Claims Development tables [Table Text Block] |
North America Commercial P&C Insurance — Workers' Compensation — Long-tail This product line has a substantial geographic spread and a broad mix across industries. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.
The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-58. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 1,050 | | | $ | 1,011 | | | $ | 1,030 | | | $ | 1,040 | | | $ | 1,011 | | | $ | 989 | | | $ | 986 | | | $ | 977 | | | $ | 953 | | | $ | 952 | | | $ | 224 | | | 44 | | 2013 | | | 1,109 | | | 1,108 | | | 1,122 | | | 1,127 | | | 1,086 | | | 1,073 | | | 1,037 | | | 1,014 | | | 989 | | | 252 | | | 43 | | 2014 | | | | | 1,207 | | | 1,201 | | | 1,217 | | | 1,215 | | | 1,163 | | | 1,100 | | | 1,073 | | | 1,037 | | | 305 | | | 45 | | 2015 | | | | | | | 1,282 | | | 1,259 | | | 1,276 | | | 1,279 | | | 1,217 | | | 1,154 | | | 1,128 | | | 379 | | | 50 | | 2016 | | | | | | | | | 1,367 | | | 1,361 | | | 1,383 | | | 1,378 | | | 1,269 | | | 1,206 | | | 439 | | | 52 | | 2017 | | | | | | | | | | | 1,413 | | | 1,380 | | | 1,399 | | | 1,393 | | | 1,376 | | | 679 | | | 50 | | 2018 | | | | | | | | | | | | | 1,359 | | | 1,361 | | | 1,379 | | | 1,385 | | | 681 | | | 51 | | 2019 | | | | | | | | | | | | | | | 1,391 | | | 1,384 | | | 1,401 | | | 718 | | | 47 | | 2020 | | | | | | | | | | | | | | | | | 1,367 | | | 1,387 | | | 903 | | | 31 | | 2021 | | | | | | | | | | | | | | | | | | | 1,348 | | | 1,033 | | | 30 | | Total | | | | | | | | | | | | | | | | | | | $ | 12,209 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 111 | | | $ | 271 | | | $ | 365 | | | $ | 436 | | | $ | 486 | | | $ | 532 | | | $ | 574 | | | $ | 592 | | | $ | 612 | | | $ | 626 | | 2013 | | | | 107 | | | 286 | | | 422 | | | 506 | | | 553 | | | 587 | | | 616 | | | 633 | | | 650 | | 2014 | | | | | | 113 | | | 295 | | | 410 | | | 484 | | | 532 | | | 566 | | | 599 | | | 617 | | 2015 | | | | | | | | 116 | | | 301 | | | 418 | | | 501 | | | 564 | | | 606 | | | 628 | | 2016 | | | | | | | | | | 122 | | | 326 | | | 452 | | | 529 | | | 584 | | | 621 | | 2017 | | | | | | | | | | | | 120 | | | 313 | | | 437 | | | 516 | | | 564 | | 2018 | | | | | | | | | | | | | | 130 | | | 329 | | | 451 | | | 528 | | 2019 | | | | | | | | | | | | | | | | 143 | | | 341 | | | 467 | | 2020 | | | | | | | | | | | | | | | | | | 111 | | | 282 | | 2021 | | | | | | | | | | | | | | | | | | | | 120 | | Total | | | | | | | | | | | | | | | | | | | | $ | 5,103 | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | | | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 2,836 | | Accident years 2012 - 2021 from tables above | | 7,106 | | All Accident years | | $ | 9,942 | |
North America Commercial P&C Insurance — Liability — Long-tail This line consists of primary and excess liability exposures, medical liability, and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.
The primary and excess liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.
