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RESERVE FOR LOSSES AND LAE | 6 Months Ended
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Jun. 30, 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:
| Six Months Ended June 30,
| 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 | 4,548 |  |  | 3,927 |
Prior years | — |  |  | — |
Total incurred losses and LAE | 4,548 |  |  | 3,927 |
Paid related to: |  |  |
Current year | 1,068 |  |  | 1,307 |
Prior years | 2,145 |  |  | 1,515 |
Total paid losses and LAE | 3,213 |  |  | 2,822 |
Foreign exchange/translation adjustment | (139) |  |  | 165 |
Net reserves end of period | 23,702 |  |  | 21,229 |
Plus reinsurance recoverables on unpaid losses | 2,151 |  |  | 2,175 |
Gross reserves end of period | $ | 25,853 |  |  | $ | 23,405 |
(Some amounts may not reconcile due to rounding.) Current year incurred losses were $4.5 billion and $3.9 billion for the six months ended June 30, 2024 and 2023, respectively. Gross and net reserves increased for the six months ended June 30, 2024, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $528 million of current year attritional losses in 2024 compared to 2023, as well as an increase of $94 million in 2024 current year catastrophe losses.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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