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v3.22.2.2

Unpaid Claims and Claim Expenses (Tables) | 9 Months Ended
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Sep. 30, 2022
Insurance Loss Reserves [Abstract] |
Reconciliation of property and casualty unpaid claims and claim expense | The end of the period gross reserve (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets.
($ in millions) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Property & Casualty |  |  |  |  |  |  |  |
Beginning gross reserves(1) |  | $ | 378.4 |  |  | $ | 368.4 |  |  | $ | 362.4 |  |  | $ | 372.2 |
Less: reinsurance recoverables |  | 109.8 |  |  | 108.9 |  |  | 110.3 |  |  | 112.9 |
Net reserves, beginning of period(2) |  | 268.6 |  |  | 259.5 |  |  | 252.1 |  |  | 259.3 |
Incurred claims and claim expenses: |  |  |  |  |  |  |  |
Claims occurring in the current period |  | 120.3 |  |  | 132.5 |  |  | 372.8 |  |  | 345.4 |
Increase (decrease) in estimated reserves for claims occurring in prior periods(3) |  | 2.0 |  |  | (3.0) |  |  | 8.0 |  |  | (7.2) |
Total claims and claim expenses incurred(4) |  | 122.3 |  |  | 129.5 |  |  | 380.8 |  |  | 338.2 |
Claims and claim expense payments for claims occurring during: |  |  |  |  |  |  |  |
Current period |  | 102.8 |  |  | 96.8 |  |  | 221.1 |  |  | 210.3 |
Prior periods |  | 29.7 |  |  | 26.4 |  |  | 153.4 |  |  | 121.4 |
Total claims and claim expense payments |  | 132.5 |  |  | 123.2 |  |  | 374.5 |  |  | 331.7 |
Net reserves, end of period(2) |  | 258.4 |  |  | 265.8 |  |  | 258.4 |  |  | 265.8 |
Plus: reinsurance recoverables |  | 109.0 |  |  | 109.6 |  |  | 109.0 |  |  | 109.6 |
Ending gross reserves(1) |  | $ | 367.4 |  |  | $ | 375.4 |  |  | $ | 367.4 |  |  | $ | 375.4 |
(1)Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for Life & Retirement and Supplemental & Group Benefits of $114.5 million and $64.7 million as of September 30, 2022 and 2021, respectively, in addition to Property & Casualty reserves. (2)Reserves net of anticipated reinsurance recoverables. (3)Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs. (4)Benefits, claims and settlement expenses as reported in the Consolidated Statements of Operations also include amounts for Life & Retirement and Supplemental & Group Benefits of $51.3 million and $177.4 million for the three and nine months ended September 30, 2022, respectively, in addition to Property & Casualty amounts. Benefits, claims and settlement expenses for Life & Retirement and Supplemental & Group Benefits of $35.3 million and $108.0 million for the three and nine months ended September 30, 2021, respectively.

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- References No definition available. + Details
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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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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