Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 17), for each of the nine months ending September 30, 2019 and 2018 follow (in millions).

	2019			2018
Balances – beginning of year:
Gross liabilities	$	68,458		$	61,122
Reinsurance recoverable on unpaid losses		(3,060	)		(3,201	)
Net liabilities		65,398			57,921
Incurred losses and loss adjustment expenses:
Current accident year events		31,179			29,071
Prior accident years’ events		(396	)		(1,566	)
Total incurred losses and loss adjustment expenses		30,783			27,505
Paid losses and loss adjustment expenses:
Current accident year events		(13,144	)		(12,474	)
Prior accident years’ events		(13,967	)		(11,516	)
Total payments		(27,111	)		(23,990	)
Foreign currency translation adjustment		(178	)		(117	)
Balances – September 30:
Net liabilities		68,892			61,319
Reinsurance recoverable on unpaid losses		3,105			2,944
Gross liabilities	$	71,997		$	64,263