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v3.23.1

Unpaid Claims and Claims Expense Short Duration Contracts | 3 Months Ended
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Mar. 31, 2023
Insurance [Abstract] |
Short-Duration Insurance and Deposit Contracts [Text Block] | UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
|  | Three months ended March 31,
|  | 2023 |  | 2022
Balance, beginning of year |  | $ | 2,480 |  |  | $ | 2,110 |
Less: reinsurance recoverable |  | (57) |  |  | (81) |
Net balance, beginning of year |  | 2,423 |  |  | 2,029 |
Incurred: |  |  |  |
Current year |  | 363 |  |  | 726 |
Prior years |  | (25) |  |  | (51) |
Total incurred |  | 338 |  |  | 675 |
Payments: |  |  |  |
Current year |  | (23) |  |  | (25) |
Prior years |  | (249) |  |  | (260) |
Total payments |  | (272) |  |  | (285) |
Other changes: |  |  |  |
Interest accretion |  | 8 |  |  | 8 |
Foreign exchange adjustments |  | (6) |  |  | 36 |
Total other changes |  | 2 |  |  | 44 |
Net balance, end of period |  | 2,491 |  |  | 2,463 |
Plus: reinsurance recoverable |  | 67 |  |  | 94 |
Balance, end of period |  | $ | 2,558 |  |  | $ | 2,557 |
Incurred claims associated with prior periods are primarily due to the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.

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- References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944/tableOfContent + Details
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