Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable	12 Months Ended
Mar. 31, 2020
Disclosure Text Block [Abstract]
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable	F- 36 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Note 17. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $ 125,000 . Direct Amount (a) Ceded to Other Companies Assumed from Other Companies Net Amount (a) Percentage of Amount Assumed to Net (In thousands) Year ended December 31, 2019 Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836 32 % Premiums earned: Life $ 53,289 $ 1 $ 5,629 $ 58,917 10 % Accident and health 66,863 226 1,563 68,200 2 % Annuity 65 – 794 859 92 % Property and casualty 69,126 – 15 69,141 – % Total $ 189,343 $ 227 $ 8,001 $ 197,117 Year ended December 31, 2018 Life insurance in force $ 941,822 $ 207 $ 548,152 $ 1,489,767 37 % Premiums earned: Life $ 51,691 $ (1) $ (69,616) $ (17,924) 388 % Accident and health 77,813 267 1,851 79,397 2 % Annuity 1,221 – 794 2,015 39 % Property and casualty 60,848 – – 60,848 – % Total $ 191,573 $ 266 $ (66,971) $ 124,336 Year ended December 31, 2017 Life insurance in force $ 947,720 $ 248 $ 876,865 $ 1,824,337 48 % Premiums earned: Life $ 51,227 $ 4 $ 9,880 $ 61,103 16 % Accident and health 90,396 295 1,977 92,078 2 % Annuity 728 – 794 1,522 52 % Property and casualty 57,161 69 8 57,100 – % Total $ 199,512 $ 368 $ 12,659 $ 211,803 (a) Balances are reported net of inter-segment transactions. Reserves for recognizing a premium deficiency included in future policy benefits are established, if necessary, when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be materially insufficient to provide for expected future policy benefits and expenses. Additionally, in certain instances the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The Company has not recognized any reserves related to premium deficiencies in the years ended December 31, 2019 and December 31, 2018. To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, Repwest holds letters of credit as of December 31, 2019 in the amount of $ 0.1 million from re-insurers and has issued letters of credit in the amount of $ 1.9 million in favor of certain ceding companies. F- 37 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows: December 31, 2019 2018 (In thousands) Unpaid losses and loss adjustment expense $ 209,127 $ 228,970 Reinsurance losses payable 1,214 988 Total $ 210,341 $ 229,958 Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows: December 31, 2019 2018 2017 (In thousands) Balance at January 1 $ 228,970 $ 233,554 $ 244,400 Less: reinsurance recoverable 94,920 94,490 103,952 Net balance at January 1 134,050 139,064 140,448 Incurred related to: Current year 22,137 19,579 15,749 Prior years (9,535) (5,365) 233 Total incurred 12,602 14,214 15,982 Paid related to: Current year 7,366 8,838 8,969 Prior years 17,242 10,390 8,397 Total paid 24,608 19,228 17,366 Net balance at December 31 122,044 134,050 139,064 Plus: reinsurance recoverable 87,083 94,920 94,490 Balance at December 31 $ 209,127 $ 228,970 $ 233,554 Prior year incurred losses were impacted by favorable development on numerous Excess Workers Compensation claims. The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $ 87.1 million) decreased by $ 19.8 million as of December 31, 2019. F- 38 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) The information about property and casualty incurred and paid loss and loss adjustment expense development for the years end December 31, 2013 through 2019, and the average annual percentage payout of incurred claims by age as of December 31, 2019, is presented as supplementary information. Claims data for 2013 through 2018 is unaudited. Claims data for 2019 is audited. Cumulative Incurred Claims and Allocted Claims Adjustment Expenses, Net of Reinsurance As of December 31, 2019 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year 2013 2014 2015 2016 2017 2018 2019 Claims Claims (In thousands, except claim counts) 2013 $ 9,861 $ 9,853 $ 9,914 $ 9,741 $ 9,576 $ 9,595 $ 9,594 $ – 7,652 2014 11,691 10,907 10,720 10,759 10,748 10,493 78 9,627 2015 12,214 12,459 12,460 12,464 11,087 – 10,652 2016 13,297 13,011 13,056 11,790 – 10,954 2017 15,749 16,109 17,078 1,411 11,291 2018 19,580 18,386 4,692 11,083 2019 22,138 10,743 10,745 Total 16,924 The following table presents paid claims development as of December 31, 2019, net of reinsurance. Claims data for 2013 through 2018 is unaudited. Claims data for 2019 is audited. Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (In thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2013 $ 5,227 $ 7,608 $ 8,718 $ 9,462 $ 9,576 $ 9,595 $ 9,594 2014 6,154 8,087 9,270 9,293 10,325 10,327 2015 7,509 9,601 9,730 10,343 11,087 2016 7,777 10,665 11,643 11,746 2017 8,969 11,638 14,825 2018 8,838 12,689 2019 7,366 Total Total 77,634 All outstanding liabilities before 2013, net of reinsurance 99,113 Liabilities for claims and claim adjustment expenses, net of reinsurance 122,044 F- 39 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows: December 31, 2019 (In thousands) Liabilities for unpaid Property and Casualty claims and claim adjustment expenses, net of reinsurance $ 122,044 Total reinsurance recoverable on unpaid Property and Casualty claims $ 87,083 Total gross liability for unpaid Property and Casualty claims and claim adjustment expense $ 209,127 The following is supplementary information about average historical claims duration as of December 31, 2019. Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance (In percentages) Years 1 2 3 4 5 6 7 Property and Casualty Insurance 54.4 % 20.5 % 10.2 % 3.6 % 5.9 % 0.1 % – % Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our consolidated balance sheet dated March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our consolidated balance sheet dated March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. F- 40

Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

12 Months Ended

Mar. 31, 2020

Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

F- 36 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Note 17. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $ 125,000 . Direct Amount (a) Ceded to Other Companies Assumed from Other Companies Net Amount (a) Percentage of Amount Assumed to Net (In thousands) Year ended December 31, 2019 Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836 32 % Premiums earned: Life $ 53,289 $ 1 $ 5,629 $ 58,917 10 % Accident and health 66,863 226 1,563 68,200 2 % Annuity 65 – 794 859 92 % Property and casualty 69,126 – 15 69,141 – % Total $ 189,343 $ 227 $ 8,001 $ 197,117 Year ended December 31, 2018 Life insurance in force $ 941,822 $ 207 $ 548,152 $ 1,489,767 37 % Premiums earned: Life $ 51,691 $ (1) $ (69,616) $ (17,924) 388 % Accident and health 77,813 267 1,851 79,397 2 % Annuity 1,221 – 794 2,015 39 % Property and casualty 60,848 – – 60,848 – % Total $ 191,573 $ 266 $ (66,971) $ 124,336 Year ended December 31, 2017 Life insurance in force $ 947,720 $ 248 $ 876,865 $ 1,824,337 48 % Premiums earned: Life $ 51,227 $ 4 $ 9,880 $ 61,103 16 % Accident and health 90,396 295 1,977 92,078 2 % Annuity 728 – 794 1,522 52 % Property and casualty 57,161 69 8 57,100 – % Total $ 199,512 $ 368 $ 12,659 $ 211,803 (a) Balances are reported net of inter-segment transactions. Reserves for recognizing a premium deficiency included in future policy benefits are established, if necessary, when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be materially insufficient to provide for expected future policy benefits and expenses. Additionally, in certain instances the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The Company has not recognized any reserves related to premium deficiencies in the years ended December 31, 2019 and December 31, 2018. To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, Repwest holds letters of credit as of December 31, 2019 in the amount of $ 0.1 million from re-insurers and has issued letters of credit in the amount of $ 1.9 million in favor of certain ceding companies. F- 37 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows: December 31, 2019 2018 (In thousands) Unpaid losses and loss adjustment expense $ 209,127 $ 228,970 Reinsurance losses payable 1,214 988 Total $ 210,341 $ 229,958 Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows: December 31, 2019 2018 2017 (In thousands) Balance at January 1 $ 228,970 $ 233,554 $ 244,400 Less: reinsurance recoverable 94,920 94,490 103,952 Net balance at January 1 134,050 139,064 140,448 Incurred related to: Current year 22,137 19,579 15,749 Prior years (9,535) (5,365) 233 Total incurred 12,602 14,214 15,982 Paid related to: Current year 7,366 8,838 8,969 Prior years 17,242 10,390 8,397 Total paid 24,608 19,228 17,366 Net balance at December 31 122,044 134,050 139,064 Plus: reinsurance recoverable 87,083 94,920 94,490 Balance at December 31 $ 209,127 $ 228,970 $ 233,554 Prior year incurred losses were impacted by favorable development on numerous Excess Workers Compensation claims. The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $ 87.1 million) decreased by $ 19.8 million as of December 31, 2019. F- 38 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) The information about property and casualty incurred and paid loss and loss adjustment expense development for the years end December 31, 2013 through 2019, and the average annual percentage payout of incurred claims by age as of December 31, 2019, is presented as supplementary information. Claims data for 2013 through 2018 is unaudited. Claims data for 2019 is audited. Cumulative Incurred Claims and Allocted Claims Adjustment Expenses, Net of Reinsurance As of December 31, 2019 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year 2013 2014 2015 2016 2017 2018 2019 Claims Claims (In thousands, except claim counts) 2013 $ 9,861 $ 9,853 $ 9,914 $ 9,741 $ 9,576 $ 9,595 $ 9,594 $ – 7,652 2014 11,691 10,907 10,720 10,759 10,748 10,493 78 9,627 2015 12,214 12,459 12,460 12,464 11,087 – 10,652 2016 13,297 13,011 13,056 11,790 – 10,954 2017 15,749 16,109 17,078 1,411 11,291 2018 19,580 18,386 4,692 11,083 2019 22,138 10,743 10,745 Total 16,924 The following table presents paid claims development as of December 31, 2019, net of reinsurance. Claims data for 2013 through 2018 is unaudited. Claims data for 2019 is audited. Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (In thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2013 $ 5,227 $ 7,608 $ 8,718 $ 9,462 $ 9,576 $ 9,595 $ 9,594 2014 6,154 8,087 9,270 9,293 10,325 10,327 2015 7,509 9,601 9,730 10,343 11,087 2016 7,777 10,665 11,643 11,746 2017 8,969 11,638 14,825 2018 8,838 12,689 2019 7,366 Total Total 77,634 All outstanding liabilities before 2013, net of reinsurance 99,113 Liabilities for claims and claim adjustment expenses, net of reinsurance 122,044 F- 39 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows: December 31, 2019 (In thousands) Liabilities for unpaid Property and Casualty claims and claim adjustment expenses, net of reinsurance $ 122,044 Total reinsurance recoverable on unpaid Property and Casualty claims $ 87,083 Total gross liability for unpaid Property and Casualty claims and claim adjustment expense $ 209,127 The following is supplementary information about average historical claims duration as of December 31, 2019. Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance (In percentages) Years 1 2 3 4 5 6 7 Property and Casualty Insurance 54.4 % 20.5 % 10.2 % 3.6 % 5.9 % 0.1 % – % Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our consolidated balance sheet dated March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our consolidated balance sheet dated March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. F- 40