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Note 15 - Reserves for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

		2023				2022
Losses and LAE at January 1		$	1,690,579			$	1,381,526
Provision for losses and LAE claims arising in:
Current year			1,281,128				943,706
Prior year			885,000				887,500
Total incurred			2,166,128				1,831,206
Losses and LAE payments for claims arising in:
Current year			974,960				100,277
Prior years			228,117				938,472
Total payments			1,203,077				1,038,749
Less reinsurance recoverable			455,000				365,000
Losses and LAE at September 30,		$	2,198,630			$	1,808,983

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
-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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X

- References

No definition available.

+ Details

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