Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2020

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 15), for each of the three months ending March 31, 2020 and 2019 follows (in millions).

	2020			2019
Balances – beginning of year:
Gross liabilities	$	73,019		$	68,458
Reinsurance recoverable on unpaid losses		(2,855	)		(3,060	)
Net liabilities		70,164			65,398
Incurred losses and loss adjustment expenses:
Current accident year events		10,896			9,787
Prior accident years’ events		(200	)		112
Total incurred losses and loss adjustment expenses		10,696			9,899
Paid losses and loss adjustment expenses:
Current accident year events		(3,175	)		(3,123	)
Prior accident years’ events		(6,841	)		(5,884	)
Total payments		(10,016	)		(9,007	)
Foreign currency translation adjustment		(372	)		81
Balances – March 31:
Net liabilities		70,472			66,371
Reinsurance recoverable on unpaid losses		2,890			3,164
Gross liabilities	$	73,362		$	69,535