Unpaid losses and loss adjustment expenses (Tables)

6 Months Ended

Jun. 30, 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 six-month periods ending June 30, 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		27,427			23,651
Prior accident years		(887	)		(1,064	)
Total		26,540			22,587
Paid losses and loss adjustment expenses:
Current accident year		(10,085	)		(8,406	)
Prior accident years		(13,820	)		(11,169	)
Total		(23,905	)		(19,575	)
Foreign currency effect		(568	)		31
Balances at June 30:
Net liabilities		85,771			79,985
Reinsurance recoverable on unpaid losses		2,789			2,973
Gross liabilities	$	88,560		$	82,958