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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

6 Months Ended

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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- 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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