Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in unpaid losses and loss adjustment expenses (“claim liabilities”), excluding liabilities under retroactive reinsurance contracts (see Note 15), for the nine months ended September 30, 2023 and 2022 follows (in millions).

	2023			2022
Balances at beginning of year:
Gross liabilities	$	107,472		$	86,664
Reinsurance recoverable on unpaid losses		(5,025	)		(2,960	)
Net liabilities		102,447			83,704
Incurred losses and loss adjustment expenses:
Current accident year		44,537			44,472
Prior accident years		(3,126	)		(2,141	)
Total		41,411			42,331
Paid losses and loss adjustment expenses:
Current accident year		(16,962	)		(17,543	)
Prior accident years		(22,171	)		(18,564	)
Total		(39,133	)		(36,107	)
Foreign currency effect		68			(1,044	)
Balances at September 30:
Net liabilities		104,793			88,884
Reinsurance recoverable on unpaid losses		5,031			2,758
Gross liabilities	$	109,824		$	91,642