Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of direct, assumed and ceded premiums

The following table presents direct, assumed, and ceded premiums:


	Year Ended December 31
(in millions of U.S. dollars)	2020		2019		2018
Premiums written
Direct	$	37,749	$	36,848	$	34,782
Assumed	3,512		3,276		3,186
Ceded	(7,441)		(7,849)		(7,389)
Net	$	33,820	$	32,275	$	30,579
Premiums earned
Direct	$	37,037	$	35,876	$	34,108
Assumed	3,323		3,107		3,175
Ceded	(7,243)		(7,693)		(7,219)
Net	$	33,117	$	31,290	$	30,064

Schedule of Reinsurance Recoverable on Ceded Insurance [Table Text Block]

b) Reinsurance recoverable on ceded reinsurance


	December 31, 2020				December 31, 2019
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	14,647	$	257	$	14,181	$	240
Reinsurance recoverable on paid losses and loss expenses	945		57		1,000		76
Reinsurance recoverable on losses and loss expenses	$	15,592	$	314	$	15,181	$	316
Reinsurance recoverable on policy benefits	$	206	$	5	$	197	$	4

Reinsurance Recoverable, Allowance for Credit Loss

The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:


(in millions of U.S. dollars)	Year Ended December 31, 2020
Valuation allowance for uncollectible reinsurance - beginning of period	$	316
Provision for uncollectible reinsurance	21
Write-offs charged against the valuation allowance	(25)
Foreign exchange revaluation	2
Valuation allowance for uncollectible reinsurance - end of period	$	314

Schedule of reinsurance recoverable and provision by category of reinsurer


December 31, 2020	Gross Reinsurance Recoverable on Loss and Loss Expenses		Valuation allowance for Uncollectible Reinsurance		% of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages)
Categories
Largest reinsurers	$	7,267	$	88	1.2	%
Other reinsurers rated A- or better	4,901		58		1.2	%
Other reinsurers rated lower than A- or not rated	466		64		13.7	%
Pools	366		14		3.8	%
Structured settlements	521		11		2.1	%
Captives	2,107		11		0.5	%
Other	278		68		24.5	%
Total	$	15,906	$	314	2.0	%