This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 3,552 | | | $ | 3,628 | | | $ | 3,614 | | | $ | 3,565 | | | $ | 3,525 | | | $ | 3,427 | | | $ | 3,331 | | | $ | 3,235 | | | $ | 3,235 | | | $ | 3,308 | | | $ | 302 | | | 25 | | 2013 | | | 3,547 | | | 3,542 | | | 3,543 | | | 3,533 | | | 3,430 | | | 3,216 | | | 3,122 | | | 2,964 | | | 2,956 | | | 252 | | | 25 | | 2014 | | | | | 3,535 | | | 3,586 | | | 3,675 | | | 3,718 | | | 3,656 | | | 3,470 | | | 3,346 | | | 3,198 | | | 381 | | | 24 | | 2015 | | | | | | | 3,560 | | | 3,709 | | | 3,819 | | | 3,977 | | | 3,943 | | | 3,736 | | | 3,709 | | | 714 | | | 27 | | 2016 | | | | | | | | | 3,534 | | | 3,595 | | | 3,692 | | | 3,805 | | | 3,799 | | | 3,771 | | | 773 | | | 27 | | 2017 | | | | | | | | | | | 3,322 | | | 3,499 | | | 3,581 | | | 3,631 | | | 3,552 | | | 1,156 | | | 27 | | 2018 | | | | | | | | | | | | | 3,375 | | | 3,494 | | | 3,697 | | | 3,828 | | | 1,445 | | | 28 | | 2019 | | | | | | | | | | | | | | | 3,452 | | | 3,628 | | | 3,867 | | | 1,982 | | | 30 | | 2020 | | | | | | | | | | | | | | | | | 4,106 | | | 3,832 | | | 2,780 | | | 24 | | 2021 | | | | | | | | | | | | | | | | | | | 4,322 | | | 3,941 | | | 25 | | Total | | | | | | | | | | | | | | | | | | | $ | 36,343 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | North America Commercial P&C Insurance — Liability — Long-tail (continued) | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 166 | | | $ | 656 | | | $ | 1,172 | | | $ | 1,680 | | | $ | 2,093 | | | $ | 2,327 | | | $ | 2,502 | | | $ | 2,619 | | | $ | 2,688 | | | $ | 2,783 | | 2013 | | | | 130 | | | 548 | | | 1,192 | | | 1,597 | | | 2,007 | | | 2,232 | | | 2,374 | | | 2,465 | | | 2,525 | | 2014 | | | | | | 164 | | | 679 | | | 1,250 | | | 1,804 | | | 2,202 | | | 2,442 | | | 2,584 | | | 2,673 | | 2015 | | | | | | | | 138 | | | 605 | | | 1,206 | | | 1,856 | | | 2,291 | | | 2,533 | | | 2,749 | | 2016 | | | | | | | | | | 171 | | | 663 | | | 1,336 | | | 1,975 | | | 2,334 | | | 2,596 | | 2017 | | | | | | | | | | | | 161 | | | 617 | | | 1,162 | | | 1,701 | | | 2,003 | | 2018 | | | | | | | | | | | | | | 190 | | | 754 | | | 1,303 | | | 1,777 | | 2019 | | | | | | | | | | | | | | | | 176 | | | 671 | | | 1,248 | | 2020 | | | | | | | | | | | | | | | | | | 152 | | | 590 | | 2021 | | | | | | | | | | | | | | | | | | | | 175 | | Total | | | | | | | | | | | | | | | | | | | | $ | 19,119 | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 1,512 | | Accident years 2012 - 2021 from tables above | | 17,224 | | All Accident years | | $ | 18,736 | |
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation. There is also a small portion of commercial multi-peril (CMP) business in accident years 2014 and prior. The paid and reported data are impacted by some catastrophe loss activity primarily on the CMP exposures just noted. