Insurance (Tables)

3 Months Ended

Mar. 31, 2022

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 2022 and 2021 (in millions):

	Three months ended March 31,
	2022		2021
Balance at beginning of year	$	11,074	$	10,392
Less reinsurance recoverables, net of allowance	3,419		3,117
Net liability at beginning of year	7,655		7,275
Provision for losses and LAE occurring in the current period	781		726
Net decrease in the provision for claims of prior years	(88)		(59)
Total losses and LAE incurred	693		667
Payments for losses and LAE of:
Current year	(67)		(52)
Prior years	(647)		(622)
Total payments	(714)		(674)
Foreign currency translation and other	—		—
Net liability at end of period	7,634		7,268
Add back reinsurance recoverables, net of allowance	3,352		3,116
Gross unpaid losses and LAE included in the balance sheet at end of period	$	10,986	$	10,384

Reinsurance recoverable and premiums receivable, allowance for credit loss

Progressions of the 2022 and 2021 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
	2022		2021		2022		2021
Balance at January 1	$	8	$	6	$	8	$	10
Provision for expected credit losses	(1)		1		(1)		1
Write-offs charged against the allowance	—		—		—		—
Balance at March 31	$	7	$	7	$	7	$	11