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Reserve for Loss and Loss Expense (Tables)

6 Months Ended

Jun. 30, 2019

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

		Six Months ended June 30,
($ in thousands)		2019				2018
Gross reserve for loss and loss expense, at beginning of year		$	3,893,868			3,771,240
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year		537,388				585,855
Net reserve for loss and loss expense, at beginning of year		3,356,480				3,185,385
Incurred loss and loss expense for claims occurring in the:
Current year		783,938				756,855
Prior years		(16,375		)		(5,586	)
Total incurred loss and loss expense		767,563				751,269
Paid loss and loss expense for claims occurring in the:
Current year		210,374				214,169
Prior years		442,820				457,441
Total paid loss and loss expense		653,194				671,610
Net reserve for loss and loss expense, at end of period		3,470,849				3,265,044
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period		556,203				539,321
Gross reserve for loss and loss expense at end of period		$	4,027,052			3,804,365

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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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