Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2018

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 16), for the nine months ending September 30, 2018 and 2017 follow (in millions).

	2018		2017
Balances – beginning of year:
Gross liabilities	$	61,122	$	53,379
Reinsurance recoverable on unpaid losses		(3,201)		(3,338)
Net liabilities		57,921		50,041
Incurred losses and loss adjustment expenses:
Current accident year events		29,071		28,632
Prior accident years’ events		(1,566)		(461)
Total incurred losses and loss adjustment expenses		27,505		28,171
Paid losses and loss adjustment expenses:
Current accident year events		(12,474)		(11,539)
Prior accident years’ events		(11,516)		(9,952)
Total payments		(23,990)		(21,491)
Foreign currency translation adjustment		(117)		603
Balances – September 30:
Net liabilities		61,319		57,324
Reinsurance recoverable on unpaid losses		2,944		3,254
Gross liabilities	$	64,263	$	60,578