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Loss And Loss Adjustment Expense Reserves (Tables) | 9 Months Ended
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Sep. 30, 2022
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,
| 2022 |  | 2021
| (Amounts in thousands)
Gross reserves, beginning of period | $ | 2,226,430 |  |  | $ | 1,991,304 |
Reinsurance recoverables on unpaid losses, beginning of period | (41,377) |  |  | (54,460) |
Net reserves, beginning of period | 2,185,053 |  |  | 1,936,844 |
Incurred losses and loss adjustment expenses related to: |  |  |
Current year | 2,386,233 |  |  | 2,005,233 |
Prior years | 49,942 |  |  | (23,714) |
Total incurred losses and loss adjustment expenses | 2,436,175 |  |  | 1,981,519 |
Loss and loss adjustment expense payments related to: |  |  |
Current year | 1,267,535 |  |  | 1,088,285 |
Prior years | 945,371 |  |  | 739,385 |
Total payments | 2,212,906 |  |  | 1,827,670 |
Net reserves, end of period | 2,408,322 |  |  | 2,090,693 |
Reinsurance recoverables on unpaid losses, end of period | 24,412 |  |  | 51,428 |
Gross reserves, end of period | $ | 2,432,734 |  |  | $ | 2,142,121 |

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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 + Details
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