v3.19.2

Reserve for Loss and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2019

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:

		June 30, 2019				December 31, 2018
Reserve for reported loss and LAE		$	1,533,380			$	1,571,217
Reserve for losses incurred but not reported ("IBNR")		1,517,885				1,484,759
Reserve for loss and LAE		$	3,051,265			$	3,055,976

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

For the Six Months Ended June 30,		2019				2018
Gross loss and LAE reserves, January 1		$	3,055,976			$	2,386,722
Less: reinsurance recoverable on unpaid losses, January 1		1,743				24,883
Net loss and LAE reserves, January 1		3,054,233				2,361,839
Net incurred losses related to:
Current year		240,978				685,229
Prior years		33,272				37,978
		274,250				723,207
Net paid losses related to:
Current year		(3,186		)		(151,527		)
Prior years		(272,136		)		(401,039		)
		(275,322		)		(552,566		)
Effect of foreign exchange rate movements		(3,880		)		(12,308		)
Net loss and LAE reserves, June 30		3,049,281				2,520,172
Reinsurance recoverable on unpaid losses, June 30		1,984				21,803
Gross loss and LAE reserves, June 30		$	3,051,265			$	2,541,975

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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