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Loss And Loss Adjustment Expense Reserves (Tables)

6 Months Ended

Jun. 30, 2023

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:

			Six Months Ended June 30,
			2023						2022
			(Amounts in thousands)
Gross reserves, beginning of period			$	2,584,910					$	2,226,430
Reinsurance recoverables on unpaid losses, beginning of period			(25,322)						(41,377)
Net reserves, beginning of period			2,559,588						2,185,053
Incurred losses and loss adjustment expenses related to:
Current year			1,847,123						1,597,354
Prior years			(19,784)						51,359
Total incurred losses and loss adjustment expenses			1,827,339						1,648,713
Loss and loss adjustment expense payments related to:
Current year			874,245						738,472
Prior years			820,341						735,058
Total payments			1,694,586						1,473,530
Net reserves, end of period			2,692,341						2,360,236
Reinsurance recoverables on unpaid losses, end of period			27,666						26,586
Gross reserves, end of period			$	2,720,007					$	2,386,822

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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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

+ Details

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