Retroactive reinsurance contracts (Tables)

12 Months Ended

Dec. 31, 2017

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Reconciliation of changes in retroactive reinsurance claim liabilities and deferred charge assets

Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charge reinsurance assumed assets for each of the three years ended December 31, 2017 follows (in millions).

	2017				2016				2015
	Unpaid losses and loss adjustment expenses		Deferred charges reinsurance assumed		Unpaid losses and loss adjustment expenses		Deferred charges reinsurance assumed		Unpaid losses and loss adjustment expenses		Deferred charges reinsurance assumed
Balances – beginning of year	$	24,972	$	(8,047)	$	24,058	$	(7,687)	$	24,702	$	(7,772)
Incurred losses and loss adjustment expenses
Current year contracts		19,005		(7,730)		2,136		(874)		—		—
Prior years’ contracts		(41)		499		(63)		514		546		85
Total		18,964		(7,231)		2,073		(360)		546		85
Paid losses and loss adjustment expenses		(999)		—		(1,159)		—		(1,190)		—
Balances – end of year	$	42,937	$	(15,278)	$	24,972	$	(8,047)	$	24,058	$	(7,687)
Incurred losses and loss adjustment expenses, net of deferred charges	$	11,733			$	1,713			$	631