Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 14), for each of the nine-month periods ending September 30, 2022 and 2021 follows (in millions).

	2022			2021
Balances at beginning of year:
Gross liabilities	$	86,664		$	79,854
Reinsurance recoverable on unpaid losses		(2,960	)		(2,912	)
Net liabilities		83,704			76,942
Incurred losses and loss adjustment expenses:
Current accident year		44,472			38,447
Prior accident years		(2,141	)		(2,151	)
Total		42,331			36,296
Paid losses and loss adjustment expenses:
Current accident year		(17,543	)		(15,277	)
Prior accident years		(18,564	)		(15,076	)
Total		(36,107	)		(30,353	)
Foreign currency effect		(1,044	)		(119	)
Balances at September 30:
Net liabilities		88,884			82,766
Reinsurance recoverable on unpaid losses		2,758			2,988
Gross liabilities	$	91,642		$	85,754