XML 25 R18.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Reserve for Known and Incurred but Not Reported Claims | 3 Months Ended
--- | ---
Mar. 31, 2024
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:
|  | Three Months Ended March 31, |
(in millions) |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 1,282.4 |  |  | $ | 1,325.3 |
Provision related to: |  |  |  |  |  |
Current year |  |  | 77.0 |  |  |  | 83.1 |
Prior years |  |  | (7.5 | ) |  |  | (0.8 | )
|  |  | 69.5 |  |  |  | 82.3 |
Payments, net of recoveries, related to: |  |  |  |  |  |
Current year |  |  | 30.6 |  |  |  | 31.1 |
Prior years |  |  | 61.0 |  |  |  | 64.1 |
|  |  | 91.6 |  |  |  | 95.2 |
Other |  |  | 1.3 |  |  |  | 2.1 |
Balance at end of period |  | $ | 1,261.6 |  |  | $ | 1,314.5 |
The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.0% and 3.5% for the three months ended March 31, 2024 and 2023, respectively. The 3.0% loss provision rate in the current year reflects an ultimate loss rate of 3.75% for the 2024 policy year and reserve releases of 0.75%, or $7.3 million for prior policy years, all based on title insurance premiums and escrow fees for the three months ended March 31, 2024. The 3.5% loss provision rate for the three months ended March 31, 2023 reflected an ultimate loss rate of 3.75% for the 2023 policy year and reserve releases of 0.25%, or $2.5 million for prior policy years, all based on title insurance premiums and escrow fees for the three months ended March 31, 2023. A summary of the Company’s loss reserves is as follows:
(dollars in millions) |  | March 31, 2024 |  |  | December 31, 2023 |
Known title claims |  | $ | 61.6 |  |  |  | 4.9 | % |  | $ | 55.5 |  |  |  | 4.3 | %
Incurred but not reported claims |  |  | 1,162.5 |  |  |  | 92.1 | % |  |  | 1,186.5 |  |  |  | 92.5 | %
Total title claims |  |  | 1,224.1 |  |  |  | 97.0 | % |  |  | 1,242.0 |  |  |  | 96.8 | %
Non-title claims |  |  | 37.5 |  |  |  | 3.0 | % |  |  | 40.4 |  |  |  | 3.2 | %
Total loss reserves |  | $ | 1,261.6 |  |  |  | 100.0 | % |  | $ | 1,282.4 |  |  |  | 100.0 | %

X
- Definition The entire disclosure for liabilities related to policy benefits and unpaid claims and claim adjustments. + References No definition available. + Details
Name: | faf_LiabilityForPolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | faf_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InsuranceLossReservesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration