Unpaid losses and loss adjustment expenses (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Reconciliations 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 nine-month periods ended September 30, 2024 and 2023 follow (in millions).

	2024			2023
Balance at the beginning of the year:
Gross liabilities	$	111,082		$	107,472
Reinsurance recoverable on unpaid losses		(4,893	)		(5,025	)
Net liabilities		106,189			102,447
Incurred losses and loss adjustment expenses:
Current accident year		43,166			44,537
Prior accident years		(992	)		(3,126	)
Total		42,174			41,411
Paid losses and loss adjustment expenses:
Current accident year		(16,011	)		(16,962	)
Prior accident years		(21,370	)		(22,171	)
Total		(37,381	)		(39,133	)
Foreign currency effect		206			68
Balance at September 30:
Net liabilities		111,188			104,793
Reinsurance recoverable on unpaid losses		4,648			5,031
Gross liabilities	$	115,836		$	109,824