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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below shows the analysis of our reserve for unpaid losses for the three-months ended March 31, 2021 and 2020 on a GAAP basis:

			March 31,
			2021						2020
Balance at January 1			$	1,089,966					$	760,357
Less: reinsurance recoverable on unpaid losses			674,746						482,315
Net balance at January 1			$	415,220					$	278,042
Incurred related to:
Current year			86,012						103,966
Prior years			29,769						(1,129)
Total incurred			$	115,781					$	102,837
Paid related to:
Current year			30,597						30,935
Prior years			103,977						62,511
Total paid			$	134,574					$	93,446
Net balance at March 31			$	396,427					$	287,433
Plus: reinsurance recoverable on unpaid losses			821,364						423,609
Balance at March 31			$	1,217,791					$	711,042
Composition of reserve for unpaid losses and LAE:
Case reserves			$	432,537					$	294,679
IBNR reserves			785,254						416,363
Balance at March 31			$	1,217,791					$	711,042

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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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