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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Schedule of Changes 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 March 31,
			2021						2020
Balance at beginning of period			$	322,465					$	267,760
Less: Reinsurance recoverable			(119,522)						(123,221)
Net balance at beginning of period			202,943						144,539
Incurred related to:
Current year			145,200						130,707
Prior years			(1,237)						4,341
Total incurred			143,963						135,048
Paid related to:
Current year			54,481						61,778
Prior years			95,316						87,989
Total paid			149,797						149,767
Net balance at end of period			197,109						129,820
Plus: Reinsurance recoverable			118,671						66,158
Balance at end of period			$	315,780					$	195,978

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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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