Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)

6 Months Ended

Jun. 30, 2018

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

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

	Six Months Ended June 30
(in millions of U.S. dollars)	2018			2017
Gross unpaid losses and loss expenses – beginning of period	$	63,179		$	60,540
Reinsurance recoverable on unpaid losses - beginning of period (1)	(14,014		)	(12,708		)
Net unpaid losses and loss expenses – beginning of period	49,165			47,832
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	9,026			8,396
Prior years (2)	(437		)	(461		)
Total	8,589			7,935
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,346			2,271
Prior years	6,269			5,758
Total	8,615			8,029
Foreign currency revaluation and other	(96		)	171
Net unpaid losses and loss expenses – end of period	49,043			47,909
Reinsurance recoverable on unpaid losses (3)	13,735			12,485
Gross unpaid losses and loss expenses – end of period	$	62,778		$	60,394

⁽¹⁾  Net of provision for uncollectible reinsurance of $321 million and $300 million at December 31, 2017 and 2016, respectively.

⁽²⁾  Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $37 million and $60 million for the six months ended June 30, 2018 and 2017, respectively.

⁽³⁾  Net of provision for uncollectible reinsurance of $319 million and $335 million at June 30, 2018 and 2017, respectively.

Prior Period Development, by Segment [Table Text Block]

	Three Months Ended June 30									Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail			Short-tail			Total			Long-tail			Short-tail			Total
2018
North America Commercial P&C Insurance	$	(104	)	$	(51	)	$	(155	)	$	(96	)	$	(160	)	$	(256	)
North America Personal P&C Insurance	—			7			7			—			1			1
North America Agricultural Insurance	—			—			—			—			(76		)	(76		)
Overseas General Insurance	(2		)	(70		)	(72		)	(2		)	(92		)	(94		)
Global Reinsurance	(30		)	14			(16		)	(30		)	—			(30		)
Corporate	45			—			45			55			—			55
Total	$	(91	)	$	(100	)	$	(191	)	$	(73	)	$	(327	)	$	(400	)
2017
North America Commercial P&C Insurance	$	(83	)	$	(48	)	$	(131	)	$	(177	)	$	(133	)	$	(310	)
North America Personal P&C Insurance	—			37			37			—			34			34
North America Agricultural Insurance	—			—			—			—			(79		)	(79		)
Overseas General Insurance	—			(88		)	(88		)	32			(108		)	(76		)
Global Reinsurance	(36		)	5			(31		)	(28		)	5			(23		)
Corporate	43			—			43			53			—			53
Total	$	(76	)	$	(94	)	$	(170	)	$	(120	)	$	(281	)	$	(401	)