Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2022

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 three-month periods ending March 31, 2022 and 2021 follows (in millions).

	2022			2021
Balances at beginning of year:
Gross liabilities	$	86,664		$	79,854
Reinsurance recoverable on unpaid losses		(2,960	)		(2,912	)
Net liabilities		83,704			76,942
Incurred losses and loss adjustment expenses:
Current accident year		13,375			11,363
Prior accident years		(251	)		(646	)
Total		13,124			10,717
Paid losses and loss adjustment expenses:
Current accident year		(3,908	)		(3,214	)
Prior accident years		(8,091	)		(6,454	)
Total		(11,999	)		(9,668	)
Foreign currency effect		(106	)		(94	)
Balances at March 31:
Net liabilities		84,723			77,897
Reinsurance recoverable on unpaid losses		2,944			3,064
Gross liabilities	$	87,667		$	80,961