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Reserve for Known and Incurred but Not Reported Claims (Tables) | 6 Months Ended
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Jun. 30, 2023
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) |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 1,325.3 |  |  | $ | 1,283.8 |
Provision related to: |  |  |  |  |  |
Current year |  |  | 174.4 |  |  |  | 239.7 |
Prior years |  |  | (2.6 | ) |  |  | 9.2 |
|  |  | 171.8 |  |  |  | 248.9 |
Payments, net of recoveries, related to: |  |  |  |  |  |
Current year |  |  | 78.6 |  |  |  | 92.8 |
Prior years |  |  | 100.9 |  |  |  | 129.7 |
|  |  | 179.5 |  |  |  | 222.5 |
Other |  |  | 4.6 |  |  |  | (2.1 | )
Balance at end of period |  | $ | 1,322.2 |  |  | $ | 1,308.1 |
A summary of the Company’s loss reserves is as follows:
(dollars in millions) |  | June 30, 2023 |  |  | December 31, 2022 |
Known title claims |  | $ | 60.1 |  |  |  | 4.5 | % |  | $ | 62.1 |  |  |  | 4.7 | %
Incurred but not reported claims |  |  | 1,210.8 |  |  |  | 91.6 | % |  |  | 1,207.2 |  |  |  | 91.1 | %
Total title claims |  |  | 1,270.9 |  |  |  | 96.1 | % |  |  | 1,269.3 |  |  |  | 95.8 | %
Non-title claims |  |  | 51.3 |  |  |  | 3.9 | % |  |  | 56.0 |  |  |  | 4.2 | %
Total loss reserves |  | $ | 1,322.2 |  |  |  | 100.0 | % |  | $ | 1,325.3 |  |  |  | 100.0 | %

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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