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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

12 Months Ended

Dec. 31, 2021

Claims Development

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below shows the analysis of our reserve for unpaid losses for each of our last three fiscal years on a GAAP basis:

			2021						2020						2019
Balance at January 1			$	1,089,966					$	760,357					$	661,203
Less: reinsurance recoverable on unpaid losses			674,746						482,315						477,870
Net balance at January 1			$	415,220					$	278,042					$	183,333
Incurred related to:
Current year			394,278						615,102						466,359
Prior years			27,856						(6,786)						33,134
Total incurred			$	422,134					$	608,316					$	499,493
Paid related to:
Current year			202,202						320,389						275,488
Prior years			300,302						150,749						129,296
Total paid			$	502,504					$	471,138					$	404,784
Net balance at December 31			$	334,850					$	415,220					$	278,042
Plus: reinsurance recoverable on unpaid losses			749,600						674,746						482,315
Balance at December 31			$	1,084,450					$	1,089,966					$	760,357
Composition of reserve for unpaid losses and LAE:
Case reserves			$	384,393					$	392,717					$	300,858
IBNR reserves			700,057						697,249						459,499
Balance at December 31			$	1,084,450					$	1,089,966					$	760,357

Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows.

			December 31,
			2021						2020
Net outstanding liabilities
Personal Lines Operating Segment			$	250,950					$	322,605
Commercial Lines Operating Segment			72,390						75,804
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance			323,340						398,409
Reinsurance recoverable on unpaid claims
Personal Lines Operating Segment			596,344						407,934
Commercial Lines Operating Segment			153,256						266,812
Total reinsurance recoverable on unpaid claims			749,600						674,746
Unallocated claims adjustment expenses			11,510						16,811
Total gross liability for unpaid claims and claims adjustment expense			$	1,084,450					$	1,089,966

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- Definition

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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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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=116884468&loc=SL65671315-158438

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