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Loss and Loss Adjustment Expense Reserves (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance is summarized as follows for the years ended December 31, (in millions):
| 2023 |  | 2022
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period | $ | 293.8 |  |  | $ | 260.8 |
Reinsurance recoverables on unpaid losses and LAE | (228.8) |  |  | (216.8) |
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period | 65.0 |  |  | 44.0 |
Add: Incurred losses and LAE, net of reinsurance, related to: |  |  |
Current year | 183.7 |  |  | 113.2 |
Prior years | (2.0) |  |  | (11.8) |
Total incurred | 181.7 |  |  | 101.4 |
Deduct: Loss and LAE payments, net of reinsurance, related to: |  |  |
Current year | 127.5 |  |  | 56.7 |
Prior year | 18.1 |  |  | 23.7 |
Total paid | 145.6 |  |  | 80.4 |
Reserve for losses and LAE, net of reinsurance recoverables at end of period | 101.1 |  |  | 65.0 |
Add: Reinsurance recoverables on unpaid losses and LAE at end of period | 221.4 |  |  | 228.8 |
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period | $ | 322.5 |  |  | $ | 293.8 |
The information about incurred and paid claims development for the years ended prior to December 31, 2023 is presented as unaudited supplementary information. In addition, the following tables show incurred loss and LAE by accident year in aggregate (in millions, except for number of claims): Insurance-as-a-Service Incurred Loss and LAE, Net of Reinsurance
|  |  | December 31, 2023
|  | 2019* |  | 2020* |  | 2021* |  | 2022* |  | 2023 |  | IBNR |  | Cumulative Number of Reported Claims
Accident Year |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | 4.8 |  | 4.8 |  | 4.7 |  | 4.8 |  |  | 4.9 |  |  | — |  |  | 7,963
2020 |  |  |  | 7.6 |  | 7.4 |  | 9.3 |  |  | 8.9 |  |  | 0.1 |  |  | 16,667
2021 |  |  |  |  |  | 6.9 |  | 3.8 |  |  | 3.5 |  |  | 0.2 |  |  | 16,481
2022 |  |  |  |  |  |  |  | 13.7 |  |  | 12.4 |  |  | 0.8 |  |  | 21,422
2023 |  |  |  |  |  |  |  |  |  | 15.4 |  |  | 5.3 |  |  | 22,380
Total incurred Loss and Loss Adjustment Expenses, net |  |  |  | $ | 45.1 |  |  | $ | 6.4 |  |  | 84,913 |
* Presented as unaudited required supplementary information |  |  |  |  |  |
Insurance-as-a-Service Cumulative Paid Loss and LAE, Net of Reinsurance
|  | 2019* |  | 2020* |  | 2021* |  | 2022* |  | 2023
Accident Year |  |  |  |  |  |  |  |  |  |
2019 |  | 3.2 |  | 4.4 |  | 4.6 |  | 4.7 |  | 4.7 |
2020 |  |  |  | 4.6 |  | 8.0 |  | 8.4 |  | 8.6 |
2021 |  |  |  |  |  | 0.4 |  | 2.8 |  | 3.1 |
2022 |  |  |  |  |  |  |  | 5.0 |  | 10.7 |
2023 |  |  |  |  |  |  |  |  |  | 7.9 |
Total paid losses and LAE, net |  |  |  | $ | 35.0 |
Total unpaid loss and LAE reserves, net |  |  |  | 10.1 |
Unpaid loss and LAE reserves for years prior to 2019, net |  | $ | 0.3 |
Ceded unpaid loss and LAE |  |  |  | $ | 135.4 |
Gross unpaid loss and LAE |  |  |  | $ | 145.8 |
* Presented as unaudited required supplementary information |  |  |  |
Hippo Home Insurance Program Incurred Loss and LAE, Net of Reinsurance
| December 31, |  | December 31, 2023
|  | 2019* |  | 2020* |  | 2021* |  | 2022* |  | 2023 |  | IBNR |  | Cumulative Number of Reported Claims
Accident Year |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,973
2020 |  |  |  | 20.9 |  | 20.7 |  | 20.6 |  |  | 20.7 |  |  | 0.2 |  |  | 13,555
