v3.10.0.1

Liability for Losses and Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Text Block [Abstract]

Summary of Insurance Subsidiaries' Liability for Losses and Loss Expenses

We summarize activity in our insurance subsidiaries’ liability for losses and loss expenses as follows:

		Nine Months Ended September 30,
		2018				2017
		(in thousands)
Balance at January 1		$	676,672			$	606,665
Less reinsurance recoverable			(293,271	)			(259,147	)
Net balance at January 1			383,401				347,518
Incurred related to:
Current year			404,150				351,812
Prior years			28,913				5,014
Total incurred			433,063				356,826
Paid related to:
Current year			214,825				201,849
Prior years			140,806				133,587
Total paid			355,631				335,436
Net balance at end of period			460,833				368,908
Plus reinsurance recoverable			319,147				275,442
Balance at end of period		$	779,980			$	644,350

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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=99382578&loc=d3e14764-158437

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- References

No definition available.

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