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Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended
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Mar. 31, 2017
Disclosure Text Block [Abstract] |
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $110,000.
|  | Direct Amount (a) |  | Ceded to Other Companies |  | Assumed from Other Companies |  | Net Amount (a) |  | Percentage of Amount Assumed to Net
|  | (In thousands)
Year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ | 937,779 | $ | 249 | $ | 915,769 | $ | 1,853,299 |  | 49%
Premiums earned: |  |  |  |  |  |  |  |  |  |
Life | $ | 50,251 | $ | – | $ | 10,626 | $ | 60,877 |  | 17%
Accident and health |  | 99,450 |  | 310 |  | 2,263 |  | 101,403 |  | 2%
Annuity |  | 505 |  | – |  | 794 |  | 1,299 |  | 61%
Property and casualty |  | 52,329 |  | – |  | 5 |  | 52,334 |  | 0%
Total | $ | 202,535 | $ | 310 | $ | 13,688 | $ | 215,913 |  |
Year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ | 927,647 | $ | 397 | $ | 949,413 | $ | 1,876,663 |  | 51%
Premiums earned: |  |  |  |  |  |  |  |  |  |
Life | $ | 49,126 | $ | 8 | $ | 11,310 | $ | 60,428 |  | 19%
Accident and health |  | 99,354 |  | 312 |  | 2,545 |  | 101,587 |  | 3%
Annuity |  | 392 |  | – |  | 255 |  | 647 |  | 39%
Property and casualty |  | 50,012 |  | – |  | 8 |  | 50,020 |  | 0%
Total | $ | 198,884 | $ | 320 | $ | 14,118 | $ | 212,682 |  |
Year ended December 31, 2014 |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ | 905,987 | $ | 402 | $ | 990,406 | $ | 1,895,991 |  | 52%
Premiums earned: |  |  |  |  |  |  |  |  |  |
Life | $ | 47,298 | $ | – | $ | 12,337 | $ | 59,635 |  | 21%
Accident and health |  | 93,319 |  | 345 |  | 2,796 |  | 95,770 |  | 3%
Annuity |  | 386 |  | – |  | 312 |  | 698 |  | 45%
Property and casualty |  | 46,417 |  | – |  | 39 |  | 46,456 |  | 0%
Total | $ | 187,420 | $ | 345 | $ | 15,484 | $ | 202,559 |  |
(a) Balances are reported net of inter-segment transactions. To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, Repwest holds letters of credit as of December 31, 2016 in the amount of $0.1 million from re-insurers and has issued letters of credit in the amount of $1.9 million in favor of certain ceding companies. Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Unpaid losses and loss adjustment expense | $ | 244,400 | $ | 251,964
Reinsurance losses payable |  | 580 |  | 855
Total | $ | 244,980 | $ | 252,819
Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:
|  | December 31,
|  | 2016 |  | 2015 |  | 2014
|  | (In thousands)
Balance at January 1 | $ | 251,964 | $ | 271,609 | $ | 295,126
Less: reinsurance recoverable |  | 107,311 |  | 120,894 |  | 136,535
Net balance at January 1 |  | 144,653 |  | 150,715 |  | 158,591
Incurred related to: |  |  |  |  |  |
Current year |  | 13,297 |  | 11,713 |  | 11,690
Prior years |  | 107 |  | 585 |  | (694)
Total incurred |  | 13,404 |  | 12,298 |  | 10,996
Paid related to: |  |  |  |  |  |
Current year |  | 7,777 |  | 7,007 |  | 6,155
Prior years |  | 9,832 |  | 11,353 |  | 12,717
Total paid |  | 17,609 |  | 18,360 |  | 18,872
Net balance at December 31 |  | 140,448 |  | 144,653 |  | 150,715
Plus: reinsurance recoverable |  | 103,952 |  | 107,311 |  | 120,894
Balance at December 31 | $ | 244,400 | $ | 251,964 | $ | 271,609
The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $104.0 million) decreased by $4.2 million in 2016. The information about property and casualty incurred and paid loss and loss adjustment expense development for the years end December 31, 2012 through 2015, and the average annual percentage payout of incurred claims by age as of December 31, 2016, is presented as supplementary information. Claims data for 2012 through 2015 is unaudtied.
