Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2021

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 14), for each of the three months ending March 31, 2021 and 2020 follows (in millions).

	2021			2020
Balances at beginning of year:
Gross liabilities	$	79,854		$	73,019
Reinsurance recoverable on unpaid losses		(2,912	)		(2,855	)
Net liabilities		76,942			70,164
Incurred losses and loss adjustment expenses:
Current accident year events		11,363			10,896
Prior accident years’ events		(646	)		(200	)
Total		10,717			10,696
Paid losses and loss adjustment expenses:
Current accident year events		(3,214	)		(3,175	)
Prior accident years’ events		(6,454	)		(6,841	)
Total		(9,668	)		(10,016	)
Foreign currency translation adjustment		(94	)		(372	)
Balances at March 31:
Net liabilities		77,897			70,472
Reinsurance recoverable on unpaid losses		3,064			2,890
Gross liabilities	$	80,961		$	73,362