Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)

6 Months Ended

Jun. 30, 2017

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:



	Six Months Ended June 30
(in millions of U.S. dollars)	2017				2016
Gross unpaid losses and loss expenses – beginning of period		$	60,540		$	37,303
Reinsurance recoverable on unpaid losses ⁽¹⁾		(12,708		)	(10,741		)
Net unpaid losses and loss expenses – beginning of period		47,832			26,562
Acquisition of subsidiaries		—			21,398
Total		47,832			47,960
Net losses and loss expenses incurred in respect of losses occurring in:
Current year		8,396			8,529
Prior years ⁽²⁾		(461		)	(601		)
Total		7,935			7,928
Net losses and loss expenses paid in respect of losses occurring in:
Current year		2,271			1,964
Prior years		5,758			5,541
Total		8,029			7,505
Foreign currency revaluation and other		171			40
Net unpaid losses and loss expenses – end of period		47,909			48,423
Reinsurance recoverable on unpaid losses ⁽¹⁾		12,485			12,396
Gross unpaid losses and loss expenses – end of period		$	60,394		$	60,819

⁽¹⁾ Net of provision for uncollectible reinsurance.

⁽²⁾ Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums of $60 million and $53 million for the six months ended June 30, 2017 and 2016, respectively.