Estimated title losses

3 Months Ended

Mar. 31, 2019

Estimated title losses. A summary of estimated title losses for the three months ended March 31 is as follows:



	2019		2018
	($000 omitted)
Balances at January 1	461,560		480,990
Provisions:
Current year	15,526		18,880
Previous policy years	160		101
Total provisions	15,686		18,981
Payments, net of recoveries:
Current year	(2,695	)	(2,564	)
Previous policy years	(20,772	)	(15,708	)
Total payments, net of recoveries	(23,467	)	(18,272	)
Effects of changes in foreign currency exchange rates	296		(1,894	)
Balances at March 31	454,075		479,805
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.1	%	4.5	%
Total provisions	4.2	%	4.5	%

Provisions decreased during the three months ended March 31, 2019, compared to the same period in 2018, primarily due to the Company's lower loss provisioning rate as a result of better claims experience. Claim payments increased during the three months ended March 31, 2019, compared to the same period in 2018, primarily due to higher payments on existing large and non-large claims.