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

6 Months Ended

Jun. 30, 2022

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:

		Six Months Ended June 30,
(in millions)		2022				2021
Balance at beginning of period		$	1,284			$	1,178
Provision related to:
Current year			240				267
Prior years			9				23
			249				290
Payments, net of recoveries, related to:
Current year			94				107
Prior years			129				124
			223				231
Other			(2	)			6
Balance at end of period		$	1,308			$	1,243

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

(dollars in millions)		June 30, 2022								December 31, 2021
Known title claims		$	65				5.0	%		$	67				5.2	%
Incurred but not reported claims			1,178				90.0	%			1,143				89.0	%
Total title claims			1,243				95.0	%			1,210				94.2	%
Non-title claims			65				5.0	%			74				5.8	%
Total loss reserves		$	1,308				100.0	%		$	1,284				100.0	%

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- References

No definition available.

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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