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Insurance Reserves for Losses and Claims | 6 Months Ended
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Jun. 30, 2024
Insurance Reserves for Losses and Claims [Abstract] |
Insurance Reserves for Losses and Claims |
Note 7. | Insurance Reserves for Losses and Claims
The roll-forward of insurance reserves for losses and claims for the six months ended June 30, 2024 and 2023 is as follows:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Beginning insurance reserves for losses and claims, gross |  | $ | 87,478 |  |  | $ | 87,484 |
Less: Reinsurance recoverable on unpaid losses |  |  | (14,678 | ) |  |  | (17,647 | )
Beginning insurance reserves for losses and claims, net |  |  | 72,800 |  |  |  | 69,837 |
Incurred related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 57,851 |  |  |  | 57,320 |
Prior accident year development |  |  | 1,829 | (1) |  |  | 1,636 | (2)
Total incurred |  |  | 59,680 |  |  |  | 58,956 |
Paid related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 22,405 |  |  |  | 25,834 |
Prior accident years |  |  | 37,016 |  |  |  | 33,019 |
Total paid |  |  | 59,421 |  |  |  | 58,853 |
Ending insurance reserves for losses and claims, net |  |  | 73,059 |  |  |  | 69,940 |
Plus: Reinsurance recoverable on unpaid losses |  |  | 17,565 |  |  |  | 16,044 |
Ending insurance reserves for losses and claims, gross |  | $ | 90,624 |  |  | $ | 85,984 |
(1) | Prior years’ development was primarily the result of unfavorable development in the property and casualty operations predominately in the automobile liability line of business due to inflationary factors.
(2) | Prior years’ development was primarily the result of unfavorable development in the property and casualty operations predominately in the automobile liability line of business due to inflationary factors, partially offset by favorable development in the Medicare supplement line of business in the life and health operations.
Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Total incurred losses |  | $ | 59,680 |  |  | $ | 58,956 |
Cash surrender value and matured endowments |  |  | 577 |  |  |  | 812 |
Benefit reserve changes |  |  | 3,475 |  |  |  | 57 |
Total insurance benefits and losses incurred |  | $ | 63,732 |  |  | $ | 59,825 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 + Details
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