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Reserve for Known and Incurred but Not Reported Claims | 9 Months Ended
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Sep. 30, 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:
|  | Nine Months Ended September 30, |
(in millions) |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 1,282.4 |  |  | $ | 1,325.3 |
Provision related to: |  |  |  |  |  |
Current year |  |  | 267.1 |  |  |  | 273.7 |
Prior years |  |  | (26.3 | ) |  |  | (10.8 | )
|  |  | 240.8 |  |  |  | 262.9 |
Payments, net of recoveries, related to: |  |  |  |  |  |
Current year |  |  | 146.3 |  |  |  | 142.1 |
Prior years |  |  | 149.6 |  |  |  | 147.0 |
|  |  | 295.9 |  |  |  | 289.1 |
Other |  |  | 2.7 |  |  |  | 0.4 |
Balance at end of period |  | $ | 1,230.0 |  |  | $ | 1,299.5 |
The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.0% for the three and nine months ended September 30, 2024, and 3.0% and 3.33% for the three and nine months ended September 30, 2023, respectively. The 3.0% loss provision rate for the three and nine months ended September 30, 2024 reflects an ultimate loss rate of 3.75% for the 2024 policy year and reserve releases of 0.75%, or $9.1 million and $25.0 million, respectively, for prior policy years, all based on title insurance premiums and escrow fees for the three and nine months ended September 30, 2024. The 3.0% and 3.33% loss provision rates for the three and nine months ended September 30, 2023, respectively, reflected an ultimate loss rate of 3.75% for the 2023 policy year and reserve releases of 0.75%, or $8.6 million and 0.42%, or $14.0 million, respectively, for prior policy years, all based on title insurance premiums and escrow fees for the three and nine months ended September 30, 2023. A summary of the Company’s loss reserves is as follows:
(dollars in millions) |  | September 30, 2024 |  |  | December 31, 2023 |
Known title claims |  | $ | 57.7 |  |  |  | 4.7 | % |  | $ | 55.5 |  |  |  | 4.3 | %
Incurred but not reported claims |  |  | 1,136.3 |  |  |  | 92.4 | % |  |  | 1,186.5 |  |  |  | 92.5 | %
Total title claims |  |  | 1,194.0 |  |  |  | 97.1 | % |  |  | 1,242.0 |  |  |  | 96.8 | %
Non-title claims |  |  | 36.0 |  |  |  | 2.9 | % |  |  | 40.4 |  |  |  | 3.2 | %
Total loss reserves |  | $ | 1,230.0 |  |  |  | 100.0 | % |  | $ | 1,282.4 |  |  |  | 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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Period Type: | duration