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Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended
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Mar. 31, 2024
Disclosure Text Block [Abstract] |
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | Note 25. 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.
|  | Direct Amount (a) |  |  | Ceded to Other Companies |  |  | Assumed from Other Companies |  |  | Net Amount (a) |  | Percentage of Amount Assumed to Net |  |
|  | (In thousands) |  |
Year ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ |  | 909,894 |  | $ |  | 48 |  | $ |  | 278,445 |  | $ |  | 1,188,291 |  |  | 23 |  | %
Premiums earned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life | $ |  | 49,184 |  | $ |  | 1 |  | $ |  | 4,183 |  | $ |  | 53,366 |  |  | 8 |  | %
Accident and health |  |  | 35,324 |  |  |  | 95 |  |  |  | 844 |  |  |  | 36,073 |  |  | 2 |  | %
Annuity |  |  | 157 |  |  |  | — |  |  |  | 149 |  |  |  | 306 |  |  | 49 |  | %
Property and casualty |  |  | 94,802 |  |  |  | — |  |  |  | — |  |  |  | 94,802 |  |  | — |  | %
Total | $ |  | 179,467 |  | $ |  | 96 |  | $ |  | 5,176 |  | $ |  | 184,547 |  |  |  |
Year ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |
(a) Balances are reported net of inter-segment transactions. Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:
|  | March 31, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Unpaid losses and loss adjustment expense | $ |  | 131,192 |  | $ |  | 151,874 |
Reinsurance losses payable |  |  | 1,287 |  |  |  | 1,133 |
Total | $ |  | 132,479 |  | $ |  | 153,007 |
Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:
|  | March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Balance at January 1 | $ |  | 151,874 |  | $ |  | 159,162 |  | $ |  | 177,963 |
Less: reinsurance recoverable |  |  | 41,329 |  |  |  | 47,394 |  |  |  | 64,873 |
Net balance at January 1 |  |  | 110,545 |  |  |  | 111,768 |  |  |  | 113,090 |
Incurred related to: |  |  |  |  |  |  |  |  |
Current year |  |  | 25,396 |  |  |  | 27,570 |  |  |  | 28,980 |
Prior years |  |  | (13,153 | ) |  |  | (5,828 | ) |  |  | (6,290 | )
Total incurred |  |  | 12,243 |  |  |  | 21,742 |  |  |  | 22,690 |
Paid related to: |  |  |  |  |  |  |  |  |
Current year |  |  | 9,414 |  |  |  | 10,572 |  |  |  | 11,040 |
Prior years |  |  | 18,369 |  |  |  | 12,393 |  |  |  | 12,972 |
Total paid |  |  | 27,783 |  |  |  | 22,965 |  |  |  | 24,012 |
Net balance at December 31 |  |  | 95,004 |  |  |  | 110,545 |  |  |  | 111,768 |
Plus: reinsurance recoverable |  |  | 36,188 |  |  |  | 41,329 |  |  |  | 47,394 |
Balance at December 31 | $ |  | 131,192 |  | $ |  | 151,874 |  | $ |  | 159,162 |
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 $36.2 million) decreased by $20.7 million as of fiscal 2024. 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. The information about property and casualty incurred and paid loss and loss adjustment expense development for fiscal 2018 through 2024 and the average annual percentage payout of incurred claims by age as of fiscal 2024, is presented as supplementary information. Claims data for fiscal 2018 through 2023 is unaudited. Claims data for fiscal 2024 is audited.
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | March 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total of |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred-but- |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Not-Reported |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities Plus |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Expected |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Development |  |  | Number of |
Accident |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | on Reported |  |  | Reported |
Year |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Claims |  |  | Claims |
|  | (In thousands, except claim counts) |  |  |  |
2018 |  |  | 15,748 |  |  |  | 16,109 |  |  |  | 17,078 |  |  |  | 15,538 |  |  |  | 15,273 |  |  |  | 15,264 |  |  |  | 15,260 |  |  |  | — |  |  |  | 12,308 |
2019 |  |  |  |  |  | 19,580 |  |  |  | 18,386 |  |  |  | 18,027 |  |  |  | 17,157 |  |  |  | 16,819 |  |  |  | 16,856 |  |  |  | — |  |  |  | 12,220 |
2020 |  |  |  |  |  |  |  |  | 22,138 |  |  |  | 26,316 |  |  |  | 27,316 |  |  |  | 27,831 |  |  |  | 27,793 |  |  |  | 1,050 |  |  |  | 12,040 |
2021 |  |  |  |  |  |  |  |  |  |  |  | 20,671 |  |  |  | 17,485 |  |  |  | 17,107 |  |  |  | 14,561 |  |  |  | 829 |  |  |  | 11,552 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,982 |  |  |  | 25,337 |  |  |  | 24,484 |  |  |  | 4,702 |  |  |  | 14,192 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,570 |  |  |  | 28,436 |  |  |  | 5,911 |  |  |  | 13,152 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,396 |  |  |  | 10,649 |  |  |  | 13,948 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  | 23,141 |  |  |  |
The following table presents paid claims development as of fiscal 2024 net of reinsurance. Claims data for fiscal 2018 through 2023 is unaudited. Claims data for fiscal 2024 is audited.
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |
Accident |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
2018 |  |  | 8,970 |  |  |  | 11,638 |  |  |  | 14,825 |  |  |  | 15,012 |  |  |  | 15,263 |  |  |  | 15,264 |  |  |  | 15,260 |
2019 |  |  |  |  |  | 8,838 |  |  |  | 12,689 |  |  |  | 15,150 |  |  |  | 16,766 |  |  |  | 16,809 |  |  |  | 16,851 |
2020 |  |  |  |  |  |  |  |  | 7,366 |  |  |  | 14,737 |  |  |  | 19,215 |  |  |  | 21,598 |  |  |  | 25,122 |
2021 |  |  |  |  |  |  |  |  |  |  |  | 7,665 |  |  |  | 11,114 |  |  |  | 12,521 |  |  |  | 13,510 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,040 |  |  |  | 14,831 |  |  |  | 16,829 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,572 |  |  |  | 18,444 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,414 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Total |  |  |  | 115,430 |
All outstanding liabilities before 2018, net of reinsurance |  |  |  |  |  |  | 57,647 |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  |  | 95,004 |
The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:
|  | March 31, 2024 |
|  | (In thousands) |
Liabilities for unpaid Property and Casualty claims |  |  |
and claim adjustment expenses, net of reinsurance | $ |  | 95,004 |
Total reinsurance recoverable on unpaid |  |  |
Property and Casualty claims | $ |  | 36,188 |
Total gross liability for unpaid Property and Casualty |  |  |
claims and claim adjustment expense | $ |  | 131,192 |
The following is supplementary information about average historical claims duration as of March 31, 2024. 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 |  |  | 44.2 |  | % |  | 22.3 |  | % |  | 13.9 |  | % |  | 6.5 |  | % |  | 4.9 |  | % |  | 0.1 |  | % |  | — |  | %

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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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Namespace Prefix: | uhal_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration