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Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Insurance [Abstract]

Liability for Unpaid Losses and Loss Adjustment Expenses

Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2020				2019				2020				2019
Net balance, beginning of period*		$	123,129			$	95,345			$	98,174			$	94,826
Incurred, net of reinsurance, related to:
Current period			50,543				25,177				116,839				70,914
Prior period			1,200				2,150				2,825				7,702
Total incurred, net of reinsurance			51,743				27,327				119,664				78,616
Paid, net of reinsurance, related to:
Current period			(21,175	)			(15,111	)			(36,988	)			(32,819	)
Prior period			(9,386	)			(12,763	)			(36,539	)			(45,825	)
Total paid, net of reinsurance			(30,561	)			(27,874	)			(73,527	)			(78,644	)
Net balance, end of period			144,311				94,798				144,311				94,798
Add: reinsurance recoverable before allowance for           credit losses			75,034				143,123				75,034				143,123
Gross balance, end of period		$	219,345			$	237,921			$	219,345			$	237,921

*Net balance represents beginning-of-period liability for unpaid losses and loss adjustment expenses less beginning-of-period reinsurance recoverable for unpaid losses and loss adjustment expenses.

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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
-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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