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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

9 Months Ended

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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- 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
-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

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