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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 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 June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Balance at beginning of period			$	244,482					$	315,780					$	346,216					$	322,465
Less: Reinsurance recoverable			(65,403)						(118,671)						(115,860)						(119,522)
Net balance at beginning of period			179,079						197,109						230,356						202,943
Incurred related to:
Current year			196,594						159,490						381,045						304,690
Prior years			3,710						7,731						4,365						6,494
Total incurred			200,304						167,221						385,410						311,184
Paid related to:
Current year			164,888						151,348						236,615						205,829
Prior years			47,118						47,481						211,774						142,797
Total paid			212,006						198,829						448,389						348,626
Net balance at end of period			167,377						165,501						167,377						165,501
Plus: Reinsurance recoverable			18,972						113,157						18,972						113,157
Balance at end of period			$	186,349					$	278,658					$	186,349					$	278,658

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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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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