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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2021

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, 2017 to 2020, is presented as supplementary information and is unaudited.

																																				As of December 31, 2021
																																				Total of IBNR
																																				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						2017 *						2018 *						2019 *						2020 *						2021
2017						$	303,944					$	334,734					$	375,123					$	404,673					$	436,059					$	358					133,095
2018												334,368						335,946						348,792						346,785						(8,241)						54,440
2019																		446,419						452,029						467,198						(2,602)						47,636
2020																								617,795						637,764						11,850						80,604
2021																														641,679						127,765						59,383
																								Total						$	2,529,485

Cumulative Paid Loss and Defense & Cost Containment Expenses, Net of Reinsurance
For the Years Ended December 31,
Accident Year						2017 *						2018 *						2019 *						2020 *						2021
2017						$	205,200					$	328,105					$	365,588					$	397,509					$	434,195
2018												253,008						327,310						348,225						353,506
2019																		335,991						446,997						463,924
2020																								452,560						604,201
2021																														461,709
																								Total						$	2,317,535
All outstanding liabilities before 2017, net of reinsurance																														(4,767)
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance																														$	207,183
* Presented as unaudited required supplementary information.

Supplementary Information About Average Historical Claims Duration

Set forth is the supplementary information about average historical claims duration as of December 31, 2021:

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years						1						2						3						4						5
						56.4		%				20.4		%				11.1		%				6.0		%				3.2		%

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, 2021 (in thousands):

			December 31, 2021
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance			$	207,183
Reinsurance recoverable on unpaid claims			115,860
Liabilities for adjusting and other claim payments			23,173
Total gross liability for unpaid claims and claim adjustment expense			$	346,216

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,
						2021						2020						2019
Balance at beginning of year						$	322,465					$	267,760					$	472,829
Less: Reinsurance recoverable						(119,522)						(123,221)						(393,365)
Net balance at beginning of period						202,943						144,539						79,464
Incurred (recovered) related to:
Current year						724,768						700,473						515,338
Prior years						54,437						58,337						88,068
Total incurred						779,205						758,810						603,406
Paid related to:
Current year						526,695						513,308						391,161
Prior years						225,097						187,098						147,170
Total paid						751,792						700,406						538,331
Net balance at end of period						230,356						202,943						144,539
Plus: Reinsurance recoverable						115,860						119,522						123,221
Balance at end of year						$	346,216					$	322,465					$	267,760

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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
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-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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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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