Unpaid losses and loss adjustment expenses (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

A reconciliation of the changes in unpaid losses and loss adjustment expenses (“claim liabilities”), excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the six-month periods ending June 30, 2023 and 2022 follows (in millions).

	2023			2022
Balances at beginning of year:
Gross liabilities	$	107,472		$	86,664
Reinsurance recoverable on unpaid losses		(5,025	)		(2,960	)
Net liabilities		102,447			83,704
Incurred losses and loss adjustment expenses:
Current accident year		29,827			27,427
Prior accident years		(1,948	)		(887	)
Total		27,879			26,540
Paid losses and loss adjustment expenses:
Current accident year		(9,968	)		(10,085	)
Prior accident years		(16,664	)		(13,820	)
Total		(26,632	)		(23,905	)
Foreign currency effect		267			(568	)
Balances at June 30:
Net liabilities		103,961			85,771
Reinsurance recoverable on unpaid losses		5,069			2,789
Gross liabilities	$	109,030		$	88,560