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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 on a GAAP basis:

			September 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			244,910						305,270
Prior years			53,760						31,344
Total incurred			$	298,670					$	336,614
Paid related to:
Current year			106,865						152,415
Prior years			222,005						243,741
Total paid			$	328,870					$	396,156
Net balance at September 30			$	304,650					$	355,678
Plus: reinsurance recoverable on unpaid losses			1,374,917						1,153,799
Balance at September 30			$	1,679,567					$	1,509,477
Composition of reserve for unpaid losses and LAE:
Case reserves			$	331,825					$	499,311
IBNR reserves			1,347,742						1,010,166
Balance at September 30			$	1,679,567					$	1,509,477

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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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