Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

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 16), for each of the three months ending March 31, 2018 and 2017 follow (in millions).

	2018			2017
Balances – beginning of year:
Gross liabilities	$	61,122		$	53,379
Reinsurance recoverable on unpaid losses		(3,201	)		(3,338	)
Net liabilities		57,921			50,041
Incurred losses and loss adjustment expenses:
Current accident year events		9,475			8,165
Prior accident years’ events		(753	)		134
Total incurred losses and loss adjustment expenses		8,722			8,299
Paid losses and loss adjustment expenses:
Current accident year events		(3,091	)		(2,678	)
Prior accident years’ events		(4,759	)		(4,216	)
Total payments		(7,850	)		(6,894	)
Foreign currency translation adjustment		253			77
Balances – March 31:
Net liabilities		59,046			51,523
Reinsurance recoverable on unpaid losses		3,048			3,221
Gross liabilities	$	62,094		$	54,744