5. Insurance Liabilities

Liability for Unpaid Claims

The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows:

	For the three months ended March 31,
	2017		2016
	(in millions)
Balance at beginning of period	$	2,001.3	$	1,872.2
Less reinsurance recoverable	340.3		314.1

Net balance at beginning of period	1,661.0		1,558.1
Incurred:
Current year	301.0		280.7
Prior years	11.3		6.5

Total incurred	312.3		287.2
Payments:
Current year	140.4		127.2
Prior years	143.9		130.2

Total payments	284.3		257.4

Net balance at end of period	1,689.0		1,587.9
Plus reinsurance recoverable	345.9		323.8

Balance at end of period	$	2,034.9	$	1,911.7


Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	50.0	$	59.9

Incurred liability adjustments relating to prior years, which affected current operations during 2017 and 2016, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.