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Insurance Reserves for Losses and Claims | 9 Months Ended
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Sep. 30, 2022
Insurance Reserves for Losses and Claims [Abstract] |
Insurance Reserves for Losses and Claims |
Note 6. | Insurance Reserves for Losses and Claims
The roll-forward of insurance reserves for losses and claims for the nine months ended September 30, 2022 and 2021 is as follows:
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
Beginning insurance reserves for losses and claims, gross |  | $ | 85,620 |  |  | $ | 79,147 |
Less: Reinsurance recoverable on unpaid losses |  |  | (17,690 | ) |  |  | (17,600 | )
Beginning insurance reserves for losses and claims, net |  |  | 67,930 |  |  |  | 61,547 |
Incurred related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 96,897 |  |  |  | 98,972 |
Prior accident year development (1) |  |  | (3,544 | )(2) |  |  | 678 | (3)
Total incurred |  |  | 93,353 |  |  |  | 99,650 |
Paid related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 57,478 |  |  |  | 59,492 |
Prior accident years |  |  | 34,647 |  |  |  | 33,060 |
Total paid |  |  | 92,125 |  |  |  | 92,552 |
Ending insurance reserves for losses and claims, net |  |  | 69,158 |  |  |  | 68,645 |
Plus: Reinsurance recoverable on unpaid losses |  |  | 17,420 |  |  |  | 18,528 |
Ending insurance reserves for losses and claims, gross |  | $ | 86,578 |  |  | $ | 87,173 |
(1) | In establishing property and casualty reserves, the Company initially reserves for losses at the higher end of the reasonable range if no other value within the range is determined to be more probable. Selection of such an initial loss estimate is an attempt by management to give recognition that initial claims information received generally is not conclusive with respect to legal liability, is generally not comprehensive with respect to magnitude of loss and generally, based on historical experience, will develop more adversely as time passes and more information becomes available. Accordingly, the Company generally experiences reserve redundancies when analyzing the development of prior year losses in a current period.
(2) | Prior years’ development was primarily the result of favorable development in the property and casualty operations, as well as favorable development in the Medicare supplement line of business in the life and health operations.
(3) | Prior years’ development was primarily the result of unfavorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity. Partially offsetting the unfavorable development was favorable development in the property and casualty operations.
Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred:
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
Total incurred losses |  | $ | 93,353 |  |  | $ | 99,650 |
Cash surrender value and matured endowments |  |  | 1,326 |  |  |  | 1,961 |
Benefit reserve changes |  |  | (127 | ) |  |  | (1,591 | )
Total insurance benefits and losses incurred |  | $ | 94,552 |  |  | $ | 100,020 |

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI https://asc.fasb.org/topic&trid=2303980 + Details
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