Insurance (Tables)

3 Months Ended

Mar. 31, 2019

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 2019 and 2018 (in millions):

	Three months ended March 31,
	2019			2018
Balance at beginning of year	$	9,741		$	9,678
Less reinsurance recoverables, net of allowance	2,942			2,957
Net liability at beginning of year	6,799			6,721
Provision for losses and LAE occurring in the current period	737			697
Net decrease in the provision for claims of prior years	(45		)	(56		)
Total losses and LAE incurred	692			641
Payments for losses and LAE of:
Current year	(89		)	(86		)
Prior years	(615		)	(554		)
Total payments	(704		)	(640		)
Reserves of business disposed (*)	—			(319		)
Foreign currency translation and other	1			2
Net liability at end of period	6,788			6,405
Add back reinsurance recoverables, net of allowance	2,835			2,788
Gross unpaid losses and LAE included in the balance sheet at end of period	$	9,623		$	9,193

(*) Reflects the reinsurance to close transaction at Neon discussed below.