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

6 Months Ended

Jun. 30, 2019

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)	2019			2018
Gross unpaid losses and loss expenses – beginning of period	$	62,960		$	63,179
Reinsurance recoverable on unpaid losses - beginning of period (1)	(14,689		)	(14,014		)
Net unpaid losses and loss expenses – beginning of period	48,271			49,165
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	9,224			9,026
Prior years (2)	(411		)	(437		)
Total	8,813			8,589
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,288			2,346
Prior years	5,823			6,269
Total	8,111			8,615
Foreign currency revaluation and other	(1		)	(96		)
Net unpaid losses and loss expenses – end of period	48,972			49,043
Reinsurance recoverable on unpaid losses (1)	14,233			13,735
Gross unpaid losses and loss expenses – end of period	$	63,205		$	62,778

⁽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 totaling $19 million and $37 million for the six months ended June 30, 2019 and 2018, respectively.

Prior Period Development, by Segment [Table Text Block]

The following table summarizes (favorable) and adverse PPD by segment.

	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
2019
North America Commercial P&C Insurance	$	(206	)	$	21		$	(185	)	$	(271	)	$	(45	)	$	(316	)
North America Personal P&C Insurance	—			(16		)	(16		)	—			(26		)	(26		)
North America Agricultural Insurance	—			—			—			—			(61		)	(61		)
Overseas General Insurance	—			(20		)	(20		)	—			(24		)	(24		)
Global Reinsurance	(33		)	33			—			(34		)	26			(8		)
Corporate	33			—			33			43			—			43
Total	$	(206	)	$	18		$	(188	)	$	(262	)	$	(130	)	$	(392	)
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	)