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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

9 Months Ended

Sep. 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 nine-months ended September 30, 2021 and 2020 on a GAAP basis:

			September 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			305,270						429,347
Prior years			31,344						(6,165)
Total incurred			$	336,614					$	423,182
Paid related to:
Current year			152,415						195,728
Prior years			243,741						125,085
Total paid			$	396,156					$	320,813
Net balance at September 30			$	355,678					$	380,411
Plus: reinsurance recoverable on unpaid losses			1,153,799						701,715
Balance at September 30			$	1,509,477					$	1,082,126
Composition of reserve for unpaid losses and LAE:
Case reserves			$	499,311					$	361,672
IBNR reserves			1,010,166						720,454
Balance at September 30			$	1,509,477					$	1,082,126

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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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