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Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended
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Mar. 31, 2023
Disclosure Text Block [Abstract] |
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | Note 17. 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 $150,000. 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, 2022 Life insurance in force $ 970,454 $ 48 $ 304,891 $ 1,275,297 24 % Premiums earned: Life $ 52,298 $ 1 $ 4,181 $ 56,478 7 % Accident and health 41,354 152 983 42,185 2 % Annuity 80 – 406 486 84 % Property and casualty 96,242 – – 96,242 – % Total $ 189,974 $ 153 $ 5,570 $ 195,391 Year ended December 31, 2021 Life insurance in force $ 1,029,537 $ 72 $ 328,030 $ 1,357,495 24 % Premiums earned: Life $ 56,353 $ 2 $ 4,514 $ 60,865 7 % Accident and health 48,385 160 1,166 49,391 2 % Annuity 444 – 327 771 42 % Property and casualty 89,667 – – 89,667 – % Total $ 194,849 $ 162 $ 6,007 $ 200,694 Year ended December 31, 2020 Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827 26 % Premiums earned: Life $ 58,048 $ 1 $ 5,049 $ 63,096 8 % Accident and health 57,081 211 1,388 58,258 2 % Annuity 221 – 34 255 13 % Property and casualty 70,285 – – 70,285 – % Total $ 185,635 $ 212 $ 6,471 $ 191,894 (a) Balances are reported net of inter-segment transactions. Reserves for recognizing a premium deficiency included in future policy benefits are established, if necessary, when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be materially insufficient to provide for expected future policy benefits and expenses. Additionally, in certain instances the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The Company has not recognized any reserves related to premium deficiencies in the years ended December 31, 2022 and December 31, 2021. 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, 2022 in the amount of $0.1 million from re-insurers. Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows: December 31, 2022 2021 (In thousands) Unpaid losses and loss adjustment expense $ 151,874 $ 159,162 Reinsurance losses payable 1,133 1,217 Total $ 153,007 $ 160,379 Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows: December 31, 2022 2021 2020 (In thousands) Balance at January 1 $ 159,162 $ 177,963 $ 209,127 Less: reinsurance recoverable 47,394 64,873 87,083 Net balance at January 1 111,768 113,090 122,044 Incurred related to: Current year 27,570 28,980 20,670 Prior years (5,828) (6,290) (3,865) Total incurred 21,742 22,690 16,805 Paid related to: Current year 10,572 11,040 7,664 Prior years 12,393 12,972 18,095 Total paid 22,965 24,012 25,759 Net balance at December 31 110,545 111,768 113,090 Plus: reinsurance recoverable 41,329 47,394 64,873 Balance at December 31 $ 151,874 $ 159,162 $ 177,963 Prior year incurred losses were impacted by favorable development on numerous Excess Workers Compensation claims. The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $41.3 million) decreased by $7.3 million as of December 31, 2022. The information about property and casualty incurred and paid loss and loss adjustment expense development for the years ended December 31, 2016 through 2022, and the average annual percentage payout of incurred claims by age as of December 31, 2022, is presented as supplementary information. Claims data for December 31, 2016 through 2021 is unaudited. Claims data for December 31, 2022 is audited. Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance As of December 31, 2022 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year 2016 2017 2018 2019 2020 2021 2022 Claims Claims (In thousands, except claim counts) 2016 13,297 13,011 13,056 11,790 11,764 11,764 11,750 – 11,681 2017 15,748 16,109 17,078 15,538 15,273 15,264 – 12,306 2018 19,580 18,386 18,027 17,157 16,819 – 12,182 2019 22,138 26,316 27,316 27,831 1,663 12,026 2020 20,671 17,485 17,107 3,653 11,530 2021 28,982 25,337 5,809 14,150 2022 27,570 11,076 12,860 Total 22,201 The following table presents paid claims development as of December 31, 2022, net of reinsurance. Claims data for 2016 through 2021 is unaudited. Claims data for 2022 is audited. Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year 2016 2017 2018 2019 2020 2021 2022 2016 7,777 10,665 11,643 11,746 11,764 11,764 11,750 2017 8,970 11,638 14,825 15,012 15,263 15,264 2018 8,838 12,689 15,150 16,766 16,809 2019 7,366 14,737 19,215 21,598 2020 7,665 11,114 12,521 2021 11,040 14,831 2022 10,572 Total Total 103,345 All outstanding liabilities before 2016, net of reinsurance 72,211 Liabilities for claims and claim adjustment expenses, net of reinsurance 110,545 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, 2022 (In thousands) Liabilities for unpaid Property and Casualty claims and claim adjustment expenses, net of reinsurance $ 110,545 Total reinsurance recoverable on unpaid Property and Casualty claims $ 41,329 Total gross liability for unpaid Property and Casualty claims and claim adjustment expense $ 151,874 The following is supplementary information about average historical claims duration as of December 31, 2022. The following is unaudited. Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance (In percentages) Years 1 2 3 4 5 6 7 Property and Casualty Insurance 47.2 % 21.1 % 13.6 % 5.1 % 0.7 % – % – %

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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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