Estimated title losses

12 Months Ended

Dec. 31, 2023

Loss Contingency [Abstract]

Estimated title losses

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

	2023		2022		2021
	(in $ thousands, except for loss ratios)
Balances at January 1	549,448		549,614		496,275
Provisions:
Current year	66,818		95,442		121,164
Previous policy years	13,464		7,291		5,079
Total provisions	80,282		102,733		126,243
Payments, net of recoveries:
Current year	(19,209)		(20,966)		(16,727)
Previous policy years	(85,108)		(72,132)		(54,772)
Total payments, net of recoveries	(104,317)		(93,098)		(71,499)
Effects of changes in foreign currency exchange rates	2,856		(9,801)		(1,405)
Balances at December 31	528,269		549,448		549,614
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.4	%	3.5	%	4.0	%
Total provisions	4.1	%	3.8	%	4.2	%

Total title loss provisions during 2023 decreased compared to 2022, primarily due to lower 2023 title premiums, while total title loss provisions in 2022 decreased compared to the prior year, primarily due to lower title premiums and an overall favorable claims experience in 2022.