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

3 Months Ended

Mar. 31, 2021

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)	2021		2020
Gross unpaid losses and loss expenses – beginning of period	$	67,811	$	62,690
Reinsurance recoverable on unpaid losses – beginning of period (1)	(14,647)		(14,181)
Net unpaid losses and loss expenses – beginning of period	53,164		48,509
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,249		4,605
Prior years (2)	(196)		(120)
Total	5,053		4,485
Net losses and loss expenses paid in respect of losses occurring in:
Current year	732		920
Prior years	3,161		3,335
Total	3,893		4,255
Foreign currency revaluation and other	71		(565)
Net unpaid losses and loss expenses – end of period	54,395		48,174
Reinsurance recoverable on unpaid losses (1)	14,860		14,040
Gross unpaid losses and loss expenses – end of period	$	69,255	$	62,214

(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 $4 million and $2 million for the three months ended March 31, 2021 and 2020, 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
2021
North America Commercial P&C Insurance	$	(46)	$	(81)	$	(127)
North America Personal P&C Insurance	—		(40)		(40)
North America Agricultural Insurance	—		(2)		(2)
Overseas General Insurance	—		(25)		(25)
Global Reinsurance	—		(7)		(7)
Corporate	9		—		9
Total	$	(37)	$	(155)	$	(192)
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)