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Note 16 - Reserves for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

		2021				2020
Losses and LAE at January 1		$	2,492,334			$	1,203,493
Provision for losses and LAE claims arising in:
Current year			698,075				2,221,844
Prior year			664,229				794,622
Total incurred			1,362,304				3,016,466
Losses and LAE payments for claims arising in:
Current year			1,259,276				1,182,375
Prior years			873,836				444,630
Total payments			2,133,112				1,627,005
Less reinsurance recoverable			340,000				100,620
Losses and LAE at December 31		$	1,381,526			$	2,492,334

X

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

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X

- References

No definition available.

+ Details

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