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 634 | | | $ | 606 | | | $ | 577 | | | $ | 561 | | | $ | 520 | | | $ | 519 | | | $ | 509 | | | $ | 507 | | | $ | 505 | | | $ | 500 | | | $ | 2 | | | 16 | | 2013 | | | 527 | | | 531 | | | 523 | | | 516 | | | 469 | | | 462 | | | 462 | | | 458 | | | 461 | | | 12 | | | 18 | | 2014 | | | | | 595 | | | 583 | | | 581 | | | 597 | | | 555 | | | 539 | | | 539 | | | 531 | | | 14 | | | 17 | | 2015 | | | | | | | 487 | | | 470 | | | 502 | | | 515 | | | 458 | | | 455 | | | 463 | | | 31 | | | 15 | | 2016 | | | | | | | | | 504 | | | 502 | | | 527 | | | 524 | | | 481 | | | 480 | | | 51 | | | 16 | | 2017 | | | | | | | | | | | 532 | | | 566 | | | 577 | | | 616 | | | 605 | | | 79 | | | 17 | | 2018 | | | | | | | | | | | | | 536 | | | 564 | | | 575 | | | 580 | | | 110 | | | 17 | | 2019 | | | | | | | | | | | | | | | 606 | | | 637 | | | 686 | | | 219 | | | 16 | | 2020 | | | | | | | | | | | | | | | | | 646 | | | 634 | | | 372 | | | 11 | | 2021 | | | | | | | | | | | | | | | | | | | 675 | | | 515 | | | 9 | | Total | | | | | | | | | | | | | | | | | | | $ | 5,615 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 69 | | | $ | 223 | | | $ | 320 | | | $ | 387 | | | $ | 435 | | | $ | 470 | | | $ | 487 | | | $ | 493 | | | $ | 502 | | | $ | 496 | | 2013 | | | | 69 | | | 197 | | | 271 | | | 348 | | | 385 | | | 412 | | | 419 | | | 426 | | | 439 | | 2014 | | | | | | 80 | | | 220 | | | 317 | | | 391 | | | 455 | | | 473 | | | 501 | | | 509 | | 2015 | | | | | | | | 47 | | | 137 | | | 215 | | | 305 | | | 371 | | | 395 | | | 412 | | 2016 | | | | | | | | | | 52 | | | 145 | | | 246 | | | 324 | | | 375 | | | 398 | | 2017 | | | | | | | | | | | | 66 | | | 175 | | | 313 | | | 381 | | | 446 | | 2018 | | | | | | | | | | | | | | 74 | | | 169 | | | 270 | | | 365 | | 2019 | | | | | | | | | | | | | | | | 70 | | | 190 | | | 318 | | 2020 | | | | | | | | | | | | | | | | | | 53 | | | 151 | | 2021 | | | | | | | | | | | | | | | | | | | | 60 | | Total | | | | | | | | | | | | | | | | | | | | $ | 3,594 | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 283 | | Accident years 2012 - 2021 from tables above | | 2,021 | | All Accident years | | $ | 2,304 | |
This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was also impacted by natural catastrophes mainly in the 2012, 2017, and 2018 accident years. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 2,033 | | | $ | 1,916 | | | $ | 1,883 | | | $ | 1,864 | | | $ | 1,859 | | | $ | 1,847 | | | $ | 1,844 | | | $ | 1,850 | | | $ | 1,844 | | | $ | 1,848 | | | $ | 5 | | | 426 | | 2013 | | | 1,434 | | | 1,424 | | | 1,337 | | | 1,360 | | | 1,340 | | | 1,340 | | | 1,338 | | | 1,344 | | | 1,343 | | | 5 | | | 455 | | 2014 | | | | | 1,643 | | | 1,661 | | | 1,579 | | | 1,559 | | | 1,549 | | | 1,550 | | | 1,558 | | | 1,552 | | | 3 | | | 483 | | 2015 | | | | | | | 1,736 | | | 1,745 | | | 1,650 | | | 1,638 | | | 1,605 | | | 1,589 | | | 1,592 | | | (6) | | | 545 | | 2016 | | | | | | | | | 1,911 | | | 1,890 | | | 1,800 | | | 1,782 | | | 1,818 | | | 1,832 | | | 34 | | | 650 | | 2017 | | | | | | | | | | | 2,704 | | | 2,608 | | | 2,504 | | | 2,521 | | | 2,513 | | | 51 | | | 763 | | 2018 | | | | | | | | | | | | | 2,053 | | | 2,240 | | | 2,175 | | | 2,167 | | | 41 | | | 903 | | 2019 | | | | | | | | | | | | | | | 2,052 | | | 2,037 | | | 1,959 | | | 67 | | | 1,042 | | 2020 | | | | | | | | | | | | | | | | | 3,148 | | | 2,951 | | | 357 | | | 1,118 | | 2021 | | | | | | | | | | | | | | | | | | | 2,947 | | | 1,249 | | | 726 | | Total | | | | | | | | | | | | | | | | | | | $ | 20,704 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 715 | | | $ | 1,577 | | | $ | 1,698 | | | $ | 1,767 | | | $ | 1,795 | | | $ | 1,822 | | | $ | 1,816 | | | $ | 1,842 | | | $ | 1,844 | | | $ | 1,839 | | 2013 | | | | 651 | | | 1,138 | | | 1,238 | | | 1,285 | | | 1,311 | | | 1,324 | | | 1,333 | | | 1,335 | | | 1,336 | | 2014 | | | | | | 820 | | | 1,373 | | | 1,484 | | | 1,506 | | | 1,532 | | | 1,546 | | | 1,554 | | | 1,558 | | 2015 | | | | | | | | 727 | | | 1,343 | | | 1,488 | | | 1,556 | | | 1,572 | | | 1,574 | | | 1,587 | | 2016 | | | | | | | | | | 846 | | | 1,505 | | | 1,656 | | | 1,733 | | | 1,760 | | | 1,786 | | 2017 | | | | | | | | | | | | 979 | | | 2,087 | | | 2,302 | | | 2,392 | | | 2,406 | | 2018 | | | | | | | | | | | | | | 1,027 | | | 1,825 | | | 2,018 | | | 2,074 | | 2019 | | | | | | | | | | | | | | | | 1,030 | | | 1,677 | | | 1,804 | | 2020 | | | | | | | | | | | | | | | | | | 1,396 | | | 2,271 | | 2021 | | | | | | | | | | | | | | | | | | | | 1,087 | | Total | | | | | | | | | | | | | | | | | | | | $ | 17,748 | |
| | | | | | | | | North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued) | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | | | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 7 | | Accident years 2012 - 2021 from tables above | | 2,956 | | All Accident years | | $ | 2,963 | |
North America Personal P&C Insurance — Short-tail Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. A portfolio acquired from Fireman’s Fund is presented on a prospective basis beginning in May of accident year 2015. Reserves associated with prior accident periods were acquired through a loss portfolio transfer, which does not allow for a retrospective presentation. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in 2012, 2017 and 2018 accident years. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 2,186 | | | $ | 2,183 | | | $ | 2,183 | | | $ | 2,191 | | | $ | 2,186 | | | $ | 2,186 | | | $ | 2,189 | | | $ | 2,194 | | | $ | 2,190 | | | $ | 2,188 | | | $ | 5 | | | 188 | | 2013 | | | 1,860 | | | 1,889 | | | 1,897 | | | 1,900 | | | 1,925 | | | 1,937 | | | 1,945 | | | 1,948 | | | 1,949 | | | 23 | | | 132 | | 2014 | | | | | 2,205 | | | 2,206 | | | 2,192 | | | 2,146 | | | 2,160 | | | 2,147 | | | 2,141 | | | 2,141 | | | 11 | | | 144 | | 2015 | | | | | | | 2,495 | | | 2,550 | | | 2,561 | | | 2,544 | | | 2,563 | | | 2,570 | | | 2,566 | | | 12 | | | 148 | | 2016 | | | | | | | | | 2,440 | | | 2,536 | | | 2,545 | | | 2,482 | | | 2,471 | | | 2,464 | | | 27 | | | 154 | | 2017 | | | | | | | | | | | 3,035 | | | 3,069 | | | 3,002 | | | 2,998 | | | 2,998 | | | 63 | | | 163 | | 2018 | | | | | | | | | | | | | 3,010 | | | 3,037 | | | 3,103 | | | 3,118 | | | 197 | | | 169 | | 2019 | | | | | | | | | | | | | | | 2,957 | | | 2,993 | | | 2,994 | | | 209 | | | 156 | | 2020 | | | | | | | | | | | | | | | | | 2,931 | | | 2,634 | | | 376 | | | 121 | | 2021 | | | | | | | | | | | | | | | | | | | 3,037 | | | 1,025 | | | 103 | | Total | | | | | | | | | | | | | | | | | | | $ | 26,089 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | North America Personal P&C