XML 54 R33.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable
12 Months Ended
Mar. 31, 2024
Disclosure Text Block [Abstract]  
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

Note 25. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis.

 

 

 

Direct
Amount (a)

 

 

Ceded to
Other
Companies

 

 

Assumed
from Other
Companies

 

 

Net
Amount (a)

 

Percentage
of
Amount
Assumed to
Net

 

 

 

 

(In thousands)

 

 

Year ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

909,894

 

$

 

48

 

$

 

278,445

 

$

 

1,188,291

 

 

23

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

49,184

 

$

 

1

 

$

 

4,183

 

$

 

53,366

 

 

8

 

%

Accident and health

 

 

35,324

 

 

 

95

 

 

 

844

 

 

 

36,073

 

 

2

 

%

Annuity

 

 

157

 

 

 

 

 

 

149

 

 

 

306

 

 

49

 

%

Property and casualty

 

 

94,802

 

 

 

 

 

 

 

 

 

94,802

 

 

 

%

Total

$

 

179,467

 

$

 

96

 

$

 

5,176

 

$

 

184,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

970,454

 

$

 

48

 

$

 

304,891

 

$

 

1,275,297

 

 

24

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

52,298

 

$

 

1

 

$

 

4,181

 

$

 

56,478

 

 

7

 

%

Accident and health

 

 

41,354

 

 

 

152

 

 

 

983

 

 

 

42,185

 

 

2

 

%

Annuity

 

 

80

 

 

 

 

 

 

406

 

 

 

486

 

 

84

 

%

Property and casualty

 

 

96,242

 

 

 

 

 

 

 

 

 

96,242

 

 

 

%

Total

$

 

189,974

 

$

 

153

 

$

 

5,570

 

$

 

195,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

1,029,537

 

$

 

72

 

$

 

328,030

 

$

 

1,357,495

 

 

24

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

56,353

 

$

 

2

 

$

 

4,514

 

$

 

60,865

 

 

7

 

%

Accident and health

 

 

48,385

 

 

 

160

 

 

 

1,166

 

 

 

49,391

 

 

2

 

%

Annuity

 

 

444

 

 

 

 

 

 

327

 

 

 

771

 

 

42

 

%

Property and casualty

 

 

89,667

 

 

 

 

 

 

 

 

 

89,667

 

 

 

%

Total

$

 

194,849

 

$

 

162

 

$

 

6,007

 

$

 

200,694

 

 

 

 

 

(a)
Balances are reported net of inter-segment transactions.

Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Unpaid losses and loss adjustment expense

$

 

131,192

 

$

 

151,874

 

Reinsurance losses payable

 

 

1,287

 

 

 

1,133

 

Total

$

 

132,479

 

$

 

153,007

 

 

Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Balance at January 1

$

 

151,874

 

$

 

159,162

 

$

 

177,963

 

Less: reinsurance recoverable

 

 

41,329

 

 

 

47,394

 

 

 

64,873

 

Net balance at January 1

 

 

110,545

 

 

 

111,768

 

 

 

113,090

 

Incurred related to:

 

 

 

 

 

 

 

 

 

Current year

 

 

25,396

 

 

 

27,570

 

 

 

28,980

 

Prior years

 

 

(13,153

)

 

 

(5,828

)

 

 

(6,290

)

Total incurred

 

 

12,243

 

 

 

21,742

 

 

 

22,690

 

Paid related to:

 

 

 

 

 

 

 

 

 

Current year

 

 

9,414

 

 

 

10,572

 

 

 

11,040

 

Prior years

 

 

18,369

 

 

 

12,393

 

 

 

12,972

 

Total paid

 

 

27,783

 

 

 

22,965

 

 

 

24,012

 

Net balance at December 31

 

 

95,004

 

 

 

110,545

 

 

 

111,768

 

Plus: reinsurance recoverable

 

 

36,188

 

 

 

41,329

 

 

 

47,394

 

Balance at December 31

$

 

131,192

 

$

 

151,874

 

$

 

159,162

 

 

Prior year incurred losses were impacted by favorable development on numerous Excess Workers' Compensation claims. The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $36.2 million) decreased by $20.7 million as of fiscal 2024.

