Insurance (Tables)

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first three months of 2018 and 2017 (in millions):

	Three months ended March 31,
	2018			2017
Balance at beginning of year	$	9,678		$	8,563
Less reinsurance recoverables, net of allowance	2,957			2,302
Net liability at beginning of year	6,721			6,261
Provision for losses and LAE occurring in the current period	697			637
Net decrease in the provision for claims of prior years	(56		)	(28		)
Total losses and LAE incurred	641			609
Payments for losses and LAE of:
Current year	(86		)	(84		)
Prior years	(554		)	(470		)
Total payments	(640		)	(554		)
Reserves of business disposed (*)	(319		)	—
Foreign currency translation and other	2			8
Net liability at end of period	6,405			6,324
Add back reinsurance recoverables, net of allowance	2,788			2,297
Gross unpaid losses and LAE included in the balance sheet at end of period	$	9,193		$	8,621