UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)

6 Months Ended

Jun. 30, 2021

UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)

Loss and loss adjustment expense reserves

	Six Months Ended June 30
	2021			2020
Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	74,893,509		$	55,066,480
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		22,253,642			14,725,855
Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance		52,639,867			40,340,625
Incurred losses and loss adjustment expenses:
Provision for insured events of current year		12,512,046			10,539,635
Development of insured events of prior years		(842,126	)		226,656
Total incurred losses and loss adjustment expenses		11,669,920			10,766,291
Loss and loss adjustment expense payments:
Attributable to insured events of the current year		4,374,086			3,266,570
Attributable to insured events of prior years		7,820,122			8,769,575
Total payments		12,194,208			12,036,145
Reserve for unpaid losses and loss adjustment expenses at June 30 – net of reinsurance		52,115,579			39,070,771
Reinsurance recoverable on unpaid losses and loss adjustment expenses		22,081,588			15,806,548
Reserve for unpaid losses and loss adjustment expenses at June 30 – gross of reinsurance	$	74,197,167		$	54,877,319