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Short-Duration Contracts | 12 Months Ended
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Dec. 31, 2016
Insurance [Abstract] |
Short-Duration Insurance and Deposit Contracts [Text Block] | SHORT-DURATION CONTRACTS The Company uses several actuarial methods to compute incurred-but-not reported liabilities. These methods use historical claim reporting patterns to develop a triangle of reported claim amounts. The claim triangle is then used to develop the ultimate claims amount and the incurred-but-not reported liabilities. Expected claim methods use exposure data such as premiums to develop the ultimate claim amount. The final method blends the estimates from the development and the expected claim methods. The Company did not make significant changes to the methods used to compute the incurred-but-not reported liabilities in 2016. The following tables provide information on incurred and paid claims development, net of retrocession, for short-duration reinsurance contracts for the Company’s U.S. and Latin America and Asia Pacific Traditional segments, which primarily relate to group life and health (including disability) business. The short-duration business for the Company’s other segments is immaterial. Liabilities for claims and claims adjustment expenses, net of reinsurance equals total incurred claims less cumulative paid claims plus outstanding liabilities prior to 2012. The Company provides reinsurance on large quota share transactions. It is common industry practice for cedants to provide loss information on a bulk basis without comprehensive claim details. Additionally, a claim under aggregate stop loss coverage may be the result of thousands of claims, but the Company only pays the excess amount. Therefore, it is impractical to provide meaningful claim count detail by accident year in the tables shown below.
U.S. and Latin America |  |  |  |  |  |  |  | As of
(in thousands) |  |  |  |  |  |  |  |  |  |  |  | December 31, 2016
Incurred Claims and Allocated Claim Adjustments, Net of Reinsurance (1) |  | Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims
|  | For the Years Ended December 31, |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |
2012 |  | $ | 322,579 |  |  | $ | 309,119 |  |  | $ | 297,037 |  |  | $ | 298,262 |  |  | $ | 299,098 |  |  | $ | 98 |
2013 |  |  |  | 349,262 |  |  | 332,907 |  |  | 338,977 |  |  | 336,552 |  |  | 1,263 |
2014 |  |  |  |  |  | 407,953 |  |  | 411,373 |  |  | 396,383 |  |  | 4,284 |
2015 |  |  |  |  |  |  |  | 459,524 |  |  | 460,917 |  |  | 26,531 |
2016 |  |  |  |  |  |  |  |  |  | 500,843 |  |  | 220,381 |
|  |  |  |  |  |  |  | Total |  |  | $ | 1,993,793 |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (1) |  |
|  | For the Years Ended December 31, |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |
2012 |  | $ | 109,323 |  |  | $ | 222,139 |  |  | $ | 243,890 |  |  | $ | 252,018 |  |  | $ | 258,297 |  |  |
2013 |  |  |  | 114,457 |  |  | 248,828 |  |  | 277,130 |  |  | 285,817 |  |  |
2014 |  |  |  |  |  | 128,813 |  |  | 304,578 |  |  | 337,081 |  |  |
2015 |  |  |  |  |  |  |  | 146,196 |  |  | 360,658 |  |  |
2016 |  |  |  |  |  |  |  |  |  | 184,940 |  |  |
|  |  |  |  |  |  |  | Total |  |  | $ | 1,426,793 |  |  |
|  | All outstanding claims prior to 2012, net of reinsurance |  |  | 239,700 |  |  |
|  | Liabilities for claims and claim adjustment expense, net of reinsurance |  |  | $ | 806,700 |  |  |
(1) | 2012-2015 Unaudited.
Asia Pacific |  |  |  |  |  |  |  | As of
(in thousands) |  |  |  |  |  |  |  |  |  |  |  | December 31, 2016
Incurred Claims and Allocated Claim Adjustments, Net of Reinsurance (1) |  | Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims
|  | For the Years Ended December 31, |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |
2012 |  | $ | 212,571 |  |  | $ | 285,302 |  |  | $ | 289,707 |  |  | $ | 293,097 |  |  | $ | 300,903 |  |  | $ | 15,050 |
2013 |  |  |  | 299,373 |  |  | 320,189 |  |  | 310,631 |  |  | 307,961 |  |  | 27,764 |
2014 |  |  |  |  |  | 283,298 |  |  | 307,111 |  |  | 271,418 |  |  | 43,893 |
2015 |  |  |  |  |  |  |  | 284,773 |  |  | 262,946 |  |  | 82,199 |
2016 |  |  |  |  |  |  |  |  |  | 232,788 |  |  | 139,345 |
|  |  |  |  |  |  |  | Total |  |  | $ | 1,376,016 |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (1) |  |
|  | For the Years Ended December 31, |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |
2012 |  | $ | 50,433 |  |  | $ | 138,375 |  |  | $ | 189,503 |  |  | $ | 228,016 |  |  | $ | 249,043 |  |  |
2013 |  |  |  | 50,928 |  |  | 147,500 |  |  | 214,070 |  |  | 241,245 |  |  |
2014 |  |  |  |  |  | 35,298 |  |  | 138,728 |  |  | 181,441 |  |  |
2015 |  |  |  |  |  |  |  | 50,066 |  |  | 121,254 |  |  |
2016 |  |  |  |  |  |  |  |  |  | 39,173 |  |  |
|  |  |  |  |  |  |  | Total |  |  | $ | 832,156 |  |  |
|  | All outstanding claims prior to 2012, net of reinsurance |  |  | 171,608 |  |  |
|  | Liabilities for claims and claim adjustment expense, net of reinsurance |  |  | $ | 715,468 |  |  |
(1) | 2012-2015 Unaudited.
The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expense in the consolidated balance sheets are as follows:
| December 31, 2016
Liabilities for claims and claim adjustment expense, net of reinsurance: |
U.S. and Latin America | $ | 806,700 |
Asia Pacific | 715,468 |
Liabilities for claims and claim adjustment expense, net of reinsurance | 1,522,168 |
Adjustments to reconcile to total policy claims and future policy benefits: |
Reinsurance recoverable | 20,009 |
Effect of discounting and unallocated claims adjustment expense | (141,433 | )
Total adjustments | (121,424 | )
Other short-duration contracts: |
Canada | 155,520 |
Europe, Middle East and Africa | 312,947 |
Other | 117,977 |
Total short-duration contracts | 1,987,188 |
Other than short-duration contracts | 21,857,411 |
Total future policy benefits and other policy claims and benefits | $ | 23,844,599 |
The following is unaudited supplementary information about average historical claims duration as of December 31, 2016:
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5
U.S. and Latin America |  | 34.3 | % |  | 42.1 | % |  | 8.0 | % |  | 2.6 | % |  | 2.1 | %
Asia Pacific |  | 16.4 | % |  | 31.4 | % |  | 18.1 | % |  | 10.8 | % |  | 7.0 | %

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- Definition The entire disclosure for insurance products considered to be short-duration contracts because the contract provides insurance protection for a fixed period of short duration and enables the insurer to cancel the contract or to adjust the provisions of the contract at the end of any contract period, such as adjusting the amount of premiums charged or coverage provided, and on contracts on which amounts are paid but insurance risk is not transferred. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6387650&loc=d3e9420-108338 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=65670685&loc=d3e14881-158438 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6387650&loc=d3e9432-108338 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.N) -URI http://asc.fasb.org/extlink&oid=27015749&loc=d3e569934-122904 + Details
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