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Reserve for Known and Incurred But Not Reported Claims (Tables)

12 Months Ended

Dec. 31, 2021

Insurance Loss Reserves [Abstract]

Activity in 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:

	December 31,
	2021				2020				2019
	(in millions)
Balance at beginning of year	$	1,178			$	1,063			$	1,042
Provision related to:
Current year		570				532				436
Prior years		19				48				10
		589				580				446
Payments, net of recoveries, related to:
Current year		292				268				227
Prior years		190				203				188
		482				471				415
Other		(1	)			6				(10	)
Balance at end of year	$	1,284			$	1,178			$	1,063

A summary of the Company’s loss reserves is as follows:

(dollars in millions)		December 31, 2021								December 31, 2020
Known title claims		$	67				5.2	%		$	64				5.4	%
IBNR title claims			1,143				89.0	%			1,026				87.1	%
Total title claims			1,210				94.2	%			1,090				92.5	%
Non-title claims			74				5.8	%			88				7.5	%
Total loss reserves		$	1,284				100.0	%		$	1,178				100.0	%

Summary of Incurred and Paid Claims Development Net of Reinsurance

The information below about incurred and paid claims development for the years ended December 31, 2012 to 2020, is presented as supplementary information.

		Incurred claims and allocated claim adjustment expenses, net of reinsurance																														December 31, 2021
Accident		Years ended December 31,																															Total of IBNR liabilities plus expected development on reported			Cumulative number of reported
Year			2012*			2013*			2014*			2015*			2016*			2017*			2018*			2019*			2020*			2021			claims			claims
		(in millions)
2012		$	157			159			160			161			161			161			162			162			162		$	162		$	—			0.7
2013						183			184			185			185			185			185			185			185			185			—			0.8
2014									191			191			191			191			191			191			191			191			—			0.8
2015												222			226			226			227			227			227			227			—			0.9
2016															246			249			252			253			254			253			—			1.0
2017																		267			275			278			279			279			—			1.0
2018																					264			269			270			267			1			1.1
2019																								251			268			266			4			1.1
2020																											293			303			5			1.2
2021																														307			16			1.2
																											Total		$	2,440

*Amounts unaudited.

			Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
Accident			Years ended December 31,
Year			2012*				2013*				2014*				2015*				2016*				2017*				2018*				2019*				2020*				2021
		(in millions)
2012		$	131				154				157				159				160				160				161				162				162			$	162
2013							151				180				183				184				184				185				185				185				185
2014											157				186				188				190				190				191				191				191
2015															181				218				223				225				226				226				226
2016																			206				243				248				251				252				253
2017																							220				267				271				272				275
2018																											223				256				262				264
2019																															207				252				259
2020																																			243				293
2021																																							260
																																			Total			$	2,368
											All outstanding liabilities before 2012, net of reinsurance																												—
											Liabilities for claims and claims adjustment expenses, net of reinsurance																											$	72

*Amounts unaudited.

Reconciliation of the Net Incurred and Paid Claims Development Tables to the Liability for Claims and Claim Adjustment Expense

A reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expense at December 31, 2021, is as follows:

		December 31, 2021
	(in millions)
Liability for unpaid claims and claim adjustment expenses, net of reinsurance:
Specialty insurance	$	72
Unallocated claims adjustment expenses:
Specialty insurance		2
Insurance lines other than short-duration:
Title insurance		1,210
Liability for unpaid claims and claims adjustment expenses	$	1,284

Schedule of Supplementary Information about Average Historical Claims

Supplementary information about average historical claims duration for the Company’s specialty insurance segment as of December 31, 2021, is as follows:

Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Years			1				2				3				4				5				6				7				8				9				10
Annual
payout			83.0	%			13.6	%			1.6	%			0.8	%			0.5	%			0.1	%			0.1	%			0.1	%			0.0	%			0.0	%

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Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

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