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

6 Months Ended

Jun. 30, 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:

	Six Months Ended
	June 30
(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	10,846		10,546
Prior years (2)	(651)		(487)
Total	10,195		10,059
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,281		2,355
Prior years	6,566		5,531
Total	8,847		7,886
Foreign currency revaluation and other	(588)		231
Net unpaid losses and loss expenses – end of period	57,519		55,568
Reinsurance recoverable on unpaid losses (1)	16,573		14,721
Gross unpaid losses and loss expenses – end of period	$	74,092	$	70,289

(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 $164 million and $27 million for the six months ended June 30, 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 June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2022
North America Commercial P&C Insurance	$	(266)	$	(21)	$	(287)	$	(286)	$	(109)	$	(395)
North America Personal P&C Insurance	—		(3)		(3)		—		(54)		(54)
North America Agricultural Insurance	—		—		—		—		(26)		(26)
Overseas General Insurance	—		(173)		(173)		—		(233)		(233)
Global Reinsurance	(7)		32		25		(7)		29		22
Corporate	191		—		191		199		—		199
Total	$	(82)	$	(165)	$	(247)	$	(94)	$	(393)	$	(487)
2021
North America Commercial P&C Insurance	$	(96)	$	(60)	$	(156)	$	(142)	$	(141)	$	(283)
North America Personal P&C Insurance	—		(44)		(44)		—		(84)		(84)
North America Agricultural Insurance	—		—		—		—		(2)		(2)
Overseas General Insurance	5		(161)		(156)		5		(186)		(181)
Global Reinsurance	(22)		22		—		(22)		15		(7)
Corporate	88		—		88		97		—		97
Total	$	(25)	$	(243)	$	(268)	$	(62)	$	(398)	$	(460)