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

9 Months Ended

Sep. 30, 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:

	Nine Months Ended September 30
(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	17,109		14,484
Prior years (2)	(212)		(619)
Total	16,897		13,865
Net losses and loss expenses paid in respect of losses occurring in:
Current year	4,766		4,920
Prior years	7,597		8,374
Total	12,363		13,294
Foreign currency revaluation and other	95		(162)
Net unpaid losses and loss expenses – end of period	53,138		48,680
Reinsurance recoverable on unpaid losses (1)	14,767		14,332
Gross unpaid losses and loss expenses – end of period	$	67,905	$	63,012

(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 $23 million and $60 million for the nine months ended September 30, 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 September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2020
North America Commercial P&C Insurance	$	(255)	$	55	$	(200)	$	(439)	$	(12)	$	(451)
North America Personal P&C Insurance	—		48		48		—		48		48
North America Agricultural Insurance	—		18		18		—		4		4
Overseas General Insurance	(71)		11		(60)		(72)		(28)		(100)
Global Reinsurance	(6)		—		(6)		(25)		(4)		(29)
Corporate	54		—		54		339		—		339
Total	$	(278)	$	132	$	(146)	$	(197)	$	8	$	(189)
2019
North America Commercial P&C Insurance	$	(197)	$	88	$	(109)	$	(468)	$	43	$	(425)
North America Personal P&C Insurance	—		(62)		(62)		—		(88)		(88)
North America Agricultural Insurance	—		18		18		—		(43)		(43)
Overseas General Insurance	(66)		41		(25)		(66)		17		(49)
Global Reinsurance	(25)		—		(25)		(59)		26		(33)
Corporate	36		—		36		79		—		79
Total	$	(252)	$	85	$	(167)	$	(514)	$	(45)	$	(559)