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

3 Months Ended

Mar. 31, 2024

Notes Tables

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

		2024				2023
Gross reserve for unpaid losses and loss adjustment expenses, beginning of year		$	5,733,444			$	2,105,579
Less: reinsurance recoverable on unpaid losses			3,283,071				415,000
Net reserve for unpaid losses and loss adjustment expenses, beginning of year			2,450,373				1,690,579
Incurred losses and loss adjustment expenses:
Current year			816,563				633,370
Prior year			(135,890	)			(59,999	)
Total net losses and loss adjustment expense incurred			680,673				573,371
Payments:
Current year			239,500				84,356
Prior year			(32,186	)			196,420
Total payments:			207,314				280,776
Net reserves for unpaid losses and loss adjustment expenses, end of year			2,923,732				1,983,174
Reinsurance recoverable on unpaid losses, net of allowance			1,674,699				415,000
Gross reserves for unpaid losses and loss adjustment expenses, end of year		$	4,598,431			$	2,398,174

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://www.xbrl.org/2003/role/disclosureRef
-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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