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Loss And Loss Adjustment Expense Reserves | 6 Months Ended
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Jun. 30, 2021
Insurance Loss Reserves [Abstract] |
Loss And Loss Adjustment Expense Reserves | Loss and Loss Adjustment Expense Reserves The following table presents the activity in loss and loss adjustment expense reserves:
| Six Months Ended June 30,
| 2021 |  | 2020
| (Amounts in thousands)
Gross reserves, beginning of period | $ | 1,991,304 |  |  | $ | 1,921,255 |
Reinsurance recoverables on unpaid losses, beginning of period | (54,460) |  |  | (76,100) |
Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables on unpaid losses (1) | — |  |  | 149 |
Reinsurance recoverables on unpaid losses, beginning of period, as adjusted | (54,460) |  |  | (75,951) |
Net reserves, beginning of period, as adjusted | 1,936,844 |  |  | 1,845,304 |
Incurred losses and loss adjustment expenses related to: |  |  |
Current year | 1,298,981 |  |  | 1,119,502 |
Prior years | (15,409) |  |  | 27,468 |
Total incurred losses and loss adjustment expenses | 1,283,572 |  |  | 1,146,970 |
Loss and loss adjustment expense payments related to: |  |  |
Current year | 641,726 |  |  | 563,921 |
Prior years | 539,871 |  |  | 612,773 |
Total payments | 1,181,597 |  |  | 1,176,694 |
Net reserves, end of period | 2,038,819 |  |  | 1,815,580 |
Reinsurance recoverables on unpaid losses, end of period | 52,196 |  |  | 49,530 |
Gross reserves, end of period | $ | 2,091,015 |  |  | $ | 1,865,110 |
__________ (1) See Note 1 for additional information on adoption of ASU 2016-13. The decrease in the provision for insured events of prior years during the six months ended June 30, 2021 of $15.4 million was primarily attributable to lower than estimated losses and loss adjustment expenses in the commercial property and private passenger automobile lines of insurance business, partially offset by unfavorable development in the commercial automobile line of insurance business. The increase in the provision for insured events of prior years during the six months ended June 30, 2020 of $27.5 million was primarily attributable to higher than estimated losses and loss adjustment expenses in the commercial automobile, homeowners and Florida private passenger automobile lines of insurance business. For the six months ended June 30, 2021 and 2020, the Company recorded catastrophe losses net of reinsurance of approximately $60 million and $14 million, respectively. Catastrophe losses due to the events that occurred during the six months ended June 30, 2021 totaled approximately $64 million, with no reinsurance benefits used for these losses, resulting primarily from the deep freeze and other extreme weather events in Texas and Oklahoma and winter storms in California. These losses were partially offset by favorable development of approximately $4 million on prior years' catastrophe losses. Catastrophe losses due to the events that occurred during the six months ended June 30, 2020 totaled approximately $18 million, with no reinsurance benefits used for these losses, resulting primarily from extreme weather events outside of California and windstorms in California. These losses were partially offset by favorable development of approximately $4 million on prior years' catastrophe losses.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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