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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 on a GAAP basis:

			March 31,
			2022						2021
Balance at January 1			$	1,084,450					$	1,089,966
Less: reinsurance recoverable on unpaid losses			749,600						674,746
Net balance at January 1			$	334,850					$	415,220
Incurred related to:
Current year			89,935						86,012
Prior years			1,433						29,769
Total incurred			$	91,368					$	115,781
Paid related to:
Current year			19,141						30,597
Prior years			102,582						103,977
Total paid			$	121,723					$	134,574
Net balance at March 31			$	304,495					$	396,427
Plus: reinsurance recoverable on unpaid losses			662,719						821,364
Balance at March 31			$	967,214					$	1,217,791
Composition of reserve for unpaid losses and LAE:
Case reserves			$	396,020					$	432,537
IBNR reserves			571,194						785,254
Balance at March 31			$	967,214					$	1,217,791

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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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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