Estimated title losses

3 Months Ended

Mar. 31, 2020

Insurance [Abstract]

Estimated title losses

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

	2020		2019
	($000 omitted)
Balances at January 1	459,053		461,560
Provisions:
Current year	18,521		15,526
Previous policy years	111		160
Total provisions	18,632		15,686
Payments, net of recoveries:
Current year	(2,214	)	(2,695	)
Previous policy years	(19,227	)	(20,772	)
Total payments, net of recoveries	(21,441	)	(23,467	)
Effects of changes in foreign currency exchange rates	(8,662	)	296
Balances at March 31	447,582		454,075
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.2	%	4.1	%
Total provisions	4.2	%	4.2	%

Provisions in 2020 increased compared to 2019 primarily as a result of increased title revenues. Claim payments in 2020 decreased primarily due to lower payments of large claims compared to 2019, while the 2020 reduction effect relating to foreign currency exchange rate changes were primarily influenced by the depreciation of the Canadian dollar against the U.S. dollar during the three months ended March 31, 2020.