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

6 Months Ended

Jun. 30, 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			1,420,332				1,398,187
Prior year			(67,229	)			(183,695	)
Total net losses and loss adjustment expense incurred			1,353,103				1,214,492
Payments:
Current year			454,252				434,618
Prior year			268,956				351,709
Total payments:			723,208				786,327
Net reserves for unpaid losses and loss adjustment expenses, end of year			3,080,268				2,118,744
Reinsurance recoverable on unpaid losses, net of allowance			2,186,121				712,035
Gross reserves for unpaid losses and loss adjustment expenses, end of year		$	5,266,389			$	2,830,779

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.

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