	398					$	399					$	398					$	400					$	399					$	21					26,359
2015												519						528						535						542						468						472						472						479						482						25						28,556
2016																		552						550						579						613						550						539						542						551						36						33,104
2017																								610						601						621						653						629						631						668						74						37,077
2018																														702						706						743						756						771						867						139						37,914
2019																																				849						846						877						887						1,076						211						41,579
2020																																										994						1,050						1,045						1,035						304						39,785
2021																																																1,190						1,248						1,258						546						46,257
2022																																																						1,369						1,364						805						47,484
2023																																																												1,567						964						36,849
																																																												$	9,266

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	41					$	125					$	202					$	257					$	298					$	326					$	339					$	351					$	360					$	368
2015												44						135						219						292						353						382						413						435						448
2016																		55						164						269						342						401						443						481						504
2017																								54						172						280						379						454						529						571
2018																														63						208						317						444						594						696
2019																																				72						235						397						551						729
2020																																										67						236						388						556
2021																																																110						261						483
2022																																																						85						309
2023																																																												98
																																																												$	4,762
All outstanding liabilities prior to 2014, net of reinsurance																																																												125
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	4,629

(Some amounts may not reconcile due to rounding.)

Insurance - Property Business

																																																																		At December 31, 2023
						Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																																																												Total of IBNR Liabilities Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	140					$	143					$	137					$	135					$	135					$	135					$	135					$	135					$	135					$	135					$	—					N/A
2015												188						171						162						163						164						165						166						168						167						1						N/A
2016																		296						292						295						304						309						311						311						314						2						N/A
2017																								498						507						498						506						508						520						522						4						N/A
2018																														412						408						410						419						438						446						6						N/A
2019																																				360						367						364						379						395						9						N/A
2020																																										614						519						514						521						30						N/A
2021																																																660						595						609						41						N/A
2022																																																						783						806						141						N/A
2023																																																												734						215						N/A
																																																												$	4,648

(Some amounts may not reconcile due to rounding.)

						Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year						2014 (unaudited)						2015 (unaudited)						2016 (unaudited)						2017 (unaudited)						2018 (unaudited)						2019 (unaudited)						2020 (unaudited)						2021 (unaudited)						2022 (unaudited)						2023
(Dollars in millions)
2014						$	86					$	127					$	133					$	134					$	134					$	134					$	134					$	134					$	134					$	134
2015												108						153						158						161						163						164						165						166						166
2016																		168						259						283						302						308						310						310						311
2017																								181						429						465						489						507						516						517
2018																														246						364						385						418						433						439
2019																																				233						325						350						369						378
2020																																										301						427						467						483
2021																																																332						488						550
2022																																																						381						576
2023																																																												405
																																																												$	3,959
All outstanding liabilities prior to 2014, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												690

(Some amounts may not reconcile due to rounding.)

Schedule of Average Annual Percentage Payout Incurred Loss by Age, Net of Reinsurance

			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			8.8		%				7.2		%				10.7		%				12.0		%				12.1		%				9.5		%				7.6		%				5.7		%				3.3		%				2.9		%

			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			26.1		%				31.6		%				16.5		%				9.5		%				4.5		%				2.2		%				1.5		%				0.6		%				0.3		%				0.1		%

			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			7.4		%				16.3		%				16.1		%				14.8		%				14.0		%				9.3		%				6.0		%				3.9		%				2.5		%				2.0		%

			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			52.5		%				31.6		%				7.1		%				4.6		%				2.5		%				1.2		%				0.2		%				0.2		%				0.1		%				—		%

Schedule of Incurred Losses with Respect to A&E Reserve on both Gross and Net of Reinsurance Basis

The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

			At December 31,
(Dollars in millions)			2023						2022						2021
Gross basis:
Beginning of period reserves			$	278					$	175					$	219
Incurred losses			—						144						11
Paid losses			(31)						(42)						(55)
End of period reserves			$	247					$	278					$	175
Net basis:
Beginning of period reserves			$	257					$	156					$	198
Incurred losses			—						138						—
Paid losses			(25)						(37)						(42)
End of period reserves			$	232					$	257					$	156

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