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



	2017		2016		2015
	($000 omitted)
Balances at January 1	462,572		462,622		495,395
Provisions:
Current year	71,966		72,586		68,029
Previous policy years	24,566		18,561		38,236
Total provisions	96,532		91,147		106,265
Payments, net of recoveries:
Current year	(20,335	)	(18,836	)	(19,182	)
Previous policy years	(63,914	)	(73,194	)	(104,450	)
Total payments, net of recoveries	(84,249	)	(92,030	)	(123,632	)
Adjustments related to acquired balance	—		—		(2,303	)
Effects of changes in foreign currency exchange rates	6,135		833		(13,103	)
Balances at December 31	480,990		462,572		462,622
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.8	%	3.8	%	3.6	%
Total provisions	5.1	%	4.8	%	5.6	%

The loss provision recorded for the year ended December 31, 2017 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 $24.6 million. The increase in the loss reserve estimate for prior policy years included $18.4 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 $4.3 million, $3.8 million and $31.7 million in 2017, 2016 and 2015, respectively.

The 2016 and 2015 loss provisions included 3.8% and 3.6%, respectively, of title revenues related to the current policy year and net increases in the loss reserves estimate for prior policy years of $18.6 million and $38.2 million, respectively. The adverse prior policy year loss development in 2016 was primarily due to the continued elevated claims payment experience for certain policy years, while the adverse prior policy year loss development in 2015 was primarily driven by the $31.7 million additional provision for large title claims related to prior policy years.