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

9 Months Ended

Sep. 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:



	Nine Months Ended September 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	—			21,402
Total	47,832			47,964
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	14,963			13,169
Prior years ⁽²⁾	(781		)	(972		)
Total	14,182			12,197
Net losses and loss expenses paid in respect of losses occurring in:
Current year	3,937			3,865
Prior years	8,389			7,470
Total	12,326			11,335
Foreign currency revaluation and other	596			(155		)
Net unpaid losses and loss expenses – end of period	50,283			48,671
Reinsurance recoverable on unpaid losses ⁽¹⁾	13,870			12,676
Gross unpaid losses and loss expenses – end of period	$	64,153		$	61,347

⁽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 totaling $110 million and $75 million for the nine months ended September 30, 2017 and 2016, respectively.