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Reserve for Known and Incurred but Not Reported Claims | 9 Months Ended
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Sep. 30, 2021
Insurance Loss Reserves [Abstract] |
Reserve for Known and Incurred but Not Reported Claims | Note 9 – Reserve for Known and Incurred But Not Reported Claims Activity in the reserve for known and incurred but not reported claims is summarized as follows:
|  | Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 1,178,004 |  |  | $ | 1,063,044 |
Provision related to: |  |  |  |  |  |  |  |
Current year |  |  | 428,501 |  |  |  | 379,987 |
Prior years |  |  | 17,176 |  |  |  | 34,014 |
|  |  | 445,677 |  |  |  | 414,001 |
Payments, net of recoveries, related to: |  |  |  |  |  |  |  |
Current year |  |  | 204,525 |  |  |  | 179,654 |
Prior years |  |  | 151,920 |  |  |  | 163,067 |
|  |  | 356,445 |  |  |  | 342,721 |
Other |  |  | (5,721 | ) |  |  | (3,882 | )
Reclassification to liabilities previously held for sale |  |  | — |  |  |  | (60,583 | )
Balance at end of period |  | $ | 1,261,515 |  |  | $ | 1,069,859 |
The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 4.0% for the three and nine months ended September 30, 2021 compared to 5.0% for the three and nine months ended September 30, 2020, respectively. The current year rate of 4.0% reflects the ultimate loss rate for the current policy year and no change in the loss reserve estimates for prior policy years. The 5.0% rate for 2020 reflected an ultimate loss rate of 4.5% for the 2020 policy year and a net increase in the loss reserve estimates for prior policy years of 0.5%, or $7.0 million and $18.2 million for the three and nine months ended September 30, 2020, respectively. A summary of the Company’s loss reserves is as follows:
(in thousands, except percentages) |  | September 30, 2021 |  |  | December 31, 2020 |
Known title claims |  | $ | 67,487 |  |  |  | 5.4 | % |  | $ | 64,601 |  |  |  | 5.5 | %
Incurred but not reported claims |  |  | 1,108,208 |  |  |  | 87.8 | % |  |  | 1,025,761 |  |  |  | 87.1 | %
Total title claims |  |  | 1,175,695 |  |  |  | 93.2 | % |  |  | 1,090,362 |  |  |  | 92.6 | %
Non-title claims |  |  | 85,820 |  |  |  | 6.8 | % |  |  | 87,642 |  |  |  | 7.4 | %
Total loss reserves |  | $ | 1,261,515 |  |  |  | 100.0 | % |  | $ | 1,178,004 |  |  |  | 100.0 | %

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- Definition The entire disclosure for liabilities related to policy benefits and unpaid claims and claim adjustments. + References No definition available. + Details
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