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RESERVE FOR LOSSES AND LAE
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
RESERVE FOR LOSSES AND LAE 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:
Nine Months Ended
September 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 year7,132 6,175 
Prior years— (2)
Total incurred losses and LAE7,132 6,173 
Paid related to:
Current year1,711 2,071 
Prior years2,932 2,381 
Total paid losses and LAE4,643 4,452 
Foreign exchange/translation adjustment209 (43)
Net reserves end of period25,204 21,637 
Plus reinsurance recoverables on unpaid losses2,276 2,196 
Gross reserves end of period$27,480 $23,833 
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $7.1 billion and $6.2 billion for the nine months ended September 30, 2024 and 2023, respectively. Gross and net reserves increased for the nine months ended September 30, 2024, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $730 million of current year attritional losses in 2024 compared to 2023, as well as an increase of $229 million in 2024 current year catastrophe losses.