Insurance Reserves for Losses and Claims

6 Months Ended

Jun. 30, 2024

Insurance Reserves for Losses and Claims [Abstract]

Insurance Reserves for Losses and Claims

Note 7. Insurance Reserves for Losses and Claims

The roll-forward of insurance reserves for losses and claims for the six months ended June 30, 2024 and 2023 is as follows:

	Six Months Ended June 30,
	2024			2023
Beginning insurance reserves for losses and claims, gross	$	87,478		$	87,484
Less: Reinsurance recoverable on unpaid losses		(14,678	)		(17,647	)
Beginning insurance reserves for losses and claims, net		72,800			69,837
Incurred related to:
Current accident year		57,851			57,320
Prior accident year development		1,829	(1)		1,636	(2)
Total incurred		59,680			58,956
Paid related to:
Current accident year		22,405			25,834
Prior accident years		37,016			33,019
Total paid		59,421			58,853
Ending insurance reserves for losses and claims, net		73,059			69,940
Plus: Reinsurance recoverable on unpaid losses		17,565			16,044
Ending insurance reserves for losses and claims, gross	$	90,624		$	85,984

(1) Prior years’ development was primarily the result of unfavorable development in the property and casualty operations predominately in the automobile liability line of business due to inflationary factors.

(2) Prior years’ development was primarily the result of unfavorable development in the property and casualty operations predominately in the automobile liability line of business due to inflationary factors, partially offset by favorable development in the Medicare supplement line of business in the life and health operations.

Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred:

	Six Months Ended June 30,
	2024		2023
Total incurred losses	$	59,680	$	58,956
Cash surrender value and matured endowments		577		812
Benefit reserve changes		3,475		57
Total insurance benefits and losses incurred	$	63,732	$	59,825