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Reserves for Losses and Loss Settlement Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Insurance Loss Reserves [Abstract]

Changes in Property and Casualty Losses and Loss Settlement Expense Reserves

The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves at March 31, 2021 and December 31, 2020 (net of reinsurance amounts):

			March 31, 2021						December 31, 2020
Gross liability for losses and loss settlement expenses at beginning of year			$	1,578,131					$	1,421,754
Ceded losses and loss settlement expenses			(131,843)						(68,536)
Net liability for losses and loss settlement expenses at beginning of year			$	1,446,288					$	1,353,218
Losses and loss settlement expenses incurred for claims occurring during
Current year			$	217,621					$	887,119
Prior years			(13,259)						(17,652)
Total incurred			$	206,398					$	869,467
Losses and loss settlement expense payments for claims occurring during
Current year			$	54,053					$	354,635
Prior years			123,533						421,762
Total paid			$	177,586					$	776,397
Net liability for losses and loss settlement expenses at end of year			$	1,475,100					$	1,446,288
Ceded loss and loss settlement expenses			137,925						131,843
Gross liability for losses and loss settlement expenses at end of period			$	1,613,025					$	1,578,131

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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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