Unpaid losses and loss adjustment expenses (Tables)

6 Months Ended

Jun. 30, 2021

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 14), for each of the six-month periods ending June 30, 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		23,651			20,278
Prior accident years’ events		(1,064	)		189
Total		22,587			20,467
Paid losses and loss adjustment expenses:
Current accident year events		(8,406	)		(6,638	)
Prior accident years’ events		(11,169	)		(11,155	)
Total		(19,575	)		(17,793	)
Foreign currency translation adjustment		31			(78	)
Balances at June 30:
Net liabilities		79,985			72,760
Reinsurance recoverable on unpaid losses		2,973			2,909
Gross liabilities	$	82,958		$	75,669