INSURANCE CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2021

Insurance Contracts [Abstract]

Schedule of liabilities under insurance contracts

The following table presents movement in the unearned premiums reserve:

(US$ MILLIONS)	2021		2020
Unearned premiums reserve, beginning of year	$	1,889	$	1,625
Premiums written during the year	967		744
Premiums earned during the year	(639)		(521)
Foreign currency translation	11		41
Unearned premiums reserve, end of year	$	2,228	1,889

Loss reserves comprise the following:

(US$ MILLIONS)	2021		2020
Case reserves	$	54	$	78
Incurred but not reported reserves	13		53
Discounting	(1)		(1)
Provisions for adverse deviation	5		14
Total loss reserves	$	71	$	144

    The following table presents movement in loss reserves and the impact on losses on claims:

(US$ MILLIONS)	2021		2020
Loss reserves, beginning of year	$	144	$	105
Claims paid during the year	(48)		(50)
Changes in loss reserves related to the current year	44		85
Favorable development on losses on claims related to prior years	(71)		—
Foreign currency translation	2		4
Loss reserves, end of year	$	71	$	144