Insurance — Short-tail (continued) | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 1,177 | | | $ | 1,806 | | | $ | 1,957 | | | $ | 2,063 | | | $ | 2,117 | | | $ | 2,150 | | | $ | 2,164 | | | $ | 2,164 | | | $ | 2,165 | | | $ | 2,177 | | 2013 | | | | 1,043 | | | 1,505 | | | 1,688 | | | 1,787 | | | 1,843 | | | 1,885 | | | 1,895 | | | 1,917 | | | 1,916 | | 2014 | | | | | | 1,310 | | | 1,765 | | | 1,926 | | | 2,035 | | | 2,080 | | | 2,106 | | | 2,116 | | | 2,123 | | 2015 | | | | | | | | 1,499 | | | 2,084 | | | 2,271 | | | 2,392 | | | 2,478 | | | 2,508 | | | 2,533 | | 2016 | | | | | | | | | | 1,453 | | | 2,052 | | | 2,211 | | | 2,314 | | | 2,370 | | | 2,398 | | 2017 | | | | | | | | | | | | 1,698 | | | 2,520 | | | 2,668 | | | 2,799 | | | 2,870 | | 2018 | | | | | | | | | | | | | | 1,926 | | | 2,549 | | | 2,706 | | | 2,865 | | 2019 | | | | | | | | | | | | | | | | 1,668 | | | 2,437 | | | 2,617 | | 2020 | | | | | | | | | | | | | | | | | | 1,334 | | | 1,995 | | 2021 | | | | | | | | | | | | | | | | | | | | 1,587 | | Total | | | | | | | | | | | | | | | | | | | | $ | 23,081 | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | | | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 27 | | Accident years 2012 - 2021 from tables above | | 3,008 | | All Accident years | | $ | 3,035 | |
This product line is comprised of D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 46 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprised of a mix of primary and excess businesses.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 1,249 | | | $ | 1,219 | | | $ | 1,282 | | | $ | 1,300 | | | $ | 1,297 | | | $ | 1,287 | | | $ | 1,267 | | | $ | 1,257 | | | $ | 1,227 | | | $ | 1,237 | | | $ | 62 | | | 38 | | 2013 | | | 1,238 | | | 1,234 | | | 1,230 | | | 1,274 | | | 1,228 | | | 1,195 | | | 1,137 | | | 1,104 | | | 1,124 | | | 73 | | | 39 | | 2014 | | | | | 1,237 | | | 1,307 | | | 1,316 | | | 1,331 | | | 1,248 | | | 1,165 | | | 1,125 | | | 1,134 | | | 101 | | | 40 | | 2015 | | | | | | | 1,153 | | | 1,249 | | | 1,278 | | | 1,301 | | | 1,278 | | | 1,219 | | | 1,202 | | | 137 | | | 42 | | 2016 | | | | | | | | | 1,189 | | | 1,289 | | | 1,356 | | | 1,385 | | | 1,373 | | | 1,382 | | | 286 | | | 43 | | 2017 | | | | | | | | | | | 1,180 | | | 1,282 | | | 1,330 | | | 1,379 | | | 1,343 | | | 205 | | | 44 | | 2018 | | | | | | | | | | | | | 1,279 | | | 1,330 | | | 1,392 | | | 1,434 | | | 493 | | | 44 | | 2019 | | | | | | | | | | | | | | | 1,354 | | | 1,422 | | | 1,447 | | | 620 | | | 42 | | 2020 | | | | | | | | | | | | | | | | | 1,740 | | | 1,656 | | | 1,101 | | | 34 | | 2021 | | | | | | | | | | | | | | | | | | | 1,678 | | | 1,373 | | | 29 | | Total | | | | | | | | | | | | | | | | | | | $ | 13,637 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | | | Years Ended December 31 | | | (in millions of U.S. dollars) | Unaudited | | | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | | 2012 | | $ | 72 | | | $ | 244 | | | $ | 427 | | | $ | 577 | | | $ | 690 | | | $ | 828 | | | $ | 898 | | | $ | 940 | | | $ | 1,005 | | | $ | 1,061 | | | | 2013 | | | | 82 | | | 258 | | | 412 | | | 557 | | | 699 | | | 799 | | | 866 | | | 917 | | | 938 | | | | 