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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

Change in Liability for Unpaid Losses and LAE

Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
Balance at beginning of period	$	288,296			$	151,916			$	472,829			$	248,425
Less: Reinsurance recoverable	(197,117		)		(96,733		)		(393,365		)		(182,405		)
Net balance at beginning of period	91,179				55,183				79,464				66,020
Incurred (recovered) related to:
Current year	129,353				85,986				355,258				249,488
Prior years	3,218				(39		)		3,703				2,227
Total incurred	132,571				85,947				358,961				251,715
Paid related to:
Current year	137,313				72,034				260,955				140,013
Prior years	30,408				38,372				121,441				146,998
Total paid	167,721				110,406				382,396				287,011
Net balance at end of period	56,029				30,724				56,029				30,724
Plus: Reinsurance recoverable	110,313				127,943				110,313				127,943
Balance at end of period	$	166,342			$	158,667			$	166,342			$	158,667

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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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