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Insurance
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Insurance Insurance
Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2025 and 2024 (in millions):
Nine months ended September 30,
20252024
Balance at beginning of year$14,179 $13,087 
Less reinsurance recoverables, net of allowance4,957 4,288 
Net liability at beginning of year9,222 8,799 
Provision for losses and LAE occurring in the current period3,381 3,379 
Net decrease in the provision for claims of prior years
(54)(100)
Total losses and LAE incurred3,327 3,279 
Payments for losses and LAE of:
Current year(836)(828)
Prior years(1,998)(2,027)
Total payments(2,834)(2,855)
Foreign currency translation and other(7)(2)
Net liability at end of period9,708 9,221 
Add back reinsurance recoverables, net of allowance5,371 4,985 
Gross unpaid losses and LAE included in the balance sheet at end of period$15,079 $14,206 

The net decrease in the provision for claims of prior years during the first nine months of 2025 reflects (i) lower than anticipated losses in the crop business, lower than anticipated claim severity in the aviation business and lower than expected claim frequency and severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation and executive liability businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the financial institutions business and lower than expected claim severity in the surety, fidelity and trade credit businesses (within the Specialty financial sub-segment). This favorable development was partially offset by higher than expected claim severity in the excess and surplus, social services, excess liability, public sector and general liability businesses (within the Specialty casualty sub-segment).

The net decrease in the provision for claims of prior years during the first nine months of 2024 reflects (i) lower than anticipated losses in the crop business, lower than expected claim severity in the property and inland marine and aviation businesses and lower than anticipated claim severity and frequency in the ocean marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than expected claim frequency and severity in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency and severity in the fidelity and financial institutions businesses and lower than expected claim frequency in the trade credit business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the umbrella and excess liability businesses, public sector and general liability businesses and higher than expected claim frequency and severity in the social services business (within the Specialty casualty sub-segment) and (ii) higher than anticipated claim severity in the innovative markets and surety businesses (within the Specialty financial sub-segment).
Recoverables from Reinsurers and Premiums Receivable Progressions of the 2025 and 2024 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):
Recoverables from ReinsurersPremiums Receivable
2025202420252024
Balance at June 30$9 $10 $19 $18 
Provision (credit) for expected credit losses— — 1 1 
Write-offs charged against the allowance— — — — 
Balance at September 30$9 $10 $20 $19 
Balance at December 31$11 $10 $19 $15 
Provision (credit) for expected credit losses(2)— 1 5 
Write-offs charged against the allowance— — — (1)
Balance at September 30$9 $10 $20 $19