2014 | | | | | | 107 | | | 283 | | | 457 | | | 588 | | | 701 | | | 784 | | | 847 | | | 890 | | | | 2015 | | | | | | | | 82 | | | 276 | | | 478 | | | 655 | | | 774 | | | 853 | | | 929 | | | | 2016 | | | | | | | | | | 123 | | | 313 | | | 517 | | | 664 | | | 787 | | | 883 | | | | 2017 | | | | | | | | | | | | 94 | | | 310 | | | 516 | | | 676 | | | 842 | | | | 2018 | | | | | | | | | | | | | | 109 | | | 322 | | | 485 | | | 627 | | | | 2019 | | | | | | | | | | | | | | | | 121 | | | 327 | | | 459 | | | | 2020 | | | | | | | | | | | | | | | | | | 105 | | | 283 | | | | 2021 | | | | | | | | | | | | | | | | | | | | 116 | | | | Total | | | | | | | | | | | | | | | | | | | | $ | 7,028 | | | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 443 | | Accident years 2012 - 2021 from tables above | | 6,609 | | All Accident years | | $ | 7,052 | |
This product line is comprised of commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, Asia Pacific and Japan), personal cell phones, personal residential (including high net worth), energy and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes mainly in the 2017 and 2018 accident years. Europe and Asia each make up about one third of the Chubb Overseas General non-casualty book. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | | Reported Claims (in thousands) | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 1,634 | | | $ | 1,624 | | | $ | 1,584 | | | $ | 1,531 | | | $ | 1,524 | | | $ | 1,516 | | | $ | 1,501 | | | $ | 1,496 | | | $ | 1,489 | | | $ | 1,488 | | | $ | 4 | | | 555 | | 2013 | | | 1,703 | | | 1,698 | | | 1,635 | | | 1,589 | | | 1,584 | | | 1,557 | | | 1,545 | | | 1,536 | | | 1,527 | | | 12 | | | 573 | | 2014 | | | | | 1,774 | | | 1,839 | | | 1,785 | | | 1,775 | | | 1,740 | | | 1,730 | | | 1,723 | | | 1,717 | | | (3) | | | 548 | | 2015 | | | | | | | 1,867 | | | 1,985 | | | 1,963 | | | 1,933 | | | 1,915 | | | 1,908 | | | 1,890 | | | 3 | | | 570 | | 2016 | | | | | | | | | 1,975 | | | 1,973 | | | 1,960 | | | 1,938 | | | 1,942 | | | 1,972 | | | 38 | | | 581 | | 2017 | | | | | | | | | | | 2,122 | | | 2,161 | | | 2,143 | | | 2,125 | | | 2,149 | | | 15 | | | 589 | | 2018 | | | | | | | | | | | | | 2,083 | | | 2,169 | | | 2,132 | | | 2,109 | | | 29 | | | 623 | | 2019 | | | | | | | | | | | | | | | 2,098 | | | 2,117 | | | 2,049 | | | 22 | | | 640 | | 2020 | | | | | | | | | | | | | | | | | 2,448 | | | 2,309 | | | 250 | | | 541 | | 2021 | | | | | | | | | | | | | | | | | | | 2,521 | | | 699 | | | 531 | | Total | | | | | | | | | | | | | | | | | | | $ | 19,731 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Overseas General Insurance — Non-Casualty — Short-tail (continued) | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 643 | | | $ | 1,176 | | | $ | 1,357 | | | $ | 1,415 | | | $ | 1,437 | | | $ | 1,447 | | | $ | 1,458 | | | $ | 1,461 | | | $ | 1,460 | | | $ | 1,471 | | 2013 | | | | 659 | | | 1,221 | | | 1,410 | | | 1,441 | | | 1,477 | | | 1,495 | | | 1,502 | | | 1,505 | | | 1,503 | | 2014 | | | | | | 718 | | | 1,365 | | | 1,571 | | | 1,633 | | | 1,662 | | | 1,675 | | | 1,689 | | | 1,696 | | 2015 | | | | | | | | 811 | | | 1,481 | | | 1,707 | | | 1,786 | | | 