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RESERVE FOR LOSSES AND LAE
 6 Months Ended
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,
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 year4,548 3,927 
Prior years— — 
Total incurred losses and LAE4,548 3,927 
Paid related to:
Current year1,068 1,307 
Prior years2,145 1,515 
Total paid losses and LAE3,213 2,822 
Foreign exchange/translation adjustment(139)165 
Net reserves end of period23,702 21,229 
Plus reinsurance recoverables on unpaid losses2,151 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.