Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2020

Insurance [Abstract]

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 nine months ending September 30, 2020 and 2019 follows (in millions).

	2020			2019
Balances at 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		31,777			31,179
Prior accident years’ events		69			(396	)
Total		31,846			30,783
Paid losses and loss adjustment expenses:
Current accident year events		(11,691	)		(13,144	)
Prior accident years’ events		(15,259	)		(13,967	)
Total		(26,950	)		(27,111	)
Foreign currency translation adjustment		124			(178	)
Balances at September 30:
Net liabilities		75,184			68,892
Reinsurance recoverable on unpaid losses		2,857			3,105
Gross liabilities	$	78,041		$	71,997