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Reserves for Insurance Losses and Loss Adjustment Expenses | 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] |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses 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 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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- References No definition available. + Details
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