UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)

3 Months Ended

Mar. 31, 2022

UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES

Loss and loss adjustment expense reserves

	Three Months Ended
	March
	2022		2021
Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	82,492,674	$	74,893,509
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		27,116,043		22,253,642
Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance		55,376,631		52,639,867
Incurred losses and loss adjustment expenses:
Provision for insured events of current year		6,121,111		6,757,564
Development of insured events of prior years		710,393		(1,172,351	)
Total incurred losses and loss adjustment expenses		6,831,504		5,585,213
Loss and loss adjustment expense payments:
Attributable to insured events of the current year		1,099,504		2,545,181
Attributable to insured events of prior years		5,281,946		3,410,932
Total payments		6,381,450		5,956,113
Reserve for unpaid losses and loss adjustment expenses at March 31 – net of reinsurance		55,826,685		52,268,967
Reinsurance recoverable on unpaid losses and loss adjustment expenses		26,431,307		22,133,366
Reserve for unpaid losses and loss adjustment expenses at March 31 – gross of reinsurance	$	82,257,992	$	74,402,333