Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2025

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 14) follow (in millions).

	2025			2024
Balance at the beginning of the year:
Gross liabilities	$	115,151		$	111,082
Reinsurance recoverable on unpaid losses		(4,593	)		(4,893	)
Net liabilities		110,558			106,189
Losses and loss adjustment expenses incurred:
Current accident year		14,638			13,854
Prior accident years		(163	)		(634	)
Total		14,475			13,220
Losses and loss adjustment expenses paid:
Current accident year		(3,788	)		(3,663	)
Prior accident years		(9,105	)		(8,979	)
Total		(12,893	)		(12,642	)
Foreign currency effect		198			(76	)
Balance at March 31:
Net liabilities		112,338			106,691
Reinsurance recoverable on unpaid losses		4,785			4,791
Gross liabilities	$	117,123		$	111,482