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

3 Months Ended

Mar. 31, 2022

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)	2022		2021
Gross unpaid losses and loss expenses – beginning of period	$	72,943	$	67,811
Reinsurance recoverable on unpaid losses – beginning of period (1)	(16,184)		(14,647)
Net unpaid losses and loss expenses – beginning of period	56,759		53,164
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,192		5,249
Prior years (2)	(405)		(196)
Total	4,787		5,053
Net losses and loss expenses paid in respect of losses occurring in:
Current year	792		732
Prior years	3,569		3,161
Total	4,361		3,893
Foreign currency revaluation and other	13		71
Net unpaid losses and loss expenses – end of period	57,198		54,395
Reinsurance recoverable on unpaid losses (1)	16,646		14,860
Gross unpaid losses and loss expenses – end of period	$	73,844	$	69,255

(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 $165 million and $4 million for the three months ended March 31, 2022 and 2021, 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
2022
North America Commercial P&C Insurance	$	(20)	$	(88)	$	(108)
North America Personal P&C Insurance	—		(51)		(51)
North America Agricultural Insurance	—		(26)		(26)
Overseas General Insurance	—		(60)		(60)
Global Reinsurance	—		(3)		(3)
Corporate	8		—		8
Total	$	(12)	$	(228)	$	(240)
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)