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Reserve for Loss and Loss Expense (Tables)

9 Months Ended

Sep. 30, 2022

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

						Nine Months ended September 30,
($ in thousands)						2022						2021
Gross reserve for loss and loss expense, at beginning of period						$	4,580,903					4,260,355
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period						578,641						554,269
Net reserve for loss and loss expense, at beginning of period						4,002,262						3,706,086
Incurred loss and loss expense for claims occurring in the:
Current year						1,610,940						1,408,240
Prior years						(44,010)						(67,947)
Total incurred loss and loss expense						1,566,930						1,340,293
Paid loss and loss expense for claims occurring in the:
Current year						513,118						430,288
Prior years						779,438						675,782
Total paid loss and loss expense						1,292,556						1,106,070
Net reserve for loss and loss expense, at end of period						4,276,636						3,940,309
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period						688,641						670,031
Gross reserve for loss and loss expense at end of period						$	4,965,277					4,610,340

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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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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