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

 
462,572

Provisions:
 
 
 
Current year
62,592

 
69,067

Previous policy years
(3,410
)
 
1,524

Total provisions
59,182

 
70,591

Payments, net of recoveries:
 
 
 
Current year
(9,466
)
 
(10,403
)
Previous policy years
(50,822
)
 
(53,491
)
Total payments, net of recoveries
(60,288
)
 
(63,894
)
Effects of changes in foreign currency exchange rates
(3,014
)
 
6,576

Balances at September 30
476,870

 
475,845

Loss ratios as a percentage of title operating revenues:
 
 
 
Current year provisions
4.5
%
 
5.0
%
Total provisions
4.3
%
 
5.1
%


During the nine months ended September 30, 2018, the Company decreased its loss provisioning rate due to lower loss experience and also reduced its prior policy year reserves as a result of its semi-annual actuarial reserve review. This primarily resulted in a $3.4 million net favorable loss development for previous policy years and also decreased the total title loss provisions for the nine months ended September 30, 2018 compared to the same period in 2017.