Estimated title losses

9 Months Ended

Sep. 30, 2021

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


	2021		2020
	($000 omitted)
Balances at January 1	496,275		459,053
Provisions:
Current year	91,259		68,063
Previous policy years	1,428		537
Total provisions	92,687		68,600
Payments, net of recoveries:
Current year	(12,181)		(9,595)
Previous policy years	(40,745)		(49,390)
Total payments, net of recoveries	(52,926)		(58,985)

Effects of changes in foreign currency exchange rates	(1,485)		(1,856)
Balances at September 30	534,551		466,812
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.3	%	4.5	%
Total provisions	4.3	%	4.6	%

Provisions in the first nine 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 nine months of 2021 and 2020 were primarily influenced by the depreciation of the Canadian dollar against the U.S. dollar during both periods.