|  |  |  |  |  |  |  |  |  |  |  | As of
|  |  |  |  |  |  |  |  |  |  |  | December 31, 2016
|  |  |  |  |  |  |  |  |  |  |  | Total of |  |
|  |  |  |  |  |  |  |  |  |  |  | Incurred-but- |  |
|  |  |  |  |  |  |  |  |  |  |  | Not-Reported |  |
|  |  |  |  |  |  |  |  |  |  |  | Liabilities Plus |  |
|  |  |  |  |  |  |  |  |  |  |  | Expected |  | Cumulative
|  |  |  |  |  |  |  |  |  |  |  | Development |  | Number of
Accident |  |  |  |  |  |  |  |  |  |  |  | on Reported |  | Reported
Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | Claims |  | Claims
|  | (In thousands, except claim counts) |  |
2012 | $ | 8,971 | $ | 8,903 | $ | 8,831 | $ | 8,788 | $ | 8,753 | $ | 2 |  | 6,888
2013 |  |  |  | 9,861 |  | 9,853 |  | 9,914 |  | 9,741 |  | 100 |  | 7,640
2014 |  |  |  |  |  | 11,691 |  | 10,907 |  | 10,720 |  | 338 |  | 9,696
2015 |  |  |  |  |  |  |  | 12,214 |  | 12,459 |  | 1,779 |  | 10,700
2016 |  |  |  |  |  |  |  |  |  | 13,297 |  | 3,486 |  | 10,932
|  |  |  |  |  |  |  |  |  | Total |  | 5,705 |  |
The following table presents paid claims development as of December 31, 2016, net of reinsurance. Claims data for 2012 through 2015 are unaudited.
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | (In thousands)
Accident |  |  |  |  |  |  |  |  |  |
Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016
2012 | $ | 4,415 | $ | 6,345 | $ | 8,179 | $ | 8,410 | $ | 8,734
2013 |  |  |  | 5,227 |  | 7,608 |  | 8,718 |  | 9,462
2014 |  |  |  |  |  | 6,154 |  | 8,087 |  | 9,270
2015 |  |  |  |  |  |  |  | 7,509 |  | 9,601
2016 |  |  |  |  |  |  |  |  |  | 7,777
|  |  |  |  |  |  |  | Total |  | 44,844
|  | All outstanding liabilities before 2012, net of reinsurance |  | 130,323
Liabilities for claims and claim adjustment expenses, net of reinsurance |  | 140,448
The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:
|  | December 31, 2016
|  | (In thousands)
Liabilities for unpaid Property and Casualty claims |  |
and claim adjustment expenses, net of reinsurance | $ | 140,448
Total reinsurance recoverable on unpaid |  |
Property and Casualty claims | $ | 103,952
Total gross liability for unpaid Property and Casualty |  |
claims and claim adjustment expense | $ | 244,400
The following is supplementary information about average historical claims duration as of December 31, 2016.
Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance
Years |  | 1 | 2 | 3 | 4 | 5
Property and Casualty Insurance |  | 56.1% | 20.3% | 14.5% | 5.1% | 3.7%

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- Definition This is an extended concept which is a combination of two US-GAAP concepts. (1) ReinsuranceTextBlock, Reinsurance [Text Block]: "The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts." and (2) LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosuresTextBlock, Liability for Future Policy Benefits and Unpaid Claims Disclosures [Text Block]: "Disclosure of accounting policy for the various components of the reserve for future policy benefits and guaranteed minimum benefits, and for claims and claims adjustment expenses; the significant assumptions for estimating claims losses; causes of significant variances from prior periods (such as catastrophes, asbestos and environmental claims reserve losses); and reconciliations of beginning to ending reserve balances." + References No definition available. + Details
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- References No definition available. + Details
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