Insurance Reserves for Losses and Claims

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 is as follows:

	Nine Months Ended September 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		85,132			82,276
Prior accident year development		3,404	(1)		2,706	(2)
Total incurred		88,536			84,982
Paid related to:
Current accident year		40,786			43,595
Prior accident years		45,465			41,634
Total paid		86,251			85,229
Ending insurance reserves for losses and claims, net		75,085			69,590
Plus: Reinsurance recoverable on unpaid losses		16,779			16,089
Ending insurance reserves for losses and claims, gross	$	91,864		$	85,679

(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:

	Nine Months Ended September 30,
	2024		2023
Total incurred losses	$	88,536	$	84,982
Cash surrender value and matured endowments		898		1,063
Benefit reserve changes		5,058		598
Total insurance benefits and losses incurred	$	94,492	$	86,643