Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 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 nine-month periods ending September 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		38,447			31,777
Prior accident years’ events		(2,151	)		69
Total		36,296			31,846
Paid losses and loss adjustment expenses:
Current accident year events		(15,277	)		(11,691	)
Prior accident years’ events		(15,076	)		(15,259	)
Total		(30,353	)		(26,950	)
Foreign currency translation adjustment		(119	)		124
Balances at September 30:
Net liabilities		82,766			75,184
Reinsurance recoverable on unpaid losses		2,988			2,857
Gross liabilities	$	85,754		$	78,041