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Estimated title losses
 12 Months Ended
Dec. 31, 2014
Loss Contingency [Abstract]  
Estimated title losses
Estimated title losses.
 
 
2014
 
2013
 
2012
 
($000 omitted)
Balances at January 1
506,888

 
520,375

 
502,611

Provisions:
 
 
 
 
 
Current year
64,577

 
92,043

 
100,406

Previous policy years
16,728

 
14,275

 
39,623

Total provisions
81,305

 
106,318

 
140,029

Payments:
 
 
 
 
 
Current year
(18,775
)
 
(23,969
)
 
(16,782
)
Previous policy years
(67,898
)
 
(91,715
)
 
(107,194
)
Total payments
(86,673
)
 
(115,684
)
 
(123,976
)
Acquired balance
2,268

 
—

 
—

Effects of changes in foreign currency exchange rates
(8,393
)
 
(4,121
)
 
1,711

Balances at December 31
495,395

 
506,888

 
520,375

Loss ratios as a percentage of title operating revenues:
 
 
 
 
 
Current year provisions
3.8
%
 
5.1
%
 
5.8
%
Total provisions
4.7
%
 
5.9
%
 
8.1
%

The loss ratio on the total provision recorded for the year ended December 31, 2014 reflected an ultimate loss rate of 3.8% for policies issued in the current year and a net increase in the loss reserve estimates for prior policy years of $16.7 million ($14.3 million and $39.6 million in 2013 and 2012, respectively). The increase in the loss reserve estimate for prior policy years included $17.9 million related to adverse loss development due to continued elevated claims payment experience for certain years and $4.0 million related to provisions for large title claims. During 2014, the Company continued to experience favorable development relative to prior year periods which allowed it to record reserve reductions of $6.5 million and a reduction in its overall loss provisioning rate. Provisions for large title claims related to prior policy years were $3.1 million, $28.8 million and $24.3 million in 2014, 2013 and 2012, respectively.

The 2013 and 2012 loss ratios included provisions of 5.1% and 5.8%, respectively, related to the current policy year. During 2013, the Company continued to experience favorable development relative to prior year periods and such development was generally in line with its actuarial expectations, which allowed the Company to lower the overall loss provision rate for the year, effective with policies issued in the second quarter of 2013. Provisions for prior policy years during 2013 and 2012 included adverse loss development of $7.6 million and $14.9 million, respectively relating to other than large title losses.