Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2017

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in claim liabilities for the three months ending March 31, 2017 and 2016 follows (in millions).

	2017		2016
Unpaid losses and loss adjustment expenses—beginning of year:
Gross liabilities		$    76,918		$    73,144
Reinsurance recoverable and deferred charges		(11,385)		(10,994	)
Net balance		65,533		62,150
Incurred losses and loss adjustment expenses recorded during the period:
Current accident year events		8,165		7,192
Prior accident years’ events		118		(372	)
Retroactive reinsurance and discount accretion		10,283		712
Total incurred losses and loss adjustment expenses		18,566		7,532
Paid losses and loss adjustment expenses during the period with respect to:
Current accident year events		(2,678)		(2,421	)
Prior accident years’ events		(4,222)		(3,828	)
Retroactive reinsurance		(429)		(158	)
Total payments		(7,329)		(6,407	)
Foreign currency translation adjustment		77		(21	)
Unpaid losses and loss adjustment expenses—March 31:
Net balance		76,847		63,254
Reinsurance recoverable and deferred charges		17,051		11,308
Gross liabilities		$    93,898		$    74,562