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Property and Casualty Insurance Reserves (Tables)

9 Months Ended

Sep. 30, 2020

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Liability for Unpaid Claims Adjustment Expense by Expense Type

Property and casualty insurance reserve activity for the nine months ended September 30, 2020 and 2019 was:

						Nine Months Ended
(Dollars in Millions)						Sep 30, 2020						Sep 30, 2019
Property and Casualty Insurance Reserves:
Gross of Reinsurance at Beginning of Year						$	1,969.8					$	1,874.9
Less Reinsurance Recoverables at Beginning of Year						65.6						101.9
Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year						1,904.2						1,773.0
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance						—						3.6
Incurred Losses and LAE Related to:
Current Year						2,132.3						2,140.1
Prior Years						28.3						(55.8)
Total Incurred Losses and LAE						2,160.6						2,084.3
Paid Losses and LAE Related to:
Current Year						1,133.7						1,128.8
Prior Years						1,032.9						853.1
Total Paid Losses and LAE						2,166.6						1,981.9
Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period						1,898.2						1,879.0
Plus Reinsurance Recoverables at End of Period						51.8						62.6
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period						$	1,950.0					$	1,941.6

Premium Receivable, Allowance for Credit Loss

The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the nine months ended September 30, 2020.

(Dollars in Millions)						Receivables from Policyholders, Net of Allowance for Expected Credit Losses						Allowance for Expected Credit Losses
Balance at Beginning of Year						$	1,117.1					$	22.3
Provision for Expected Credit Losses												31.9
Write-offs of Uncollectible Receivables from Policyholders												(33.8)
Balance at End of Period						$	1,249.3					$	20.4

The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the three months ended September 30, 2020.

(Dollars in Millions)						Receivables from Policyholders, Net of Allowance for Expected Credit Losses						Allowance for Expected Credit Losses
Balance at Beginning of Period						$	1,165.3					$	29.9
Provision for Expected Credit Losses												3.5
Write-offs of Uncollectible Receivables from Policyholders												(13.0)
Balance at End of Period						$	1,249.3					$	20.4

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- References

No definition available.

+ Details

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X

- Definition

Tabular disclosure of allowance for credit loss on premium receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447

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X

- 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=116884095&loc=d3e14764-158437

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