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

9 Months Ended

Sep. 30, 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:

	Nine Months Ended
	September 30
(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	17,556		17,109
Prior years (2)	(868)		(212)
Total	16,688		16,897
Net losses and loss expenses paid in respect of losses occurring in:
Current year	4,771		4,766
Prior years	7,922		7,597
Total	12,693		12,363
Foreign currency revaluation and other	(78)		95
Net unpaid losses and loss expenses – end of period	57,081		53,138
Reinsurance recoverable on unpaid losses (1)	15,550		14,767
Gross unpaid losses and loss expenses – end of period	$	72,631	$	67,905

(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 $87 million and $23 million for the nine months ended September 30, 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 September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2021
North America Commercial P&C Insurance	$	(101)	$	(56)	$	(157)	$	(243)	$	(197)	$	(440)
North America Personal P&C Insurance	—		(182)		(182)		—		(266)		(266)
North America Agricultural Insurance	—		7		7		—		5		5
Overseas General Insurance	(13)		(15)		(28)		(8)		(201)		(209)
Global Reinsurance	(4)		—		(4)		(26)		15		(11)
Corporate	43		—		43		140		—		140
Total	$	(75)	$	(246)	$	(321)	$	(137)	$	(644)	$	(781)
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)