Unpaid losses and loss expenses Unpaid losses and loss expenses

3 Months Ended

Mar. 31, 2017

Liability for Claims and Claims Adjustment Expense [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]

5. Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

	Three Months Ended March 31
(in millions of U.S. dollars)	2017				2016
Gross unpaid losses and loss expenses – beginning of period		$	60,540		$	37,303
Reinsurance recoverable on unpaid losses (1)		(12,708		)	(10,741		)
Net unpaid losses and loss expenses – beginning of period		47,832			26,562
Acquisition of subsidiaries		—			21,363
Total		47,832			47,925
Net losses and loss expenses incurred in respect of losses occurring in:
Current year		4,078			3,965
Prior years (2)		(289		)	(291		)
Total		3,789			3,674
Net losses and loss expenses paid in respect of losses occurring in:
Current year		798			586
Prior years		3,109			2,963
Total		3,907			3,549
Foreign currency revaluation and other		54			29
Net unpaid losses and loss expenses – end of period		47,768			48,079
Reinsurance recoverable on unpaid losses (1)		12,811			12,127
Gross unpaid losses and loss expenses – end of period		$	60,579		$	60,206
(1) Net of provision for uncollectible reinsurance.
(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums.