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Loss And Loss Adjustment Expense Reserves (Tables)

9 Months Ended

Sep. 30, 2024

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,
			2024						2023
			(Amounts in thousands)
Gross reserves, beginning of period			$	2,785,702					$	2,584,910
Reinsurance recoverables on unpaid losses, beginning of period			(32,148)						(25,322)
Net reserves, beginning of period			2,753,554						2,559,588
Incurred losses and loss adjustment expenses related to:
Current year			2,742,654						2,683,219
Prior years			16,463						(32,138)
Total incurred losses and loss adjustment expenses			2,759,117						2,651,081
Loss and loss adjustment expense payments related to:
Current year			1,342,081						1,461,077
Prior years			1,127,033						1,052,386
Total payments			2,469,114						2,513,463
Net reserves, end of period			3,043,557						2,697,206
Reinsurance recoverables on unpaid losses, end of period			30,133						26,570
Gross reserves, end of period			$	3,073,690					$	2,723,776

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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://www.xbrl.org/2003/role/disclosureRef
-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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