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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Insurance Loss Reserves [Abstract]

Summary of Incurred Claims, Cumulative Paid Claims and Allocated Claim Adjustments Expenses, Net of Reinsurance

The information about unpaid losses and loss adjustment expenses for the years ended December 31, 2015 to 2017, is presented as supplementary information and is unaudited.

																						As of December 31, 2019
																						Total of Incurred-but-Not-
																						Reported Liabilities
																						Plus Expected
Incurred Loss and Defense & Cost Containment Expenses, Net of Reinsurance																						Development (Redundancy)				Cumulative Number
For the Years Ended December 31,																						on Reported Claims				of Reported Claims
Accident Year		2015				2016				2017				2018				2019
		(Unaudited)
2015		$	170,381			$	187,431			$	194,600			$	213,860			$	225,964			$	(763	)		26,785
2016						269,814				286,252				324,577				351,487				719				40,504
2017										303,944				334,734				375,123				5,547				127,129
2018														334,368				335,946				2,546				53,899
2019																		446,419				67,638				46,079
														Total				$	1,734,939

Cumulative Paid Loss and Defense & Cost Containment Expenses, Net of Reinsurance
For the Years Ended December 31,
Accident Year		2015				2016				2017				2018				2019
		(Unaudited)
2015		$	115,328			$	191,481			$	208,592			$	219,941			$	226,550
2016						204,122				297,374				328,286				349,837
2017										205,200				328,105				365,588
2018														253,008				327,310
2019																		335,991
														Total				$	1,605,276
All outstanding liabilities before 2015, net of reinsurance																		(208		)
Liabilities for claims and claim adjustment expenses, net of reinsurance																		$	129,455

Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Unpaid Losses and LAE

Set forth is the following reconciliation of the net incurred and paid claims development tables to the liability for unpaid losses and LAE in the consolidated Balance Sheet as of December 31, 2019 (in thousands):

	December 31, 2019
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$	129,455
Reinsurance recoverable on unpaid claims	123,221
Liabilities for adjusting and other claim payments	15,084
Total gross liability for unpaid claims and claim adjustment expense	$	267,760

Supplementary Information About Average Historical Claims Duration

Set forth is the supplementary information about average historical claims duration as of December 31, 2019:

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years		1			2			3			4			5
		61.1	%		19.4	%		9.7	%		4.7	%		2.5	%

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):

		Years Ended December 31,
		2019				2018				2017
Balance at beginning of year		$	472,829			$	248,425			$	58,494
Less: Reinsurance recoverable		(393,365		)		(182,405		)		(106		)
Net balance at beginning of period		79,464				66,020				58,388
Incurred (recovered) related to:
Current year		515,338				314,933				322,929
Prior years		88,068				99,522				27,499
Total incurred		603,406				414,455				350,428
Paid related to:
Current year		391,161				221,708				215,274
Prior years		147,170				179,303				127,522
Total paid		538,331				401,011				342,796
Net balance at end of period		144,539				79,464				66,020
Plus: Reinsurance recoverable		123,221				393,365				182,405
Balance at end of year		$	267,760			$	472,829			$	248,425

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- References

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

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- Definition

Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

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-Publisher FASB
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