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Liability for Unpaid Losses and Loss Adjustment Expense (Tables) | 6 Months Ended
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Jun. 30, 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 six-months ended June 30, 2021 and 2020 on a GAAP basis:
| June 30,
| 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 | 204,448 |  |  | 206,482 |
Prior years | 29,397 |  |  | (1,952) |
Total incurred | $ | 233,845 |  |  | $ | 204,530 |
Paid related to: |  |  |
Current year | 83,188 |  |  | 96,282 |
Prior years | 180,594 |  |  | 101,188 |
Total paid | $ | 263,782 |  |  | $ | 197,470 |
Net balance at June 30 | $ | 385,283 |  |  | $ | 285,102 |
Plus: reinsurance recoverable on unpaid losses | 751,092 |  |  | 398,369 |
Balance at June 30 | $ | 1,136,375 |  |  | $ | 683,471 |
Composition of reserve for unpaid losses and LAE: |  |  |
Case reserves | $ | 417,163 |  |  | $ | 307,425 |
IBNR reserves | 719,212 |  |  | 376,046 |
Balance at June 30 | $ | 1,136,375 |  |  | $ | 683,471 |

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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 + Details
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