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Reserve for Known and Incurred but Not Reported Claims | 6 Months Ended
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Jun. 30, 2023
Insurance Loss Reserves [Abstract] |
Reserve for Known and Incurred but Not Reported Claims | Note 8 – 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 |
The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.5% and 4.0% for the three and six months ended June 30, 2023 and 2022, respectively. The current year rate of 3.5% reflects an ultimate loss rate of 3.75% for the current policy year and a net decrease in loss reserve estimates for prior policy years of 0.25%, or $2.9 million and $5.4 million, respectively, for the three and six months ended June 30, 2023. The 4.0% rate for the respective periods of the prior year reflected the ultimate loss rate for the 2022 policy year and no change in loss reserve estimates for prior policy years. 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 The entire disclosure for liabilities related to policy benefits and unpaid claims and claim adjustments. + References No definition available. + Details
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- References No definition available. + Details
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