Estimated title losses.



	2015		2014		2013
	($000 omitted)
Balances at January 1	495,395		506,888		520,375
Provisions:
Current year	68,029		64,577		92,043
Previous policy years	38,236		16,728		14,275
Total provisions	106,265		81,305		106,318
Payments, net of recoveries:
Current year	(19,182	)	(18,775	)	(23,969	)
Previous policy years	(104,450	)	(67,898	)	(91,715	)
Total payments, net of recoveries	(123,632	)	(86,673	)	(115,684	)
Adjustments related to acquired balance	(2,303	)	2,268		—
Effects of changes in foreign currency exchange rates	(13,103	)	(8,393	)	(4,121	)
Balances at December 31	462,622		495,395		506,888
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.6	%	3.8	%	5.1	%
Total provisions	5.6	%	4.7	%	5.9	%

The loss ratio on the total provision recorded for the year ended December 31, 2015 reflected an ultimate loss rate of 3.6% for policies issued in the current year and a net increase in the loss reserve estimates for prior policy years of $38.2 million. The increase in the loss reserve estimate for prior policy years included $6.2 million related to adverse loss development due to continued elevated claims payment experience for certain years and $29.1 million related to provisions for large title claims. Total provisions for large title claims related to prior policy years were $31.7 million, $3.1 million and $28.8 million in 2015, 2014 and 2013, respectively.

The 2014 and 2013 loss ratios included provisions of 3.8% and 5.1%, respectively, related to the current policy year and net increases in the loss reserves estimate for prior policy years of $16.7 million and $14.3 million, respectively. During 2014 and 2013, the Company continued to experience favorable development relative to prior years which allowed the Company to lower the overall loss provision rates during these years. Provisions for prior policy years during 2014 and 2013 included adverse loss development of $17.9 million and $7.6 million, respectively, relating to other than large title losses.