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

9 Months Ended

Sep. 30, 2022

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:

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Gross unpaid losses and loss expenses – beginning of period	$	72,943	$	67,811
Reinsurance recoverable on unpaid losses – beginning of period (1)	(16,184)		(14,647)
Net unpaid losses and loss expenses – beginning of period	56,759		53,164
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	18,426		17,556
Prior years (2)	(952)		(868)
Total	17,474		16,688
Net losses and loss expenses paid in respect of losses occurring in:
Current year	5,104		4,771
Prior years	9,217		7,922
Total	14,321		12,693
Foreign currency revaluation and other	(1,300)		(78)
Net unpaid losses and loss expenses – end of period	58,612		57,081
Reinsurance recoverable on unpaid losses (1)	17,380		15,550
Gross unpaid losses and loss expenses – end of period	$	75,992	$	72,631

(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 $243 million and $87 million for the nine months ended September 30, 2022 and 2021, respectively.

Prior Period Development, by Segment [Table Text Block]

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

	Three Months Ended September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2022
North America Commercial P&C Insurance	$	(29)	$	(137)	$	(166)	$	(315)	$	(246)	$	(561)
North America Personal P&C Insurance	—		(133)		(133)		—		(187)		(187)
North America Agricultural Insurance	—		9		9		—		(17)		(17)
Overseas General Insurance	(5)		—		(5)		(5)		(233)		(238)
Global Reinsurance	—		—		—		(7)		29		22
Corporate	73		—		73		272		—		272
Total	$	39	$	(261)	$	(222)	$	(55)	$	(654)	$	(709)
2021
North America Commercial P&C Insurance	$	(101)	$	(56)	$	(157)	$	(243)	$	(197)	$	(440)
North America Personal P&C Insurance	—		(182)		(182)		—		(266)		(266)
North America Agricultural Insurance	—		7		7		—		5		5
Overseas General Insurance	(13)		(15)		(28)		(8)		(201)		(209)
Global Reinsurance	(4)		—		(4)		(26)		15		(11)
Corporate	43		—		43		140		—		140
Total	$	(75)	$	(246)	$	(321)	$	(137)	$	(644)	$	(781)