Reserves for Insurance Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2021

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	207		298
Prior years (a)	(1)		3
Total net insurance losses and loss adjustment expenses incurred	206		301
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year	(174)		(271)
Prior years	(29)		(27)
Total net insurance losses and loss adjustment expenses paid or payable	(203)		(298)

Net reserves for insurance losses and loss adjustment expenses at September 30,	42		37
Plus: Reinsurance recoverable	83		88
Total gross reserves for insurance losses and loss adjustment expenses at September 30,	$	125	$	125

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