2021 |  |  |  |  |  | 69.9 |  | 59.7 |  |  | 58.0 |  |  | 2.6 |  |  | 24,459
2022 |  |  |  |  |  |  |  | 80.6 |  |  | 81.5 |  |  | 30.3 |  |  | 24,109
2023 |  |  |  |  |  |  |  |  |  | 153.2 |  |  | 32.9 |  |  | 21,079
Total incurred Loss and Loss Adjustment Expenses, net |  |  |  | $ | 313.4 |  |  | $ | 66.0 |  |  | 90,175 |
* Presented as unaudited required supplementary information |  |  |  |  |  |
Hippo Home Insurance Program Cumulative Paid Loss and LAE, Net of Reinsurance
|  | 2019* |  | 2020* |  | 2021* |  | 2022* |  | 2023
Accident Year |  |  |  |  |  |  |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2020 |  |  |  | 12.5 |  | 18.8 |  | 20.1 |  | 20.2 |
2021 |  |  |  |  |  | 34.9 |  | 53.0 |  | 54.3 |
2022 |  |  |  |  |  |  |  | 33.3 |  | 43.5 |
2023 |  |  |  |  |  |  |  |  |  | 104.7 |
Total paid losses and LAE, net |  |  |  | $ | 222.7 |
Total unpaid loss and LAE reserves, net |  |  |  | 90.7 |
Ceded unpaid loss and LAE |  |  |  | $ | 83.7 |
Gross unpaid loss and LAE |  |  |  | $ | 174.4 |
* Presented as unaudited required supplementary information |  |  |  |
Reconciliation of Reinsurance Recoverables
| As of December 31, 2023
Net outstanding liabilities from development tables |
Insurance-as-a-Service | $ | 10.4 |
Hippo Home Insurance Program | 90.7 |
Reserve for losses and LAE, net of reinsurance recoverables at end of period | 101.1 |
Recoverables |
Insurance-as-a-Service | 135.4 |
Hippo Home Insurance Program | 83.7 |
Unallocated loss adjustment expense | 2.3 |
Reinsurance recoverables on unpaid losses and LAE at end of period | 221.4 |
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period | $ | 322.5 |
Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following table presents the average annual percentage payout of incurred losses by age, net of reinsurance as of December 31, 2023:
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5
Property and Casualty |  | 50% |  | 40% |  | 3% |  | 3% |  | 4%
The following table presents the average annual percentage payout of incurred losses by age, net of reinsurance as of December 31, 2023:
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5
Property and Casualty |  | 55% |  | 23% |  | 18% |  | 2% |  | 2%
Schedule of Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The reconciliation of the net incurred and paid loss information in the loss reserve rollforward table and development tables with respect to the current accident year is as follows (in millions):
| 2023 Current Accident Year |  | 2022 Current Accident Year
| Incurred |  | Paid |  | Incurred |  | Paid
Development table |  |  |  |  |  |  |
Insurance-as-a-Service | 15.4 |  |  | 7.9 |  |  | 13.7 |  |  | 5.0 |
Hippo Home Insurance Program | 153.2 |  |  | 104.7 |  |  | 80.6 |  |  | 33.3 |
Unallocated loss adjustment expense |  |  |  |  |  |  |
Insurance-as-a-Service | 0.9 |  |  | 0.9 |  |  | — |  |  | — |
Hippo Home Insurance Program | 14.1 |  |  | 14.1 |  |  | 18.9 |  |  | 18.9 |
Other | 0.1 |  |  | (0.1) |  |  | — |  |  | (0.5) |
Rollforward table | $ | 183.7 |  |  | $ | 127.5 |  |  | $ | 113.2 |  |  | $ | 56.7 |

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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- Definition Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 4C -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-4C + Details
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