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Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended
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Mar. 31, 2024
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
($ in millions) |  | 2024 |  | 2023
Total gross reserves for insurance losses and loss adjustment expenses at January 1, |  | $ | 140 |  |  | $ | 119 |
Less: Reinsurance recoverable |  | 66 |  |  | 72 |
Net reserves for insurance losses and loss adjustment expenses at January 1, |  | 74 |  |  | 47 |
Net insurance losses and loss adjustment expenses incurred related to: |  |  |  |
Current year |  | 103 |  |  | 87 |
Prior years (a) |  | 9 |  |  | 1 |
Total net insurance losses and loss adjustment expenses incurred |  | 112 |  |  | 88 |
Net insurance losses and loss adjustment expenses paid or payable related to: |  |  |  |
Current year |  | (57) |  |  | (49) |
Prior years |  | (42) |  |  | (28) |
Total net insurance losses and loss adjustment expenses paid or payable |  | (99) |  |  | (77) |
Net reserves for insurance losses and loss adjustment expenses at March 31, |  | 87 |  |  | 58 |
Plus: Reinsurance recoverable |  | 77 |  |  | 75 |
Total gross reserves for insurance losses and loss adjustment expenses at March 31, |  | $ | 164 |  |  | $ | 133 |
(a)There have been no material adverse changes to the reserve for prior years.

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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 -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 + Details
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- References No definition available. + Details
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