Unpaid losses and loss expenses (Tables)

3 Months Ended

Mar. 31, 2024

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Unpaid Losses And Loss Expenses Roll Forward [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)	2024		2023
Gross unpaid losses and loss expenses – beginning of period	$	80,122	$	75,747
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,884)		(17,086)
Net unpaid losses and loss expenses – beginning of period	62,238		58,661
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,980		5,336
Prior years (2)	(253)		(188)
Total	5,727		5,148
Net losses and loss expenses paid in respect of losses occurring in:
Current year	767		805
Prior years	4,055		3,911
Total	4,822		4,716
Foreign currency revaluation and other	35		(196)
Net unpaid losses and loss expenses – end of period	63,178		58,897
Reinsurance recoverable on unpaid losses (1)	17,163		16,520
Gross unpaid losses and loss expenses – end of period	$	80,341	$	75,417

(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, earned premiums, and A&H long-duration lines totaling $46 million and $(8) million for the three months ended March 31, 2024 and 2023, 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
2024
North America Commercial P&C Insurance	$	96	$	(144)	$	(48)
North America Personal P&C Insurance	—		(52)		(52)
North America Agricultural Insurance	—		(28)		(28)
Overseas General Insurance	(1)		(88)		(89)
Global Reinsurance	—		1		1
Corporate	9		—		9
Total	$	104	$	(311)	$	(207)
2023
North America Commercial P&C Insurance	$	9	$	(81)	$	(72)
North America Personal P&C Insurance	—		17		17
North America Agricultural Insurance	—		—		—
Overseas General Insurance	—		(143)		(143)
Global Reinsurance	—		(8)		(8)
Corporate	10		—		10
Total	$	19	$	(215)	$	(196)