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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2022

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,
															2022						2021
Balance at beginning of period															$	346,216					$	322,465
Less: Reinsurance recoverable															(115,860)						(119,522)
Net balance at beginning of period															230,356						202,943
Incurred related to:
Current year															184,451						145,200
Prior years															655						(1,237)
Total incurred															185,106						143,963
Paid related to:
Current year															71,727						54,481
Prior years															164,656						95,316
Total paid															236,383						149,797
Net balance at end of period															179,079						197,109
Plus: Reinsurance recoverable															65,403						118,671
Balance at end of period															$	244,482					$	315,780

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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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