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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2017
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)
2017

2016
 
2015
 
Premiums written
 
 
 
 
Direct
$
33,137

 
$
31,543

 
$
19,879

Assumed
3,239

 
3,440

 
3,932

Ceded
(7,132
)
 
(6,838
)
 
(6,098
)
Net
$
29,244

 
$
28,145

 
$
17,713

Premiums earned
 
 

 

Direct
$
32,782

 
$
31,811

 
$
19,355

Assumed
3,332

 
3,744

 
3,676

Ceded
(7,080
)
 
(6,806
)
 
(5,818
)
Net
$
29,034

 
$
28,749

 
$
17,213
Schedule of Reinsurance Recoverable On Paid Losses And Loss Expenses [Table Text Block]
b) Reinsurance recoverable on ceded reinsurance
 
 
December 31

December 31
 
(in millions of U.S. dollars)
2017

2016
 
Reinsurance recoverable on unpaid losses and loss expenses (1)
$
14,014

 
$
12,708

Reinsurance recoverable on paid losses and loss expenses (1)
1,020

 
869

Reinsurance recoverable on losses and loss expenses (1)
$
15,034

 
$
13,577

Reinsurance recoverable on policy benefits (1)
$
184

 
$
182


(1) 
Net of a provision for uncollectible reinsurance.

Schedule of reinsurance recoverable and provision by category of reinsurer
December 31, 2017
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
$
5,190

 
$
59

 
1.1
%
Other reinsurers rated A- or better
5,898

 
58

 
1.0
%
Other reinsurers with ratings lower than A- or not rated
681

 
75

 
11.0
%
Pools
577

 
15

 
2.6
%
Structured settlements
550

 
16

 
2.9
%
Captives
2,199

 
18

 
0.8
%
Other
260

 
80

 
30.8
%
Total
$
15,355

 
$
321

 
2.1
%
Schedule of income and expenses relating to GMDB and GLB reinsurance
The following table presents income and expenses relating to GMDB and GLB reinsurance. GLBs include GMIBs as well as some GMABs originating in Japan.
 
Year Ended December 31
 
(in millions of U.S. dollars)
2017

 
2016

 
2015

GMDB
 
 
 
 
 
Net premiums earned
$
49

 
$
55

 
$
61

Policy benefits and other reserve adjustments
$
40

 
$
45

 
$
34

GLB
 
 
 
 
 
Net premiums earned
$
110

 
$
118

 
$
121

Policy benefits and other reserve adjustments
105

 
52

 
45

Net realized gains (losses)
363

 
48

 
(203
)
Gain (loss) recognized in Net income
$
368

 
$
114

 
$
(127
)
Net cash received and other
65

 
79

 
98

Net decrease (increase) in liability
$
303

 
$
35

 
$
(225
)
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
 
December 31, 2017

December 31, 2016

2017
Future claims discount rate
Other assumptions
Total claims at
100% mortality at
December 31, 2017(1)

GMDB Risk Only
 
$
279

$
341

4.00% - 4.50%
No lapses or withdrawals
$
189

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
GLB Risk Only
 
$
691

$
800

4.25% - 4.75%
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
$
81

$
88

4.25% - 4.75%
No lapses or withdrawals
$
18

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
 
GLB
$
392

$
464

4.25% - 4.75%
Annuitization at a frequency most disadvantageous to Chubb(2)
N/A

 
 
 
 
 
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.