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RESERVE FOR LOSSES AND LAE
 3 Months Ended
Mar. 31, 2025
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:
Three Months Ended
March 31,
20252024
(Dollars in millions)
Gross reserves beginning of period$29,889 $24,604 
Less reinsurance recoverables on unpaid losses(2,915)(2,098)
Net reserves beginning of period26,975 22,506 
Incurred related to:
Current year2,893 2,237 
Prior years— — 
Total incurred losses and LAE2,893 2,237 
Paid related to:
Current year410 319 
Prior years1,346 1,183 
Total paid losses and LAE1,755 1,502 
Foreign exchange/translation adjustment224 (114)
Net reserves end of period28,337 23,127 
Plus reinsurance recoverables on unpaid losses3,175 2,084 
Gross reserves end of period$31,512 $25,211 
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $2.9 billion and $2.2 billion for the three months ended March 31, 2025 and 2024, respectively. Gross and net reserves increased for the three months ended March 31, 2025, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $208 million of current year attritional losses in 2025 which includes $83 million of losses from the Washington D.C. aviation accident, compared to 2024, as well as an increase of $449 million in 2025 current year catastrophe losses.