1,807 | | | 1,836 | | | 1,853 | | 2016 | | | | | | | | | | 959 | | | 1,597 | | | 1,791 | | | 1,861 | | | 1,886 | | | 1,895 | | 2017 | | | | | | | | | | | | 1,000 | | | 1,765 | | | 1,938 | | | 2,012 | | | 2,052 | | 2018 | | | | | | | | | | | | | | 954 | | | 1,668 | | | 1,868 | | | 1,936 | | 2019 | | | | | | | | | | | | | | | | 996 | | | 1,657 | | | 1,849 | | 2020 | | | | | | | | | | | | | | | | | | 1,031 | | | 1,649 | | 2021 | | | | | | | | | | | | | | | | | | | | 962 | | Total | | | | | | | | | | | | | | | | | | | | $ | 16,866 | |
| | | | | | | | | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 119 | | Accident years 2012 - 2021 from tables above | | 2,865 | | All Accident years | | $ | 2,984 | |
This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Global Reinsurance — Casualty — Long-tail (continued) | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | | As of December 31 2021 | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 386 | | | $ | 382 | | | $ | 391 | | | $ | 393 | | | $ | 378 | | | $ | 372 | | | $ | 371 | | | $ | 373 | | | $ | 378 | | | $ | 376 | | | $ | 5 | | 2013 | | | 320 | | | 326 | | | 329 | | | 329 | | | 331 | | | 323 | | | 316 | | | 310 | | | 309 | | | 10 | | 2014 | | | | | 332 | | | 333 | | | 339 | | | 342 | | | 343 | | | 346 | | | 329 | | | 330 | | | 11 | | 2015 | | | | | | | 284 | | | 288 | | | 299 | | | 300 | | | 308 | | | 304 | | | 308 | | | 14 | | 2016 | | | | | | | | | 223 | | | 226 | | | 235 | | | 234 | | | 243 | | | 243 | | | 16 | | 2017 | | | | | | | | | | | 213 | | | 215 | | | 219 | | | 217 | | | 218 | | | 17 | | 2018 | | | | | | | | | | | | | 244 | | | 247 | | | 254 | | | 250 | | | 25 | | 2019 | | | | | | | | | | | | | | | 238 | | | 246 | | | 241 | | | 56 | | 2020 | | | | | | | | | | | | | | | | | 246 | | | 250 | | | 97 | | 2021 | | | | | | | | | | | | | | | | | | | 281 | | | 196 | | Total | | | | | | | | | | | | | | | | | | | $ | 2,806 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses | | | | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 78 | | | $ | 168 | | | $ | 222 | | | $ | 262 | | | $ | 293 | | | $ | 308 | | | $ | 324 | | | $ | 335 | | | $ | 341 | | | $ | 347 | | 2013 | | | | 65 | | | 143 | | | 186 | | | 222 | | | 241 | | | 260 | | | 269 | | | 271 | | | 278 | | 2014 | | | | | | 91 | | | 184 | | | 217 | | | 248 | | | 264 | | | 276 | | | 286 | | | 295 | | 2015 | | | | | | | | 90 | | | 158 | | | 191 | | | 217 | | | 232 | | | 249 | | | 266 | | 2016 | | | | | | | | | | 57 | | | 113 | | | 142 | | | 159 | | | 175 | | | 192 | | 2017 | | | | | | | | | | | | 46 | | | 100 | | | 122 | | | 140 | | | 155 | | 2018 | | | | | | | | | | | | | | 41 | | | 96 | | | 125 | | | 149 | | 2019 | | | | | | | | | | | | | | | | 40 | | | 90 | | | 116 | | 2020 | | | | | | | | | | | | | | | | | | 41 | | | 99 | | 2021 | | | | | | | | | | | | | | | | | | | | 35 | | Total | | | | | | | | | | | | | | | | | | | | $ | 1,932 | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 317 | | Accident years 2012 - 2021 from tables above | | 874 | | All Accident years | | $ | 1,191 | |
