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Unpaid losses and loss expenses, and Future policy benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Schedule Of Unpaid Losses And Loss Expenses Roll Forward
Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2024, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Year Ended December 31
(in millions of U.S. dollars)202420232022
Gross unpaid losses and loss expenses, beginning of year$80,122 $75,747 $72,330 
Reinsurance recoverable on unpaid losses (1)
(17,884)(17,086)(16,132)
Net unpaid losses and loss expenses, beginning of year62,238 58,661 56,198 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year26,997 24,956 23,680 
Prior years (2)
(975)(856)(1,108)
Total26,022 24,100 22,572 
Net losses and loss expenses paid in respect of losses occurring in:
Current year8,681 8,248 7,331 
Prior years12,822 12,763 12,206 
Total21,503 21,011 19,537 
Consolidation of Huatai Group— 405 — 
Foreign currency revaluation and other(487)83 (572)
Net unpaid losses and loss expenses, end of year66,270 62,238 58,661 
Reinsurance recoverable on unpaid losses (1)
17,734 17,884 17,086 
Gross unpaid losses and loss expenses, end of year$84,004 $80,122 $75,747 
(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 $119 million, $83 million, and $232 million for 2024, 2023, and 2022, respectively.
Reconciliation of Claims Development to Liability [Table Text Block]
The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:

Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)December 31, 2024
Presented in the loss development tables:
  North America Commercial P&C Insurance — Workers' Compensation$10,195 
  North America Commercial P&C Insurance — Liability22,401 
  North America Commercial P&C Insurance — Other Casualty2,764 
  North America Commercial P&C Insurance — Non-Casualty3,572 
  North America Personal P&C Insurance4,182 
  Overseas General Insurance — Casualty8,639 
  Overseas General Insurance — Non-Casualty3,907 
  Global Reinsurance — Casualty1,328 
  Global Reinsurance — Non-Casualty540 
Excluded from the loss development tables:
  Other6,673 
Net unpaid loss and allocated loss adjustment expense64,201 
Ceded unpaid loss and allocated loss adjustment expense:
  North America Commercial P&C Insurance — Workers' Compensation1,090 
  North America Commercial P&C Insurance — Liability7,564 
  North America Commercial P&C Insurance — Other Casualty1,148 
  North America Commercial P&C Insurance — Non-Casualty1,022 
  North America Personal P&C Insurance529 
  Overseas General Insurance — Casualty2,986 
  Overseas General Insurance — Non-Casualty1,880 
  Global Reinsurance — Casualty137 
  Global Reinsurance — Non-Casualty83 
  Other1,524 
Ceded unpaid loss and allocated loss adjustment expense17,963 
Unpaid unallocated loss adjustment expenses1,840 
Unpaid losses and loss expenses$84,004 
Claims Development tables [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail
This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-60.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31 As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$1,282 $1,259 $1,276 $1,279 $1,217 $1,154 $1,128 $1,092 $1,057 $1,032 $257 50 
20161,366 1,361 1,383 1,378 1,269 1,206 1,177 1,162 1,117 299 51 
20171,412 1,380 1,399 1,393 1,376 1,176 1,121 1,069 329 50 
20181,359 1,361 1,379 1,384 1,384 1,221 1,175 381 52 
20191,390 1,383 1,400 1,409 1,406 1,297 447 48 
20201,367 1,388 1,409 1,408 1,395 690 32 
20211,348 1,330 1,372 1,370 618 36 
20221,344 1,407 1,435 769 39 
20231,371 1,413 798 38 
20241,380 981 33 
Total$12,683 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$116 $301 $418 $501 $564 $606 $628 $645 $665 $679 
2016122 326 452 529 584 621 653 683 707 
2017120 313 437 516 564 601 626 648 
2018130 329 451 528 597 641 681 
2019143 341 467 575 640 692 
2020111 282 390 466 520 
2021120 331 458 552 
2022131 332 472 
2023129 358 
2024147 
Total$5,456 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$2,968 
Accident years 2015 - 2024 from tables above7,227 
All Accident years$10,195 
North America Commercial P&C Insurance — Liability — Long-tail
This line consists of primary and excess general liability exposures, medical liability, and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$3,546 $3,694 $3,803 $3,959 $3,926 $3,720 $3,694 $3,562 $3,606 $3,587 $293 27 
20163,520 3,582 3,678 3,790 3,787 3,759 3,751 3,655 3,693 324 27 
20173,310 3,485 3,566 3,617 3,539 3,428 3,487 3,517 446 26 
