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Note 16 - Reserves for Losses and Loss Adjustment Expenses | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Insurance Disclosure [Text Block] |
NOTE 16. | RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the years ended December 31:
|  | 2023 |  |  | 2022 |
Gross reserve for unpaid losses and loss adjustment expenses, beginning of year |  | $ | 2,105,579 |  |  | $ | 1,721,526 |
Less: reinsurance recoverable on unpaid losses |  |  | 415,000 |  |  |  | 340,000 |
Net reserve for unpaid losses and loss adjustment expenses, beginning of year |  |  | 1,690,579 |  |  |  | 1,381,526 |
Incurred losses and loss adjustment expenses: |  |  |  |  |  |  |  |
Current year |  |  | 2,411,846 |  |  |  | 1,682,424 |
Prior year |  |  | (367,411 | ) |  |  | (150,131 | )
Total net losses and loss adjustment expense incurred |  |  | 2,044,435 |  |  |  | 1,532,293 |
Payments: |  |  |  |  |  |  |  |
Current Year |  |  | 532,062 |  |  |  | 381,414 |
Prior Year |  |  | 752,579 |  |  |  | 841,826 |
Total Payments: |  |  | 1,284,641 |  |  |  | 1,223,240 |
Net reserves for unpaid losses and loss adjustment expenses, end of year |  |  | 2,450,373 |  |  |  | 1,690,579 |
Reinsurance recoverable on unpaid losses, net of allowance |  |  | 3,283,071 |  |  |  | 415,000 |
Gross reserves for unpaid losses and loss adjustment expenses, end of year |  | $ | 5,733,444 |  |  | $ | 2,105,579 |
During the years ended December 31, 2023 and 2022, there was favorable prior year loss development of $367,411 and $150,131, respectively, which was the result of a re-estimation of amounts ultimately to be paid on prior year losses and loss adjustment expense. Original estimates are increased or decreased as additional information becomes known regarding individual claims.

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