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Property and Casualty Insurance Reserves (Tables) | 12 Months Ended
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Dec. 31, 2020
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table reconciles the net incurred and paid claims development tables presented above to the Company's liability for Property and Casualty Insurance Reserves included in the Consolidated Balance Sheet at December 31, 2020.
DOLLARS IN MILLIONS |  | 2020
Property and Casualty Insurance Reserves, Net of Reinsurance: |  |
Specialty Personal Automobile Insurance—Liability |  | $ | 1,112.5 |
Specialty Personal Automobile Insurance—Physical Damage |  | 53.5 |
Commercial Automobile Insurance—Liability |  | 209.1 |
Commercial Automobile Insurance—Physical Damage |  | 6.3 |
Preferred Personal Automobile Insurance—Liability |  | 232.6 |
Preferred Personal Automobile Insurance—Physical Damage |  | 4.4 |
Homeowners Insurance |  | 88.4 |
Other |  | 49.9 |
Total |  | $ | 1,756.7 |
Reinsurance Recoverables on Unpaid Losses and Allocated LAE: |  |
Specialty Personal Automobile Insurance—Liability |  | $ | 9.3 |
Commercial Automobile Insurance—Liability |  | 5.8 |
Preferred Personal Automobile Insurance—Liability |  | 23.2 |
Homeowners Insurance |  | 7.6 |
Other |  | 4.2 |
Total |  | 50.1 |
Unallocated LAE |  | 175.7 |
Property and Casualty Insurance Reserves, Gross of Reinsurance |  | $ | 1,982.5 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration as of December 31, 2020.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5
Specialty Personal Automobile Insurance—Liability |  | 41.9 | % |  | 80.9 | % |  | 92.6 | % |  | 96.7 | % |  | 98.6 | %
Specialty Personal Automobile Insurance—Physical Damage |  | 93.0 | % |  | 100.8 | % |  | 100.1 | % |  | 100.0 | % |  | 100.0 | %
Commercial Automobile Insurance—Liability |  | 29.5 | % |  | 61.5 | % |  | 78.3 | % |  | 88.7 | % |  | 94.9 | %
Commercial Automobile Insurance—Physical Damage |  | 89.3 | % |  | 99.9 | % |  | 99.9 | % |  | 100.0 | % |  | 100.0 | %
Preferred Personal Automobile Insurance—Liability |  | 33.6 | % |  | 66.4 | % |  | 83.0 | % |  | 90.7 | % |  | 95.5 | %
Preferred Personal Automobile Insurance—Physical Damage |  | 97.2 | % |  | 100.8 | % |  | 100.1 | % |  | 100.0 | % |  | 100.0 | %
Homeowners Insurance |  | 67.3 | % |  | 96.3 | % |  | 97.4 | % |  | 98.6 | % |  | 99.2 | %
Liability for Unpaid Claims Adjustment Expense by Expense Type | Property and Casualty Insurance Reserve activity for the years ended December 31, 2020, 2019 and 2018 was:
DOLLARS IN MILLIONS |  | 2020 |  | 2019 |  | 2018
Beginning Property and Casualty Insurance Reserves: |  |  |  |  |  |
Gross of Reinsurance at Beginning of Year |  | $ | 1,969.8 |  |  | $ | 1,874.9 |  |  | $ | 1,016.8 |
Less Reinsurance Recoverables at Beginning of Year |  | 65.6 |  |  | 101.9 |  |  | 53.1 |
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year |  | 1,904.2 |  |  | 1,773.0 |  |  | 963.7 |
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance |  | — |  |  | 3.6 |  |  | 695.1 |
Incurred Losses and LAE related to: |  |  |  |  |  |
Current Year |  | 2,873.6 |  |  | 2,879.5 |  |  | 2,093.4 |
Prior Years |  | 36.4 |  |  | (71.1) |  |  | (7.4) |
Total Incurred Losses and LAE |  | 2,910.0 |  |  | 2,808.4 |  |  | 2,086.0 |
Paid Losses and LAE related to: |  |  |  |  |  |
Current Year: |  | 1,679.1 |  |  | 1,682.1 |  |  | 1,300.8 |
Prior Years |  | 1,202.7 |  |  | 998.7 |  |  | 671.0 |
Total Paid Losses and LAE |  | 2,881.8 |  |  | 2,680.8 |  |  | 1,971.8 |
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Year |  | 1,932.4 |  |  | 1,904.2 |  |  | 1,773.0 |
Plus Reinsurance Recoverables at End of Year |  | 50.1 |  |  | 65.6 |  |  | 101.9 |
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Year |  | $ | 1,982.5 |  |  | $ | 1,969.8 |  |  | $ | 1,874.9 |
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 year ended December 31, 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 |  |  |  | 45.5 |
Write-offs of Uncollectible Receivables from Policyholders |  |  |  | (46.9) |
Balance at End of Period |  | $ | 1,194.5 |  |  | $ | 20.9 |

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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 http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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- Definition Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4G -URI http://asc.fasb.org/extlink&oid=116884468&loc=SL65671329-158438 + Details
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