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 nine months ended September 30,
	2018		2017
	(in millions)
Balance at beginning of period	$	2,130.5	$	2,001.3
Less reinsurance recoverable	375.8		340.3

Net balance at beginning of period	1,754.7		1,661.0
Incurred:
Current year	939.6		867.2
Prior years	11.1		42.2

Total incurred	950.7		909.4
Payments:
Current year	582.6		527.8
Prior years	301.4		318.3

Total payments	884.0		846.1

Net balance at end of period	1,821.4		1,724.3
Plus reinsurance recoverable	390.9		369.9

Balance at end of period	$	2,212.3	$	2,094.2


Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	54.1	$	50.5

Incurred liability adjustments relating to prior years, which affected current operations during 2018 and 2017, 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.