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Property and Casualty Insurance Reserves (Tables)

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021 and 2020 was:

						Three Months Ended
(Dollars in Millions)						Mar 31, 2021						Mar 31, 2020
Property and Casualty Insurance Reserves:
Gross of Reinsurance at Beginning of Year						$	1,982.5					$	1,969.8
Less Reinsurance Recoverables at Beginning of Year						50.1						65.6
Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year						1,932.4						1,904.2
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance						—						—
Incurred Losses and LAE Related to:
Current Year						777.0						738.1
Prior Years						0.1						0.9
Total Incurred Losses and LAE						777.1						739.0
Paid Losses and LAE Related to:
Current Year						258.0						257.0
Prior Years						500.3						505.8
Total Paid Losses and LAE						758.3						762.8
Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period						1,951.2						1,880.4
Plus Reinsurance Recoverables at End of Period						48.3						61.2
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period						$	1,999.5					$	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 three months ended March 31, 2021.

(Dollars in Millions)						Receivables from Policyholders, Net of Allowance for Expected Credit Losses						Allowance for Expected Credit Losses
Balance at Beginning of Year						$	1,194.5					$	20.9
Provision for Expected Credit Losses												12.8
Write-offs of Uncollectible Receivables from Policyholders												(22.4)
Balance at End of Period						$	1,260.9					$	11.3

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 March 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												11.9
Write-offs of Uncollectible Receivables from Policyholders												(11.1)
Balance at End of Period						$	1,219.1					$	23.1

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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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