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Liability for Unpaid Losses and Loss Adjustment Expense (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 and 2022 on a GAAP basis:
| September 30,
| 2023 |  | 2022
Balance at January 1 | $ | 842,958 |  |  | $ | 250,642 |
Less: reinsurance recoverable on unpaid losses | 732,254 |  |  | 176,096 |
Net balance at January 1 | $ | 110,704 |  |  | $ | 74,546 |
Incurred related to: |  |  |
Current year | 62,756 |  |  | 101,899 |
Prior years | (11,665) |  |  | (8,787) |
Total incurred | $ | 51,091 |  |  | $ | 93,112 |
Paid related to: |  |  |
Current year | 40,768 |  |  | 40,633 |
Prior years | 15,000 |  |  | 29,877 |
Total paid | $ | 55,768 |  |  | $ | 70,510 |
Net balance at September 30 | $ | 106,027 |  |  | $ | 97,148 |
Plus: reinsurance recoverable on unpaid losses | 337,379 |  |  | 443,034 |
Balance at September 30 | $ | 443,406 |  |  | $ | 540,182 |
Composition of reserve for unpaid losses and LAE: |  |  |
Case reserves | $ | 138,666 |  |  | $ | 106,207 |
IBNR reserves | 304,740 |  |  | 433,975 |
Balance at September 30 | $ | 443,406 |  |  | $ | 540,182 |

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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