Insurance (Tables)

3 Months Ended

Mar. 31, 2021

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 2021 and 2020 (in millions):

	Three months ended March 31,
	2021		2020
Balance at beginning of year	$	10,392	$	10,232
Less reinsurance recoverables, net of allowance	3,117		3,024
Net liability at beginning of year	7,275		7,208
Provision for losses and LAE occurring in the current period	726		749
Net decrease in the provision for claims of prior years	(59)		(42)
Total losses and LAE incurred	667		707
Payments for losses and LAE of:
Current year	(52)		(75)
Prior years	(622)		(676)
Total payments	(674)		(751)
Foreign currency translation and other	—		(22)
Net liability at end of period	7,268		7,142
Add back reinsurance recoverables, net of allowance	3,116		2,964
Gross unpaid losses and LAE included in the balance sheet at end of period	$	10,384	$	10,106

Reinsurance Recoverable and Premiums Receivable, Allowance for Credit Loss

Progressions of the 2021 and 2020 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions):

	Recoverables from Reinsurers				Premiums Receivable
	2021		2020		2021		2020
Balance at January 1	$	6	$	18	$	10	$	13
Impact of adoption of new accounting policy	—		(11)		—		(3)
Provision (credit) for expected credit losses	1		—		1		(1)
Write-offs charged against the allowance	—		—		—		—
Balance at March 31	$	7	$	7	$	11	$	9