XML 40 R29.htm IDEA: XBRL DOCUMENT v3.24.3

RESERVE FOR LOSSES AND LAE (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule of Activity in the 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,
			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			7,132						6,175
Prior years			—						(2)
Total incurred losses and LAE			7,132						6,173
Paid related to:
Current year			1,711						2,071
Prior years			2,932						2,381
Total paid losses and LAE			4,643						4,452
Foreign exchange/translation adjustment			209						(43)
Net reserves end of period			25,204						21,637
Plus reinsurance recoverables on unpaid losses			2,276						2,196
Gross reserves end of period			$	27,480					$	23,833

(Some amounts may not reconcile due to rounding.)

X

- References

No definition available.

+ Details

Name:	us-gaap_InsuranceAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://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

+ Details

Name:	us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration