v3.3.1.900

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:

December 31,		2015				2014
Reserve for reported loss and LAE		$	1,411,712			$	1,241,132
Reserve for losses incurred but not reported		1,098,389				1,030,160
Reserve for loss and LAE		$	2,510,101			$	2,271,292

9. Reserve for Loss and Loss Adjustment Expenses (continued)

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Year Ended December 31,		2015				2014				2013
Gross loss and LAE reserves, January 1		$	2,271,292			$	1,957,835			$	1,740,281
Less: reinsurance recoverable on unpaid losses, January 1		75,873				84,036				110,858
Net loss and LAE reserves, January 1		2,195,419				1,873,799				1,629,423
Net incurred losses related to:
Current year		1,558,704				1,479,425				1,351,043
Prior years		74,866				18,846				(1,413		)
		1,633,570				1,498,271				1,349,630
Net paid losses related to:
Current year		(457,517		)		(430,394		)		(517,606		)
Prior years		(892,840		)		(705,397		)		(598,490		)
		(1,350,357		)		(1,135,791		)		(1,116,096		)
Effect of foreign exchange movements		(39,779		)		(40,860		)		10,842
Net loss and LAE reserves, December 31		2,438,853				2,195,419				1,873,799
Reinsurance recoverable on unpaid losses, December 31		71,248				75,873				84,036
Gross loss and LAE reserves, December 31		$	2,510,101			$	2,271,292			$	1,957,835

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- References

No definition available.

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- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437

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