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Loss And Loss Adjustment Expense Reserves (Tables)

9 Months Ended

Sep. 30, 2018

Insurance Loss Reserves [Abstract]

Activity In The Reserves For Losses And Loss Adjustment Expenses

The following table presents the activity in loss and loss adjustment expense reserves:

	Nine Months Ended September 30,
	2018				2017
	(Amounts in thousands)
Gross reserves at January 1	$	1,510,613			$	1,290,248
Less reinsurance recoverables on unpaid losses	(64,001		)		(13,161		)
Net reserves at January 1	1,446,612				1,277,087
Incurred losses and loss adjustment expenses related to:
Current year	1,781,452				1,772,203
Prior years	70,399				18,347
Total incurred losses and loss adjustment expenses	1,851,851				1,790,550
Loss and loss adjustment expense payments related to:
Current year	1,072,758				1,099,656
Prior years	695,678				606,615
Total payments	1,768,436				1,706,271
Net reserves at September 30	1,530,027				1,361,366
Reinsurance recoverables on unpaid losses	50,027				10,798
Gross reserves at September 30	$	1,580,054			$	1,372,164

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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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