v3.19.3

Liability for Losses and Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2019

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,
		2019				2018
		(in thousands)
Balance at January 1		$	814,665			$	676,672
Less reinsurance recoverable			(339,267	)			(293,271	)
Net balance at January 1			475,398				383,401
Incurred related to:
Current year			393,301				404,150
Prior years			(7,940	)			28,913
Total incurred			385,361				433,063
Paid related to:
Current year			197,234				214,825
Prior years			157,691				140,806
Total paid			354,925				355,631
Net balance at end of period			505,834				460,833
Plus reinsurance recoverable			358,700				319,147
Balance at end of period		$	864,534			$	779,980

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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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- References

No definition available.

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