UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)

9 Months Ended

Sep. 30, 2021

UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)

Loss and loss adjustment expense reserves

	Nine Months Ended
	September 30
	2021			2020
Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	74,893,509		$	55,066,480
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		22,253,642			14,725,855
Reserve for unpaid losses and loss adjustment expenses  at January 1 – net of reinsurance		52,639,867			40,340,625
Incurred losses and loss adjustment expenses:
Provision for insured events of current year		20,529,747			19,925,024
Development of insured events of prior years		(2,007,929	)		8,161,318
Total incurred losses and loss adjustment expenses		18,521,818			28,086,342
Loss and loss adjustment expense payments:
Attributable to insured events of the current year		5,455,432			5,685,642
Attributable to insured events of prior years		11,663,536			11,756,705
Total payments		17,118,968			17,442,347
Reserve for unpaid losses and loss adjustment expenses at September 30 – net of reinsurance		54,042,716			50,984,620
Reinsurance recoverable on unpaid losses and loss adjustment expenses		24,494,179			23,349,279
Reserve for unpaid losses and loss adjustment expenses at September 30 – gross of reinsurance	$	78,536,895		$	74,333,899