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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2022 and 2021 on a GAAP basis:

			June 30,
			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			172,243						204,448
Prior years			9,199						29,397
Total incurred			$	181,442					$	233,845
Paid related to:
Current year			70,971						83,188
Prior years			156,918						180,594
Total paid			$	227,889					$	263,782
Net balance at June 30			$	288,403					$	385,283
Plus: reinsurance recoverable on unpaid losses			561,591						751,092
Balance at June 30			$	849,994					$	1,136,375
Composition of reserve for unpaid losses and LAE:
Case reserves			$	357,647					$	417,163
IBNR reserves			492,347						719,212
Balance at June 30			$	849,994					$	1,136,375

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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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