Unpaid losses and loss expenses (Tables)

9 Months Ended

Sep. 30, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Unpaid Losses And Loss Expenses Roll Forward [Table Text Block]

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

	Nine Months Ended
	September 30
	2023		2022
(in millions of U.S. dollars)			As Adjusted
Gross unpaid losses and loss expenses – beginning of period	$	75,747	$	72,330
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,086)		(16,132)
Net unpaid losses and loss expenses – beginning of period	58,661		56,198
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	18,604		17,755
Prior years (2)	(667)		(922)
Total	17,937		16,833
Net losses and loss expenses paid in respect of losses occurring in:
Current year	4,853		4,511
Prior years	10,158		9,217
Total	15,011		13,728
Consolidation of Huatai Group	405		—
Foreign currency revaluation and other	(95)		(1,280)
Net unpaid losses and loss expenses – end of period	61,897		58,023
Reinsurance recoverable on unpaid losses (1)	17,808		17,313
Gross unpaid losses and loss expenses – end of period	$	79,705	$	75,336

(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, earned premiums, and development on international A&H lines totaling $71 million and $213 million for the nine months ended September 30, 2023 and 2022, 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
2023
North America Commercial P&C Insurance	$	107	$	(191)	$	(84)	$	(23)	$	(279)	$	(302)
North America Personal P&C Insurance	—		(119)		(119)		—		(135)		(135)
North America Agricultural Insurance	—		(9)		(9)		—		(12)		(12)
Overseas General Insurance	(52)		3		(49)		(52)		(201)		(253)
Global Reinsurance	—		—		—		7		(32)		(25)
Corporate	61		—		61		131		—		131
Total	$	116	$	(316)	$	(200)	$	63	$	(659)	$	(596)
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)