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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

12 Months Ended

Dec. 31, 2022

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:

			2022						2021						2020
Balance at January 1			$	1,084,450					$	1,089,966					$	760,357
Less: reinsurance recoverable on unpaid losses			749,600						674,746						482,315
Net balance at January 1			$	334,850					$	415,220					$	278,042
Incurred related to:
Current year			525,011						394,278						615,102
Prior years			112,636						27,856						(6,786)
Total incurred			$	637,647					$	422,134					$	608,316
Paid related to:
Current year			188,374						202,202						320,389
Prior years			268,185						300,302						150,749
Total paid			$	456,559					$	502,504					$	471,138
Net balance at December 31			$	515,938					$	334,850					$	415,220
Plus: reinsurance recoverable on unpaid losses			1,431,000						749,600						674,746
Balance at December 31			$	1,946,938					$	1,084,450					$	1,089,966
Composition of reserve for unpaid losses and LAE:
Case reserves			$	578,698					$	384,393					$	392,717
IBNR reserves			1,368,240						700,057						697,249
Balance at December 31			$	1,946,938					$	1,084,450					$	1,089,966

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,
			2022						2021
Net outstanding liabilities
Personal Lines Operating Segment			$	424,526					$	250,950
Commercial Lines Operating Segment			80,256						72,390
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance			504,782						323,340
Reinsurance recoverable on unpaid claims
Personal Lines Operating Segment			699,420						596,344
Commercial Lines Operating Segment			731,580						153,256
Total reinsurance recoverable on unpaid claims			1,431,000						749,600
Unallocated claims adjustment expenses			11,156						11,510
Total gross liability for unpaid claims and claims adjustment expense			$	1,946,938					$	1,084,450

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

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- Definition

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 https://asc.fasb.org/extlink&oid=116884468&loc=SL65671315-158438

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