This product line includes property, property catastrophe, marine, credit/surety, A&H and energy. This product line is impacted by natural catastrophes, particularly in the 2017, 2018, 2020, and 2021 accident years. Of the non-catastrophe book, the mixture of business varies by year with approximately 79 percent of loss on proportional treaties in treaty year 2012 and after. This percentage has increased over time with the proportion being approximately 54 percent for treaty year 2012 growing to an average of 83 percent for treaty years 2013 to 2021, with the remainder being written on an excess of loss basis. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Incurred Loss and Allocated Loss Adjustment Expenses | | | | As of December 31 2021 | | | Years Ended December 31 | | (in millions of U.S. dollars) | Unaudited | | | | Net IBNR Reserves | Accident Year | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | | 2012 | $ | 232 | | | $ | 211 | | | $ | 201 | | | $ | 192 | | | $ | 190 | | | $ | 188 | | | $ | 185 | | | $ | 185 | | | $ | 183 | | | $ | 184 | | | $ | 1 | | 2013 | | | 160 | | | 158 | | | 146 | | | 141 | | | 142 | | | 140 | | | 140 | | | 139 | | | 138 | | | — | | 2014 | | | | | 164 | | | 179 | | | 179 | | | 182 | | | 181 | | | 179 | | | 178 | | | 177 | | | 1 | | 2015 | | | | | | | 146 | | | 154 | | | 161 | | | 161 | | | 153 | | | 159 | | | 157 | | | 1 | | 2016 | | | | | | | | | 182 | | | 187 | | | 189 | | | 192 | | | 188 | | | 186 | | | 2 | | 2017 | | | | | | | | | | | 396 | | | 423 | | | 453 | | | 450 | | | 454 | | | 13 | | 2018 | | | | | | | | | | | | | 285 | | | 295 | | | 299 | | | 294 | | | 1 | | 2019 | | | | | | | | | | | | | | | 139 | | | 137 | | | 133 | | | 18 | | 2020 | | | | | | | | | | | | | | | | | 211 | | | 255 | | | 34 | | 2021 | | | | | | | | | | | | | | | | | | | 342 | | | 131 | | Total | | | | | | | | | | | | | | | | | | | $ | 2,320 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses |
| | | Years Ended December 31 | (in millions of U.S. dollars) | Unaudited | | | Accident Year | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021 | 2012 | | $ | 45 | | | $ | 130 | | | $ | 156 | | | $ | 166 | | | $ | 172 | | | $ | 177 | | | $ | 180 | | | $ | 180 | | | $ | 179 | | | $ | 179 | | 2013 | | | | 46 | | | 102 | | | 120 | | | 130 | | | 133 | | | 135 | | | 136 | | | 137 | | | 137 | | 2014 | | | | | | 65 | | | 128 | | | 151 | | | 162 | | | 167 | | | 170 | | | 172 | | | 172 | | 2015 | | | | | | | | 56 | | | 103 | | | 132 | | | 142 | | | 146 | | | 151 | | | 152 | | 2016 | | | | | | | | | | 57 | | | 132 | | | 159 | | | 170 | | | 176 | | | 180 | | 2017 | | | | | | | | | | | | 191 | | | 322 | | | 401 | | | 415 | | | 428 | | 2018 | | | | | | | | | | | | | | 94 | | | 255 | | | 273 | | | 276 | | 2019 | | | | | | | | | | | | | | | | 35 | | | 84 | | | 99 | | 2020 | | | | | | | | | | | | | | | | | | 62 | | | 178 | | 2021 | | | | | | | | | | | | | | | | | | | | 158 | | Total | | | | | | | | | | | | | | | | | | | | $ | 1,959 | |
| | | | | | | | | Net Liabilities for Loss and Allocated Loss Adjustment Expenses | (in millions of U.S. dollars) | | December 31, 2021 | Accident years prior to 2012 | | $ | 11 | | Accident years 2012 - 2021 from tables above | | 361 | | All Accident years | | $ | 372 | |
|