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Reserve for Loss and Loss Expense (Tables)

9 Months Ended

Sep. 30, 2018

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

		Nine Months ended September 30,
($ in thousands)		2018				2017
Gross reserve for loss and loss expense, at beginning of year		$	3,771,240			3,691,719
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year		585,855				611,200
Net reserve for loss and loss expense, at beginning of year		3,185,385				3,080,519
Incurred loss and loss expense for claims occurring in the:
Current year		1,148,032				1,037,079
Prior years		(17,564		)		(33,461	)
Total incurred loss and loss expense		1,130,468				1,003,618
Paid loss and loss expense for claims occurring in the:
Current year		369,036				314,686
Prior years		610,734				581,186
Total paid loss and loss expense		979,770				895,872
Net reserve for loss and loss expense, at end of period		3,336,083				3,188,265
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period		589,072				647,535
Gross reserve for loss and loss expense at end of period		$	3,925,155			3,835,800

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- References

No definition available.

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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=99382578&loc=d3e14764-158437

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