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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Balance at beginning of period			$	195,978					$	366,356					$	267,760					$	472,829
Less: Reinsurance recoverable			(66,158)						(269,071)						(123,221)						(393,365)
Net balance at beginning of period			129,820						97,285						144,539						79,464
Incurred related to:
Current year			150,867						112,626						281,574						225,905
Prior years			478						670						4,819						485
Total incurred			151,345						113,296						286,393						226,390
Paid related to:
Current year			120,724						89,093						182,502						123,642
Prior years			38,889						30,309						126,878						91,033
Total paid			159,613						119,402						309,380						214,675
Net balance at end of period			121,552						91,179						121,552						91,179
Plus: Reinsurance recoverable			26,107						197,117						26,107						197,117
Balance at end of period			$	147,659					$	288,296					$	147,659					$	288,296

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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

+ Details

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