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Reserves for Losses and Loss Settlement Expenses (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance Loss Reserves [Abstract] |
Summary of 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 June 30, 2024 and December 31, 2023 (net of reinsurance amounts):
| June 30, 2024 |  | December 31, 2023
Gross liability for losses and loss settlement expenses at beginning of year | $ | 1,638,755 |  |  | $ | 1,497,274 |
Ceded losses and loss settlement expenses | (191,640) |  |  | (146,875) |
Net liability for losses and loss settlement expenses at beginning of year | $ | 1,447,115 |  |  | $ | 1,350,399 |
Losses and loss settlement expenses incurred for claims occurring during |  |  |
Current year | $ | 378,121 |  |  | $ | 701,664 |
Prior years | 2,850 |  |  | 67,750 |
Total incurred | $ | 380,971 |  |  | $ | 769,414 |
Losses and loss settlement expense payments for claims occurring during |  |  |
Current year | $ | 61,548 |  |  | $ | 191,899 |
Prior years | 216,453 |  |  | 480,800 |
Total paid | $ | 278,001 |  |  | $ | 672,699 |
Net liability for losses and loss settlement expenses at end of period | $ | 1,550,085 |  |  | $ | 1,447,115 |
Ceded losses and loss settlement expenses | 205,654 |  |  | 191,640 |
Gross liability for losses and loss settlement expenses at end of period | $ | 1,755,739 |  |  | $ | 1,638,755 |

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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://www.xbrl.org/2003/role/disclosureRef -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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