Estimated title losses

12 Months Ended

Dec. 31, 2022

Loss Contingency [Abstract]

Estimated title losses

Estimated title losses. A summary of estimated title losses is as follows:

	2022		2021		2020
	(in $ thousands, except for loss ratios)
Balances at January 1	549,614		496,275		459,053
Provisions:
Current year	95,442		121,164		98,823
Previous policy years	7,291		5,079		16,401
Total provisions	102,733		126,243		115,224
Payments, net of recoveries:
Current year	(20,966)		(16,727)		(15,455)
Previous policy years	(72,132)		(54,772)		(66,540)
Total payments, net of recoveries	(93,098)		(71,499)		(81,995)
Effects of changes in foreign currency exchange rates	(9,801)		(1,405)		3,993
Balances at December 31	549,448		549,614		496,275
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.5	%	4.0	%	4.5	%
Total provisions	3.8	%	4.2	%	5.3	%

Total title loss provisions during 2022 decreased compared to 2021, primarily due to lower title premiums and an overall favorable claims experience in 2022. Total title loss provisions in 2021 increased compared to 2020, primarily due to increased title premiums, partially offset by favorable claims experience.