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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 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 September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Balance at beginning of period			$	278,658					$	147,659					$	322,465					$	267,760
Less: Reinsurance recoverable			(113,157)						(26,107)						(119,522)						(123,221)
Net balance at beginning of period			165,501						121,552						202,943						144,539
Incurred related to:
Current year			176,092						208,392						480,782						489,966
Prior years			11,489						30,085						17,983						34,904
Total incurred			187,581						238,477						498,765						524,870
Paid related to:
Current year			180,473						172,977						386,302						355,479
Prior years			42,841						43,661						185,638						170,539
Total paid			223,314						216,638						571,940						526,018
Net balance at end of period			129,768						143,391						129,768						143,391
Plus: Reinsurance recoverable			82,720						59,329						82,720						59,329
Balance at end of period			$	212,488					$	202,720					$	212,488					$	202,720

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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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