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

3 Months Ended

Mar. 31, 2020

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:

	Three Months Ended March 31
(in millions of U.S. dollars)	2020			2019
Gross unpaid losses and loss expenses – beginning of period	$	62,690		$	62,960
Reinsurance recoverable on unpaid losses - beginning of period (1)	(14,181		)	(14,689		)
Net unpaid losses and loss expenses – beginning of period	48,509			48,271
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	4,605			4,326
Prior years (2)	(120		)	(228		)
Total	4,485			4,098
Net losses and loss expenses paid in respect of losses occurring in:
Current year	920			785
Prior years	3,335			3,234
Total	4,255			4,019
Foreign currency revaluation and other	(565		)	86
Net unpaid losses and loss expenses – end of period	48,174			48,436
Reinsurance recoverable on unpaid losses (1)	14,040			14,707
Gross unpaid losses and loss expenses – end of period	$	62,214		$	63,143

⁽¹⁾  Net of valuation allowance 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 $2 million and $24 million for the three months ended March 31, 2020 and 2019, respectively.

Prior Period Development, by Segment [Table Text Block]

The following table summarizes (favorable) and adverse PPD by segment.

	Three Months Ended March 31
(in millions of U.S. dollars)	Long-tail			Short-tail			Total
2020
North America Commercial P&C Insurance	$	(43	)	$	(62	)	$	(105	)
North America Personal P&C Insurance	—			1			1
North America Agricultural Insurance	—			(14		)	(14		)
Overseas General Insurance	—			(4		)	(4		)
Global Reinsurance	—			(7		)	(7		)
Corporate	11			—			11
Total	$	(32	)	$	(86	)	$	(118	)
2019
North America Commercial P&C Insurance	$	(65	)	$	(66	)	$	(131	)
North America Personal P&C Insurance	—			(10		)	(10		)
North America Agricultural Insurance	—			(61		)	(61		)
Overseas General Insurance	—			(4		)	(4		)
Global Reinsurance	(1		)	(7		)	(8		)
Corporate	10			—			10
Total	$	(56	)	$	(148	)	$	(204	)