Estimated title losses

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

Estimated title losses

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

	2019		2018
	($000 omitted)
Balances at January 1	461,560		480,990
Provisions:
Current year	54,670		62,592
Previous policy years	863		(3,410	)
Total provisions	55,533		59,182
Payments, net of recoveries:
Current year	(11,424	)	(9,466	)
Previous policy years	(55,375	)	(50,822	)
Total payments, net of recoveries	(66,799	)	(60,288	)
Effects of changes in foreign currency exchange rates	2,067		(3,014	)
Balances at September 30	452,361		476,870
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.1	%	4.5	%
Total provisions	4.2	%	4.3	%

Title loss provisions during 2019 decreased compared to 2018, primarily as a result of lower title premiums in 2019. During 2018, the Company recorded a $4.0 million net reduction in prior policy years' reserves driven by favorable loss experience. Claim payments increased in 2019 compared to 2018, primarily due to higher payments on existing large and non-large claims.