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RESERVE FOR LOSSES AND LAE (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Schedule 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:

			Three Months Ended March 31,
			2024						2023
(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 period			22,506						19,960
Incurred related to:
Current year			2,237						1,966
Prior years			—						—
Total incurred losses and LAE			2,237						1,966
Paid related to:
Current year			319						684
Prior years			1,183						641
Total paid losses and LAE			1,502						1,325
Foreign exchange/translation adjustment			(114)						152
Net reserves end of period			23,127						20,753
Plus reinsurance recoverables on unpaid losses			2,084						2,125
Gross reserves end of period			$	25,211					$	22,878

(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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