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

6 Months Ended

Jun. 30, 2020

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)	2020		2019
Gross unpaid losses and loss expenses – beginning of period	$	62,690	$	62,960
Reinsurance recoverable on unpaid losses - beginning of period (1)	(14,181)		(14,689)
Net unpaid losses and loss expenses – beginning of period	48,509		48,271
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	11,111		9,224
Prior years (2)	(49)		(411)
Total	11,062		8,813
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,263		2,288
Prior years	5,842		5,823
Total	8,105		8,111
Foreign currency revaluation and other	(128)		(1)
Net unpaid losses and loss expenses – end of period	51,338		48,972
Reinsurance recoverable on unpaid losses (1)	14,361		14,233
Gross unpaid losses and loss expenses – end of period	$	65,699	$	63,205

⁽¹⁾ Net of valuation allowance 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 $6 million and $19 million for the six months ended June 30, 2020 and 2019, 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
2020
North America Commercial P&C Insurance	$	(141)	$	(5)	$	(146)	$	(184)	$	(67)	$	(251)
North America Personal P&C Insurance	—		(1)		(1)		—		—		—
North America Agricultural Insurance	—		—		—		—		(14)		(14)
Overseas General Insurance	(1)		(35)		(36)		(1)		(39)		(40)
Global Reinsurance	(19)		3		(16)		(19)		(4)		(23)
Corporate	274		—		274		285		—		285
Total	$	113	$	(38)	$	75	$	81	$	(124)	$	(43)
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)