Unpaid losses and loss adjustment expenses (Tables)

6 Months Ended

Jun. 30, 2017

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in claim liabilities for the six months ending June 30, 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 with respect to:
Current accident year events		16,980		14,898
Prior accident years’ events		(199)		(1,071)
Retroactive reinsurance and discount accretion		10,532		883
Total incurred losses and loss adjustment expenses		27,313		14,710
Paid losses and loss adjustment expenses with respect to:
Current accident year events		(6,656)		(6,049)
Prior accident years’ events		(7,265)		(6,512)
Retroactive reinsurance		(618)		(534)
Total payments		(14,539)		(13,095)
Foreign currency translation adjustment		327		(168)
Unpaid losses and loss adjustment expenses—June 30:
Net balance		78,634		63,597
Reinsurance recoverable and deferred charges		16,673		11,111
Gross liabilities	$	95,307	$	74,708