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Insurance (Tables) | 6 Months Ended
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Jun. 30, 2020
Insurance [Abstract] |
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses | The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first six months of 2020 and 2019 (in millions):
| Six months ended June 30, |  |
| 2020 |  | 2019
Balance at beginning of year | $ | 10,232 |  |  | $ | 9,741 |
Less reinsurance recoverables, net of allowance | 3,024 |  |  | 2,942 |
Net liability at beginning of year | 7,208 |  |  | 6,799 |
Provision for losses and LAE occurring in the current period | 1,597 |  |  | 1,501 |
Net increase (decrease) in the provision for claims of prior years | (119) |  |  | (86) |
Total losses and LAE incurred (*) | 1,478 |  |  | 1,415 |
Payments for losses and LAE of: |  |  |
Current year | (284) |  |  | (291) |
Prior years | (1,068) |  |  | (1,079) |
Total payments | (1,352) |  |  | (1,370) |
Foreign currency translation and other | (20) |  |  | 1 |
Net liability at end of period | 7,314 |  |  | 6,845 |
Add back reinsurance recoverables, net of allowance | 3,007 |  |  | 2,732 |
Gross unpaid losses and LAE included in the balance sheet at end of period | $ | 10,321 |  |  | $ | 9,577 |
(*)Includes $106 million in losses and LAE incurred in the Neon exited lines in the first six months of 2020.
Reinsurance Recoverable and Premiums Receivable, Allowance for Credit Loss | Progressions of the 2020 allowance for expected credit losses are shown below (in millions):
| Recoverables from Reinsurers |  | Premiums Receivable
Balance at March 31 | $ | 13 |  |  | $ | 9 |
Provision for expected credit losses | — |  |  | 1 |
Write-offs charged against the allowance | — |  |  | — |
Balance at June 30 | $ | 13 |  |  | $ | 10 |
Balance at January 1 | $ | 18 |  |  | $ | 13 |
Impact of adoption of new accounting policy | (6) |  |  | (3) |
Provision (credit) for expected credit losses | 1 |  |  | — |
Write-offs charged against the allowance | — |  |  | — |
Balance at June 30 | $ | 13 |  |  | $ | 10 |

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- Definition Tabular disclosure of allowance for credit loss on reinsurance recoverable and premiums receivable. + References No definition available. + Details
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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=116884095&loc=d3e14764-158437 + Details
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