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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2018
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)
2018

 
2017

 
2016

Premiums written
 
 
 
 
Direct
$
34,782

 
$
33,137

 
$
31,543

Assumed
3,186

 
3,239

 
3,440

Ceded
(7,389
)
 
(7,132
)
 
(6,838
)
Net
$
30,579

 
$
29,244

 
$
28,145

Premiums earned
 
 

 

Direct
$
34,108

 
$
32,782

 
$
31,811

Assumed
3,175

 
3,332

 
3,744

Ceded
(7,219
)
 
(7,080
)
 
(6,806
)
Net
$
30,064

 
$
29,034

 
$
28,749
Schedule of Reinsurance Recoverable on Ceded Insurance [Table Text Block]
b) Reinsurance recoverable on ceded reinsurance
 
 
December 31, 2018
 
 
December 31, 2017
 
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)

 
Provision for Uncollectible

 
Net Reinsurance Recoverable (1)

 
Provision for Uncollectible

Reinsurance recoverable on unpaid losses and loss expenses
$
14,689

 
$
251

 
$
14,014

 
$
247

Reinsurance recoverable on paid losses and loss expenses
1,304

 
72

 
1,020

 
74

Reinsurance recoverable on losses and loss expenses
$
15,993

 
$
323

 
$
15,034

 
$
321

Reinsurance recoverable on policy benefits
$
202

 
$
4

 
$
184

 
$
4
Schedule of reinsurance recoverable and provision by category of reinsurer
December 31, 2018
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
$
6,578

 
$
70

 
1.1
%
Other reinsurers rated A- or better
5,339

 
63

 
1.2
%
Other reinsurers with ratings lower than A- or not rated
558

 
68

 
12.2
%
Pools
429

 
16

 
3.7
%
Structured settlements
548

 
18

 
3.3
%
Captives
2,590

 
16

 
0.6
%
Other
274

 
72

 
26.3
%
Total
$
16,316

 
$
323

 
2.0
%
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.
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

GMDB
 
 
 
 
 
Net premiums earned
$
47

 
$
49

 
$
55

Policy benefits and other reserve adjustments
$
20

 
$
40

 
$
45

GLB
 
 
 
 
 
Net premiums earned
$
96

 
$
110

 
$
118

Policy benefits and other reserve adjustments
110

 
105

 
52

Net realized gains (losses)
(250
)
 
363

 
48

Gain (loss) recognized in Net income
$
(264
)
 
$
368

 
$
114

Net cash received and other
47

 
65

 
79

Net decrease (increase) in liability
$
(311
)
 
$
303

 
$
35
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 2018

December 31 2017

2018 Future claims discount rate
Other assumptions
Total claims at
100% mortality at
December 31, 2018(1)

GMDB Risk Only
 
$
408

$
279

3.3% - 3.5%
No lapses or withdrawals
$
177

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
GLB Risk Only
 
$
1,233

$
691

4.0% - 4.3%
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
$
103

$
81

4.0% - 4.3%
No lapses or withdrawals
$
18

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
 
GLB
$
517

$
392

4.0% - 4.3%
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.