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Reinsurance
 3 Months Ended
Mar. 31, 2020
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed risks as well as contracts from Cincinnati Re, our reinsurance assumed operations. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and retrocessions on our reinsurance assumed operations. Management's decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:
(Dollars in millions)
 
Three months ended March 31,
 
 
2020
 
2019
Direct written premiums
 
$
1,458

 
$
1,335

Assumed written premiums
 
111

 
87

Ceded written premiums
 
(51
)
 
(41
)
Net written premiums
 
$
1,518

 
$
1,381

 
 
 
 
 
Direct earned premiums
 
$
1,371

 
$
1,266

Assumed earned premiums
 
66

 
43

Ceded earned premiums
 
(48
)
 
(42
)
Earned premiums
 
$
1,389

 
$
1,267

 
 
 
 
 
Direct incurred loss and loss expenses
 
$
900

 
$
787

Assumed incurred loss and loss expenses
 
34

 
25

Ceded incurred loss and loss expenses
 
(4
)
 
(22
)
Incurred loss and loss expenses
 
$
930

 
$
790

 
 
 
 
 


Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles.

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:
(Dollars in millions)
 
Three months ended March 31,
 
 
2020
 
2019
Direct earned premiums
 
$
85

 
$
83

Ceded earned premiums
 
(18
)
 
(17
)
Earned premiums
 
$
67

 
$
66

 
 
 
 
 
Direct contract holders' benefits incurred
 
85

 
85

Ceded contract holders' benefits incurred
 
(12
)
 
(15
)
Contract holders' benefits incurred
 
$
73

 
$
70

 
 
 
 
 

 
The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.