Insurance (Tables)

3 Months Ended

Mar. 31, 2023

Insurance [Abstract]

Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first three months of 2023 and 2022 (in millions):

	Three months ended March 31,
	2023		2022
Balance at beginning of year	$	11,974	$	11,074
Less reinsurance recoverables, net of allowance	3,767		3,419
Net liability at beginning of year	8,207		7,655
Provision for losses and LAE occurring in the current period	883		781
Net decrease in the provision for claims of prior years	(63)		(88)
Total losses and LAE incurred	820		693
Payments for losses and LAE of:
Current year	(66)		(67)
Prior years	(815)		(647)
Total payments	(881)		(714)
Foreign currency translation and other	1		—
Net liability at end of period	8,147		7,634
Add back reinsurance recoverables, net of allowance	3,614		3,352
Gross unpaid losses and LAE included in the balance sheet at end of period	$	11,761	$	10,986

Reinsurance recoverable and premiums receivable, allowance for credit loss

Progressions of the 2023 and 2022 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):

	Recoverables from Reinsurers				Premiums Receivable
	2023		2022		2023		2022
Balance at January 1	$	8	$	8	$	8	$	8
Provision (credit) for expected credit losses	1		(1)		—		(1)
Write-offs charged against the allowance	—		—		—		—
Balance at March 31	$	9	$	7	$	8	$	7