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Policy Claims and Benefits (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The liability for unpaid claims is reported in future policy benefits and other policy-related balances within the Company’s consolidated balance sheet. Activity associated with unpaid claims is summarized below (dollars in thousands):

		Three months ended March 31,
		2019				2018
Balance at beginning of year		$	6,584,668			$	5,896,469
Less: reinsurance recoverable		(432,582		)		(455,547		)
Net balance at beginning of year		6,152,086				5,440,922
Incurred:
Current year		2,807,937				2,663,116
Prior years		31,447				6,255
Total incurred		2,839,384				2,669,371
Payments:
Current year		(186,601		)		(180,802		)
Prior years		(2,387,312		)		(2,111,275		)
Total payments		(2,573,913		)		(2,292,077		)
Other changes:
Interest accretion		6,556				6,115
Foreign exchange adjustments		9,630				26,676
Total other changes		16,186				32,791
Net balance at end the period		6,433,743				5,851,007
Plus: reinsurance recoverable		499,562				469,419
Balance at end of the period		$	6,933,305			$	6,320,426

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- References

No definition available.

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99382578&loc=d3e14764-158437

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