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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2019
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)
2019

 
2018

 
2017

Premiums written
 
 
 
 
Direct
$
36,848

 
$
34,782

 
$
33,137

Assumed
3,276

 
3,186

 
3,239

Ceded
(7,849
)
 
(7,389
)
 
(7,132
)
Net
$
32,275

 
$
30,579

 
$
29,244

Premiums earned
 
 

 

Direct
$
35,876

 
$
34,108

 
$
32,782

Assumed
3,107

 
3,175

 
3,332

Ceded
(7,693
)
 
(7,219
)
 
(7,080
)
Net
$
31,290

 
$
30,064

 
$
29,034
Schedule of Reinsurance Recoverable on Ceded Insurance [Table Text Block]
b) Reinsurance recoverable on ceded reinsurance
 
 
December 31, 2019
 
 
December 31, 2018
 
(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
$
14,181

 
$
240

 
$
14,689

 
$
251

Reinsurance recoverable on paid losses and loss expenses
1,000

 
76

 
1,304

 
72

Reinsurance recoverable on losses and loss expenses
$
15,181

 
$
316

 
$
15,993

 
$
323

Reinsurance recoverable on policy benefits
$
197

 
$
4

 
$
202

 
$
4
Schedule of reinsurance recoverable and provision by category of reinsurer
December 31, 2019
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
$
6,594

 
$
72

 
1.1
%
Other reinsurers rated A- or better
4,624

 
55

 
1.2
%
Other reinsurers with ratings lower than A- or not rated
478

 
70

 
14.6
%
Pools
379

 
15

 
4.0
%
Structured settlements
535

 
15

 
2.8
%
Captives
2,647

 
20

 
0.8
%
Other
240

 
69

 
28.8
%
Total
$
15,497

 
$
316

 
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)
2019

 
2018

 
2017

GMDB
 
 
 
 
 
Net premiums earned
$
41

 
$
47

 
$
49

Policy benefits and other reserve adjustments
$
—

 
$
20

 
$
40

GLB
 
 
 
 
 
Net premiums earned
$
92

 
$
96

 
$
110

Policy benefits and other reserve adjustments
122

 
110

 
105

Net realized gains (losses)
(6
)
 
(250
)
 
363

Gain (loss) recognized in Net income
$
(36
)
 
$
(264
)
 
$
368

Net cash received and other
—

 
47

 
65

Net decrease (increase) in liability
$
(36
)
 
$
(311
)
 
$
303
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 2019

December 31 2018

2019 Future claims discount rate
Other assumptions
Total claims at
100% mortality at
December 31, 2019(1) 

GMDB Risk Only
 
$
256

$
408

3.8% - 4.0%
No lapses or withdrawals
$
167

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
GLB Risk Only
 
$
1,095

$
1,233

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
$
91

$
103

4.0% - 4.3%
No lapses or withdrawals
$
16

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
 
GLB
$
415

$
517

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.