Estimated title losses

6 Months Ended

Jun. 30, 2021

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


	2021		2020
	($000 omitted)
Balances at January 1	496,275		459,053
Provisions:
Current year	61,147		39,811
Previous policy years	1,195		361
Total provisions	62,342		40,172
Payments, net of recoveries:
Current year	(7,682)		(5,420)
Previous policy years	(28,438)		(33,516)
Total payments, net of recoveries	(36,120)		(38,936)

Effects of changes in foreign currency exchange rates	2,486		(4,264)
Balances at June 30	524,983		456,025
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.5	%	4.3	%
Total provisions	4.6	%	4.3	%

Provisions in the first six months of 2021 increased compared to the same period in 2020, primarily as a result of increased title revenues, while the effect of changes in foreign currency exchange rates for the first six months of 2021 and 2020 were primarily influenced by the appreciation and depreciation, respectively, of the Canadian dollar against the U.S. dollar during those periods.