Estimated title losses

6 Months Ended

Jun. 30, 2017

Insurance [Abstract]

Estimated title losses

Estimated title losses. A summary of estimated title losses for the six months ended June 30 is as follows:

	2017		2016
	($000 omitted)
Balances at January 1	462,572		462,622
Provisions:
Current year	43,850		47,146
Previous policy years	1,313		(6,899	)
Total provisions	45,163		40,247
Payments, net of recoveries:
Current year	(5,966	)	(9,047	)
Previous policy years	(39,664	)	(34,352	)
Total payments, net of recoveries	(45,630	)	(43,399	)
Effects of changes in foreign currency exchange rates	3,189		3,768
Balances at June 30	465,294		463,238
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.9	%	5.4	%
Total provisions	5.1	%	4.6	%

There were no significant adjustments to the loss provisioning rates or large claim reserves during the six months ended June 30, 2017. In 2016, the Company decreased its loss provisioning rates and reserves related to certain existing large claims due to continued favorable policy loss experience. As a result, a $5.4 million net policy loss reserve reduction was recorded during the six months ended June 30, 2016.