Insurance Liabilities

6 Months Ended

Jun. 30, 2020

Insurance Liabilities

Insurance Liabilities

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 six months ended June 30,
	2020		2019
	(in millions)
Balance at beginning of period	$	2,365.5	$	2,252.7
Less: reinsurance recoverable		403.8		404.3
Net balance at beginning of period		1,961.7		1,848.4
Incurred:
Current year		609.5		653.6
Prior years		34.7		29.0
Total incurred		644.2		682.6
Payments:
Current year		333.7		387.8
Prior years		257.6		238.1
Total payments		591.3		625.9
Net balance at end of period		2,014.6		1,905.1
Plus: reinsurance recoverable		418.0		403.7
Balance at end of period	$	2,432.6	$	2,308.8
Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	56.9	$	55.1

Incurred liability adjustments relating to prior years, which affected current operations during 2020 and 2019, 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.