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Estimated title losses
 6 Months Ended
Jun. 30, 2018
Insurance [Abstract]  
Estimated title losses
Estimated title losses. A summary of estimated title losses for the six months ended June 30 is as follows:
 
2018
 
2017
 
($000 omitted)
Balances at January 1
480,990

 
462,572

Provisions:
 
 
 
Current year
41,372

 
43,850

Previous policy years
(3,694
)
 
1,313

Total provisions
37,678

 
45,163

Payments, net of recoveries:
 
 
 
Current year
(5,263
)
 
(5,966
)
Previous policy years
(33,590
)
 
(39,664
)
Total payments, net of recoveries
(38,853
)
 
(45,630
)
Effects of changes in foreign currency exchange rates
(4,355
)
 
3,189

Balances at June 30
475,460

 
465,294

Loss ratios as a percentage of title operating revenues:
 
 
 
Current year provisions
4.6
%
 
4.9
%
Total provisions
4.2
%
 
5.1
%


During the six months ended June 30, 2018, the Company decreased its loss provisioning rate due to lower loss experience and reduced prior policy year reserves as a result of the actuarial reserve review. This resulted in a $3.7 million favorable loss development for previous policy years and decreased total title loss provisions for the six months ended June 30, 2018 compared to the same period in 2017.