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Historical Loss And LAE Development (Tables) | 6 Months Ended
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Jun. 30, 2022
Historical Loss And L A E Development Disclosure [Abstract] |
Schedule of Reconciliation of Unpaid Losses and Settlement Expenses (LAE) | The following table is a reconciliation of our unpaid losses and settlement expenses (LAE) for the first six months of 2022 and 2021:
|  | For the Six Months |
|  | Ended June 30, |
(in thousands) |  | 2022 |  |  | 2021 |
Unpaid losses and LAE at beginning of year |  |  |  |  |  |  |  |
Gross |  | $ | 2,043,555 |  |  | $ | 1,750,049 |
Ceded |  |  | (608,086 | ) |  |  | (443,729 | )
Net |  | $ | 1,435,469 |  |  | $ | 1,306,320 |
Increase (decrease) in incurred losses and LAE |  |  |  |  |  |  |  |
Current accident year |  | $ | 293,158 |  |  | $ | 279,380 |
Prior accident years |  |  | (69,720 | ) |  |  | (67,462 | )
Total incurred |  | $ | 223,438 |  |  | $ | 211,918 |
Loss and LAE payments for claims incurred |  |  |  |  |  |  |  |
Current accident year |  | $ | (21,628 | ) |  | $ | (28,991 | )
Prior accident years |  |  | (153,490 | ) |  |  | (116,723 | )
Total paid |  | $ | (175,118 | ) |  | $ | (145,714 | )
Net unpaid losses and LAE at June 30 |  | $ | 1,483,789 |  |  | $ | 1,372,524 |
Unpaid losses and LAE at June 30 |  |  |  |  |  |  |  |
Gross |  | $ | 2,150,519 |  |  | $ | 1,917,609 |
Ceded |  |  | (666,730 | ) |  |  | (545,085 | )
Net |  | $ | 1,483,789 |  |  | $ | 1,372,524 |

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- Definition Historical loss and LAE development disclosure. + References No definition available. + Details
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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 http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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