Reserves for Insurance Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2021

Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]

Reserves for Insurance Losses and Loss Adjustment Expenses Disclosure

Reserves for Insurance Losses and Loss Adjustment Expenses

The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.

($ in millions)	2021		2020
Total gross reserves for insurance losses and loss adjustment expenses at January 1,	$	129	$	122
Less: Reinsurance recoverable	90		88
Net reserves for insurance losses and loss adjustment expenses at January 1,	39		34
Net insurance losses and loss adjustment expenses incurred related to:
Current year	64		72
Prior years (a)	(1)		2
Total net insurance losses and loss adjustment expenses incurred	63		74
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year	(36)		(46)
Prior years	(23)		(24)
Total net insurance losses and loss adjustment expenses paid or payable	(59)		(70)
Net reserves for insurance losses and loss adjustment expenses at March 31,	43		38
Plus: Reinsurance recoverable	89		104
Total gross reserves for insurance losses and loss adjustment expenses at March 31,	$	132	$	142

(a)There have been no material adverse changes to the reserve for prior years.