20183,362 3,479 3,681 3,813 3,894 3,910 3,987 586 28 
20193,440 3,613 3,851 4,043 4,051 4,007 824 30 
20204,095 3,821 3,914 3,972 3,839 1,124 24 
20214,310 4,343 4,434 4,532 1,984 25 
20224,556 4,561 4,656 2,689 26 
20234,696 4,900 3,406 30 
20245,135 4,617 28 
Total$41,853 
North America Commercial P&C Insurance — Liability — Long-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$138 $603 $1,201 $1,849 $2,283 $2,523 $2,739 $2,916 $3,074 $3,171 
2016171 661 1,333 1,972 2,330 2,591 2,818 2,979 3,105 
2017160 615 1,158 1,696 1,998 2,320 2,624 2,866 
2018189 752 1,299 1,771 2,332 2,779 3,068 
2019175 667 1,243 1,885 2,384 2,753 
2020151 588 1,146 1,696 2,269 
2021173 608 1,198 1,927 
2022144 648 1,278 
2023196 827 
2024195 
Total$21,459 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$2,007 
Accident years 2015 - 2024 from tables above20,394 
All Accident years$22,401 
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$485 $468 $499 $513 $456 $453 $461 $456 $455 $450 $12 15 
2016503 500 526 523 480 479 469 473 466 13 16 
2017530 564 576 615 603 590 602 609 19 17 
2018534 562 573 579 575 605 625 13 17 
2019605 635 684 742 755 766 38 17 
2020639 632 655 637 613 68 11 
2021674 709 746 762 188 15 
2022781 800 846 243 22 
2023843 882 432 21 
2024883 676 13 
Total$6,902 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$47 $137 $214 $303 $369 $393 $410 $422 $430 $432 
201652 145 246 323 374 398 424 437 441 
201765 175 312 380 445 496 538 560 
201874 169 270 365 471 532 580 
201970 189 318 464 618 684 
202054 156 273 400 480 
202160 176 293 439 
202282 234 399 
202381 248 
202485 
Total$4,348 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$210 
Accident years 2015 - 2024 from tables above2,554 
All Accident years$2,764 
This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety, and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was impacted by natural catastrophes mainly in the 2017 and 2018 accident years, and in accident year 2020 by direct COVID.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$1,726 $1,735 $1,641 $1,629 $1,596 $1,581 $1,584 $1,588 $1,586 $1,587 $(1)545 
20161,899 1,879 1,789 1,769 1,805 1,817 1,813 1,815 1,808 13 650 
20172,695 2,599 2,496 2,513 2,504 2,514 2,500 2,490 44 764 
20182,042 2,229 2,165 2,157 2,165 2,156 2,144 — 904 
20192,042 2,027 1,950 1,940 1,917 1,921 12 1,044 
20203,133 2,937 2,721 2,680 2,658 41 1,126 
20212,936 2,820 2,625 2,544 53 865 
20223,042 2,941 2,806 155 904 
20233,066 2,876 460 965 
20243,583 1,561 853 
Total$24,417 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$723 $1,336 $1,480 $1,548 $1,564 $1,566 $1,579 $1,579 $1,579 $1,583 
2016842 1,495 1,646 1,721 1,748 1,772 1,783 1,784 1,791 
2017975 2,080 2,295 2,385 2,399 2,422 2,442 2,445 
20181,023 1,817 2,008 2,064 2,108 2,132 2,135 
20191,026 1,669 1,796 1,853 1,879 1,894 
20201,386 2,256 2,462 2,541 2,575 
20211,084 2,098 2,319 2,438 
20221,048 2,186 2,491 
20231,217 2,131 
20241,367 
Total$20,850 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$5 
Accident years 2015 - 2024 from tables above3,567 
All Accident years$3,572 
North America Personal P&C Insurance — Short-tail
Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in the 2017 and 2018 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$2,482 $2,536 $2,547 $2,530 $2,550 $2,556 $2,553 $2,555 $2,552 $2,561 $19 148 
20162,428 2,523 2,533 2,471 2,459 2,452 2,460 2,462 2,468 16 154 
20173,022 3,057 2,990 2,986 2,986 2,995 3,005 3,006 9 163 
20182,995 3,023 3,089 3,104 3,125 3,114 3,115 20 170 
20192,941 2,979 2,980 2,972 2,951 2,971 47 157 
20202,914 2,622 2,620 2,577 2,577 59 123 
20213,019 2,871 2,958 2,971 147 131 
20223,093 2,947 2,938 277 120 
20233,396 3,065 537 114 
20243,657 1,826 88 
Total$29,329 
North America Personal P&C Insurance — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$1,491 $2,073 $2,259 $2,380 $2,466 $2,495 $2,520 $2,530 $2,537 $2,533 
20161,446 2,042 2,201 2,303 2,359 2,386 2,417 2,435 2,439 
20171,690 2,509 2,656 2,788 2,858 2,925 2,966 2,978 
20181,918 2,536 2,693 2,851 2,965 3,031 3,066 
20191,660 2,426 2,605 2,712 2,817 2,879 
20201,328 1,985 2,218 2,359 2,433 
20211,581 2,364 2,577 2,695 
20221,406 2,271 2,470 
20231,484 2,241 
20241,449 
Total$25,183 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$36 
Accident years 2015 - 2024 from tables above4,146 
All Accident years$4,182 
