Unpaid losses and loss adjustment expenses (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of liability for unpaid claims and claims adjustment expense

A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the six months ending June 30, 2020 and 2019 follows (in millions).

	2020			2019
Balances – beginning of year:
Gross liabilities	$	73,019		$	68,458
Reinsurance recoverable on unpaid losses		(2,855	)		(3,060	)
Net liabilities		70,164			65,398
Incurred losses and loss adjustment expenses:
Current accident year events		20,278			20,127
Prior accident years’ events		189			71
Total incurred losses and loss adjustment expenses		20,467			20,198
Paid losses and loss adjustment expenses:
Current accident year events		(6,638	)		(7,724	)
Prior accident years’ events		(11,155	)		(10,243	)
Total payments		(17,793	)		(17,967	)
Foreign currency translation adjustment		(78	)		3
Balances – June 30:
Net liabilities		72,760			67,632
Reinsurance recoverable on unpaid losses		2,909			3,149
Gross liabilities	$	75,669		$	70,781