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Unpaid Claims and Claims Expense Short Duration Contracts (Tables)

3 Months Ended

Sep. 30, 2024

Insurance [Abstract]

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

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):

						Nine months ended September 30,
						2024						2023
Balance, beginning of year						$	2,730					$	2,480
Less: reinsurance recoverable						(80)						(57)
Net balance, beginning of year						2,650						2,423
Incurred:
Current year						1,161						1,268
Prior years						(83)						(89)
Total incurred						1,078						1,179
Payments:
Current year						(240)						(278)
Prior years						(700)						(721)
Total payments						(940)						(999)
Other changes:
Interest accretion						29						25
Foreign exchange adjustments						(4)						(45)
Total other changes						25						(20)
Net balance, end of period						2,813						2,583
Plus: reinsurance recoverable						62						71
Balance, end of period						$	2,875					$	2,654

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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://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

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