Estimated title losses. A summary of estimated title losses is as follows:



	2016		2015		2014
	($000 omitted)
Balances at January 1	462,622		495,395		506,888
Provisions:
Current year	72,586		68,029		64,577
Previous policy years	18,561		38,236		16,728
Total provisions	91,147		106,265		81,305
Payments, net of recoveries:
Current year	(18,836	)	(19,182	)	(18,775	)
Previous policy years	(73,194	)	(104,450	)	(67,898	)
Total payments, net of recoveries	(92,030	)	(123,632	)	(86,673	)
Adjustments related to acquired balance	—		(2,303	)	2,268
Effects of changes in foreign currency exchange rates	833		(13,103	)	(8,393	)
Balances at December 31	462,572		462,622		495,395
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.8	%	3.6	%	3.8	%
Total provisions	4.8	%	5.6	%	4.7	%

The loss provision recorded for the year ended December 31, 2016 reflected an ultimate loss rate of 3.8% of title revenues for policies issued in the current year and a net increase in the loss reserve estimates for prior policy years of $18.6 million. The increase in the loss reserve estimate for prior policy years included $14.3 million related to adverse loss development due to continued elevated claims payment experience for certain years. Total provisions for large title claims related to prior policy years were $3.8 million, $31.7 million and $3.1 million in 2016, 2015 and 2014, respectively.

The 2015 and 2014 loss provisions included 3.6% and 3.8%, respectively, of title revenues related to the current policy year and net increases in the loss reserves estimate for prior policy years of $38.2 million and $16.7 million, respectively. During 2015 and 2014, 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 2015 and 2014 included adverse loss development of $6.2 million and $17.9 million, respectively, relating to other than large title losses.