Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2024

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 each of the three-month periods ended March 31, 2024 and 2023 follow (in millions).

	2024			2023
Balance at the beginning of the year:
Gross liabilities	$	111,082		$	107,472
Reinsurance recoverable on unpaid losses		(4,893	)		(5,025	)
Net liabilities		106,189			102,447
Incurred losses and loss adjustment expenses:
Current accident year		13,854			14,776
Prior accident years		(634	)		(740	)
Total		13,220			14,036
Paid losses and loss adjustment expenses:
Current accident year		(3,663	)		(3,841	)
Prior accident years		(8,979	)		(9,747	)
Total		(12,642	)		(13,588	)
Foreign currency effect		(76	)		93
Balance at March 31:
Net liabilities		106,691			102,988
Reinsurance recoverable on unpaid losses		4,791			4,969
Gross liabilities	$	111,482		$	107,957