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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2015
Reinsurance Disclosures [Abstract]  
Schedule of direct, assumed and ceded premiums
The following table presents direct, assumed, and ceded premiums:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2015
 
 
2014
 
 
2013
 
Premiums written
 
 
 
 
 
 
Direct
$
19,879

 
$
20,069

 
$
19,212

Assumed
 
3,932

 
 
3,321

 
 
3,616

Ceded
 
(6,098
)
 
 
(5,591
)
 
 
(5,803
)
Net
$
17,713

 
$
17,799

 
$
17,025

Premiums earned
 
 
 
 

 
 

Direct
$
19,355

 
$
19,555

 
$
18,856

Assumed
 
3,676

 
 
3,336

 
 
3,479

Ceded
 
(5,818
)
 
 
(5,465
)
 
 
(5,722
)
Net
$
17,213

 
$
17,426

 
$
16,613
Schedule of reinsurance recoverable on losses and loss expenses
 
 
December 31
 
 
December 31
 
(in millions of U.S. dollars)
2015
 
 
2014
 
Reinsurance recoverable on unpaid losses and loss expenses (1)
 
$
10,741

 
 
$
11,307

Reinsurance recoverable on paid losses and loss expenses (1)
 
645

 
 
685

Net reinsurance recoverable on losses and loss expenses
 
$
11,386

 
 
$
11,992
Schedule of reinsurance recoverable and provision by category of reinsurer
December 31, 2015
Gross Reinsurance Recoverable on Loss and Loss Expenses

 
Provision for Uncollectible Reinsurance

 
% of Gross Reinsurance Recoverable

(in millions of U.S. dollars, except for percentages)
 
 
Categories
 
Largest reinsurers
$
5,335

 
$
69

 
1.3
%
Other reinsurers rated A- or better
3,078

 
44

 
1.4
%
Other reinsurers with ratings lower than A- or not rated
378

 
68

 
18.0
%
Pools
347

 
14

 
4.0
%
Structured settlements
546

 
10

 
1.8
%
Captives
1,786

 
23

 
1.3
%
Other
244

 
100

 
41.0
%
Total
$
11,714

 
$
328

 
2.8
%
Schedule of income and expenses relating to GMDB and GLB reinsurance
 
Year Ended December 31
 
(in millions of U.S. dollars)
2015

 
2014

 
2013

GMDB
 
 
 
 
 
Net premiums earned
$
61

 
$
71

 
$
77

Policy benefits and other reserve adjustments
$
34

 
$
50

 
$
73

GLB
 
 
 
 
 
Net premiums earned
$
121

 
$
138

 
$
149

Policy benefits and other reserve adjustments
45

 
36

 
27

Net realized gains (losses)
(203
)
 
(213
)
 
929

Gain (loss) recognized in Net income
$
(127
)
 
$
(111
)
 
$
1,051

Net cash received
$
98

 
$
125

 
$
126

Net (increase) decrease in liability
$
(225
)
 
$
(236
)
 
$
925
Schedule of Net Amount of Risk and 100 Percent Mortality [Table Text Block]
(in millions of U.S. dollars, except for percentages)
 
Net amount at risk
 
 
 


Reinsurance covering
 
2015

2014

2015
Future claims discount rate
Other assumptions
Total claims at
100% mortality at
December 31, 2015(1)

GMDB Risk Only
 
$
364

$
418

3.8% - 4.3%
No lapses or withdrawals
$
229

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
GLB Risk Only
 
$
733

$
440

4.5% - 5.0%
No deaths, lapses or withdrawals
N/A

 
 
 
 
 
Annuitization at a frequency most disadvantageous to Chubb(2)
 
 
 
 
 
 
Claim calculated using interest rates in line with rates used to calculate reserve
 
Both Risks: (3)
GMDB
$
89

$
76

4.5% - 5.0%
No lapses or withdrawals
$
56

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
 
GLB
$
422

$
235

4.5% - 5.0%
Annuitization at a frequency most disadvantageous to Chubb(2)
$
—

 
 
 
 
 
Claim calculated using interest rates in line with rates used to calculate reserve
 
(1) Takes into account all applicable reinsurance treaty claim limits.
(2) Annuitization at a level that maximizes claims taking into account the treaty limits.
(3) Covering both the GMDB and GLB risks on the same underlying policyholders.