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Insurance (Tables) | 3 Months Ended
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Mar. 31, 2024
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 three months of 2024 and 2023 (in millions):
| Three months ended March 31,
| 2024 |  | 2023
Balance at beginning of year | $ | 13,087 |  |  | $ | 11,974 |
Less reinsurance recoverables, net of allowance | 4,288 |  |  | 3,767 |
Net liability at beginning of year | 8,799 |  |  | 8,207 |
Provision for losses and LAE occurring in the current period | 962 |  |  | 883 |
Net decrease in the provision for claims of prior years | (50) |  |  | (63) |
Total losses and LAE incurred | 912 |  |  | 820 |
Payments for losses and LAE of: |  |  |
Current year | (94) |  |  | (66) |
Prior years | (895) |  |  | (815) |
Total payments | (989) |  |  | (881) |
Foreign currency translation and other | 1 |  |  | 1 |
Net liability at end of period | 8,723 |  |  | 8,147 |
Add back reinsurance recoverables, net of allowance | 4,327 |  |  | 3,614 |
Gross unpaid losses and LAE included in the balance sheet at end of period | $ | 13,050 |  |  | $ | 11,761 |
Reinsurance recoverable and premiums receivable, allowance for credit loss | Progressions of the 2024 and 2023 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):
| Recoverables from Reinsurers |  | Premiums Receivable
| 2024 |  | 2023 |  | 2024 |  | 2023
Balance at December 31 | $ | 10 |  |  | $ | 8 |  |  | $ | 15 |  |  | $ | 8 |
Provision (credit) for expected credit losses | — |  |  | 1 |  |  | — |  |  | — |
Write-offs charged against the allowance | — |  |  | — |  |  | — |  |  | — |
Balance at March 31 | $ | 10 |  |  | $ | 9 |  |  | $ | 15 |  |  | $ | 8 |

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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 -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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