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RESERVE FOR LOSSES AND LAE
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
RESERVE FOR LOSSES AND LAE RESERVE FOR LOSSES AND LAE
Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated:
Three Months Ended
March 31,
20242023
(Dollars in millions)
Gross reserves beginning of period$24,604 $22,065 
Less reinsurance recoverables on unpaid losses(2,098)(2,105)
Net reserves beginning of period22,506 19,960 
Incurred related to:
Current year2,237 1,966 
Prior years— — 
Total incurred losses and LAE2,237 1,966 
Paid related to:
Current year319 684 
Prior years1,183 641 
Total paid losses and LAE1,502 1,325 
Foreign exchange/translation adjustment(114)152 
Net reserves end of period23,127 20,753 
Plus reinsurance recoverables on unpaid losses2,084 2,125 
Gross reserves end of period$25,211 $22,878 
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $2.2 billion and $2.0 billion for the three months ended March 31, 2024 and 2023, respectively. Gross and net reserves increased for the three months ended March 31, 2024, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $301 million in 2024 of current year attritional losses compared to 2023, offset by a decrease of $30 million in 2024 current year catastrophe losses.