To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses.

The information about property and casualty incurred and paid loss and loss adjustment expense development for fiscal 2018 through 2024 and the average annual percentage payout of incurred claims by age as of fiscal 2024, is presented as supplementary information. Claims data for fiscal 2018 through 2023 is unaudited. Claims data for fiscal 2024 is audited.

 

Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred-but-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not-Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities Plus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development

 

 

Number of

 

Accident

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

on Reported

 

 

Reported

 

Year

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Claims

 

 

Claims

 

 

 

(In thousands, except claim counts)

 

 

 

 

2018

 

 

15,748

 

 

 

16,109

 

 

 

17,078

 

 

 

15,538

 

 

 

15,273

 

 

 

15,264

 

 

 

15,260

 

 

 

 

 

 

12,308

 

2019

 

 

 

 

 

19,580

 

 

 

18,386

 

 

 

18,027

 

 

 

17,157

 

 

 

16,819

 

 

 

16,856

 

 

 

 

 

 

12,220

 

2020

 

 

 

 

 

 

 

 

22,138

 

 

 

26,316

 

 

 

27,316

 

 

 

27,831

 

 

 

27,793

 

 

 

1,050

 

 

 

12,040

 

2021

 

 

 

 

 

 

 

 

 

 

 

20,671

 

 

 

17,485

 

 

 

17,107

 

 

 

14,561

 

 

 

829

 

 

 

11,552

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,982

 

 

 

25,337

 

 

 

24,484

 

 

 

4,702

 

 

 

14,192

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,570

 

 

 

28,436

 

 

 

5,911

 

 

 

13,152

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,396

 

 

 

10,649

 

 

 

13,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

23,141

 

 

 

 

 

The following table presents paid claims development as of fiscal 2024 net of reinsurance. Claims data for fiscal 2018 through 2023 is unaudited. Claims data for fiscal 2024 is audited.

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

 

 

 

 

 

 

 

Accident

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

2018

 

 

8,970

 

 

 

11,638

 

 

 

14,825

 

 

 

15,012

 

 

 

15,263

 

 

 

15,264

 

 

 

15,260

 

2019

 

 

 

 

 

8,838

 

 

 

12,689

 

 

 

15,150

 

 

 

16,766

 

 

 

16,809

 

 

 

16,851

 

2020

 

 

 

 

 

 

 

 

7,366

 

 

 

14,737

 

 

 

19,215

 

 

 

21,598

 

 

 

25,122

 

2021

 

 

 

 

 

 

 

 

 

 

 

7,665

 

 

 

11,114

 

 

 

12,521

 

 

 

13,510

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,040

 

 

 

14,831

 

 

 

16,829

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,572

 

 

 

18,444

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Total

 

 

 

115,430

 

All outstanding liabilities before 2018, net of reinsurance

 

 

 

 

 

 

57,647

 

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

 

 

95,004

 

 

The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:

 

 

 

March 31, 2024

 

 

 

(In thousands)

 

Liabilities for unpaid Property and Casualty claims

 

 

 

and claim adjustment expenses, net of reinsurance

$

 

95,004

 

 

 

 

 

Total reinsurance recoverable on unpaid

 

 

 

Property and Casualty claims

$

 

36,188

 

 

 

 

 

Total gross liability for unpaid Property and Casualty

 

 

 

claims and claim adjustment expense

$

 

131,192

 

 

 

The following is supplementary information about average historical claims duration as of March 31, 2024. The following is unaudited.

 

Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance

 

 

(In percentages)

 

 

Years

 

1

 

 

2

 

 

3

 

 

4

 

 

5

 

 

6

 

 

7

 

 

Property and Casualty Insurance

 

 

44.2

 

%

 

22.3

 

%

 

13.9

 

%

 

6.5

 

%

 

4.9

 

%

 

0.1

 

%

 

 

%