Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2017

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in claim liabilities for the nine months ending September 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		28,632			22,737
Prior accident years’ events		(510	)		(1,453	)
Retroactive reinsurance and discount accretion		11,328			1,041
Total incurred losses and loss adjustment expenses		39,450			22,325
Paid losses and loss adjustment expenses with respect to:
Current accident year events		(11,539	)		(10,202	)
Prior accident years’ events		(9,973	)		(8,761	)
Retroactive reinsurance		(762	)		(857	)
Total payments		(22,274	)		(19,820	)
Foreign currency translation adjustment		603			(158	)
Unpaid losses and loss adjustment expenses—September 30:
Net balance		83,312			64,497
Reinsurance recoverable and deferred charges		16,826			10,972
Gross liabilities	$	100,138		$	75,469