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

12 Months Ended

Dec. 31, 2022

Notes Tables

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

		2022				2021
Losses and LAE at January 1		$	1,381,526			$	2,492,334
Provision for losses and LAE claims arising in:
Current year			1,308,180				698,075
Prior year			414,999				664,229
Total incurred			1,723,179				1,362,304
Losses and LAE payments for claims arising in:
Current year			157,303				1,259,276
Prior years			841,824				873,836
Total payments			999,127				2,133,112
Less reinsurance recoverable			415,000				340,000
Losses and LAE at December 31		$	1,690,578			$	1,381,526

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

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X

- References

No definition available.

+ Details

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