Insurance Liabilities

6 Months Ended

Jun. 30, 2019

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,
	2019		2018
	(in millions)
Balance at beginning of period	$	2,252.7	$	2,130.5
Less: reinsurance recoverable		404.3		375.8
Net balance at beginning of period		1,848.4		1,754.7
Incurred:
Current year		653.6		617.3
Prior years		29.0		17.9
Total incurred		682.6		635.2
Payments:
Current year		387.8		358.3
Prior years		238.1		231.8
Total payments		625.9		590.1
Net balance at end of period		1,905.1		1,799.8
Plus: reinsurance recoverable		403.7		388.2
Balance at end of period	$	2,308.8	$	2,188.0
Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	55.1	$	51.9

Incurred liability adjustments relating to prior years, which affected current operations during 2019 and 2018, 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.