Reserves for Insurance Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2023

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

Reserves for Insurance Losses and Loss Adjustment Expenses

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)	2023		2022
Total gross reserves for insurance losses and loss adjustment expenses at January 1,	$	119	$	122
Less: Reinsurance recoverable	72		81
Net reserves for insurance losses and loss adjustment expenses at January 1,	47		41
Net insurance losses and loss adjustment expenses incurred related to:
Current year	326		220
Prior years (a)	3		(3)
Total net insurance losses and loss adjustment expenses incurred	329		217
Net insurance losses and loss adjustment expenses paid or payable related to:
Current year	(270)		(183)
Prior years	(38)		(26)
Total net insurance losses and loss adjustment expenses paid or payable	(308)		(209)
Net reserves for insurance losses and loss adjustment expenses at September 30,	68		49
Plus: Reinsurance recoverable	77		73
Total gross reserves for insurance losses and loss adjustment expenses at September 30,	$	145	$	122

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