This product line comprises D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 45 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprises a mix of primary and excess businesses.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$1,092 $1,182 $1,209 $1,231 $1,213 $1,159 $1,143 $1,158 $1,158 $1,147 $67 40 
20161,127 1,220 1,282 1,308 1,298 1,306 1,240 1,253 1,265 126 42 
20171,113 1,210 1,256 1,302 1,268 1,303 1,268 1,268 109 43 
20181,208 1,257 1,316 1,357 1,313 1,292 1,289 107 44 
20191,277 1,342 1,362 1,349 1,308 1,227 148 43 
20201,644 1,565 1,485 1,498 1,278 415 35 
20211,579 1,625 1,649 1,653 791 37 
20221,714 1,761 1,932 1,121 38 
20231,862 1,888 1,293 38 
20242,002 1,650 31 
Total$14,949 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$76 $259 $453 $622 $736 $812 $884 $915 $946 $985 
2016117 299 492 632 747 837 956 979 1,006 
201788 292 488 638 796 921 974 1,035 
2018103 305 459 595 711 859 966 
2019114 308 432 634 710 817 
202099 265 417 516 638 
2021108 262 422 590 
202280 277 510 
202377 276 
2024131 
Total$6,954 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$644 
Accident years 2015 - 2024 from tables above7,995 
All Accident years$8,639 
This product line comprises commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, and Asia), personal cell phones, personal residential (including high net worth), energy, and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes mainly in the 2017, 2018, and 2022 accident years. For the Chubb Overseas General non-casualty book, Europe, exclusive of Lloyd's market, makes up about one third, Latin America makes up about one quarter, and Asia makes up about one fifth.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2024
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2015201620172018201920202021202220232024
2015$1,763 $1,877 $1,854 $1,825 $1,809 $1,803 $1,785 $1,785 $1,780 $1,787 $11 556 
20161,867 1,859 1,845 1,824 1,828 1,859 1,857 1,844 1,825 10 568 
20172,018 2,059 2,045 2,028 2,052 2,049 2,016 2,053 38 577 
20181,969 2,054 2,018 1,993 1,962 1,952 1,931 25 613 
20191,990 2,008 1,949 1,937 1,934 1,912 (10)632 
20202,319 2,189 2,067 2,017 1,989 82 534 
20212,407 2,321 2,208 2,185 2 543 
20222,664 2,626 2,535 14 615 
20232,847 2,757 342 615 
20243,141 847 607 
Total$22,115 
Overseas General Insurance — Non-Casualty — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$764 $1,394 $1,610 $1,685 $1,706 $1,733 $1,750 $1,753 $1,752 $1,757 
2016905 1,506 1,687 1,753 1,776 1,785 1,790 1,794 1,799 
2017955 1,687 1,850 1,920 1,959 2,017 1,994 1,994 
2018905 1,578 1,766 1,829 1,844 1,854 1,861 
2019953 1,576 1,756 1,819 1,851 1,872 
2020979 1,560 1,700 1,811 1,810 
2021920 1,654 1,922 2,005 
20221,090 1,960 2,237 
20231,039 1,861 
20241,141 
Total$18,337 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$129 
Accident years 2015 - 2024 from tables above3,778 
All Accident years$3,907 
This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile.
Global Reinsurance — Casualty — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31
 2024
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2015201620172018201920202021202220232024
2015$281 $286 $296 $297 $305 $301 $305 $308 $308 $309 $8 
2016219 223 231 230 239 239 244 251 252 10 
2017210 211 216 213 214 214 221 224 7 
2018239 242 249 246 249 256 261 12 
2019233 242 237 237 234 241 27 
2020242 246 237 237 232 30 
2021278 281 286 274 75 
2022294 296 292 116 
2023274 286 170 
2024337 252 
Total$2,708 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$89 $158 $190 $216 $231 $248 $264 $273 $281 $288 
201657 112 141 157 173 190 207 217 228 
201746 99 121 138 153 173 186 196 
201841 95 124 147 168 195 217 
201939 89 115 138 162 182 
202041 98 124 148 168 
202135 87 119 147 
202239 86 122 
202330 69 
202430 
Total$1,647 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$267 
Accident years 2015 - 2024 from tables above1,061 
All Accident years$1,328 
This product line includes property, property catastrophe, marine, credit/surety, mortgage, A&H and energy. This product line is impacted by natural catastrophes, particularly in the 2017, 2018, 2020, 2021, 2022, and 2024 accident years. Of the non-catastrophe book, the mixture of business varies by year with approximately 89 percent of loss on proportional treaties in treaty year 2015 and after. This percentage has increased over time with the proportion being approximately 76 percent for treaty years 2015-2017 growing to an average of 94 percent for treaty years 2018 to 2024, with the remainder being written on an excess of loss basis.
Net Incurred Loss and Allocated Loss Adjustment ExpensesAs of December 31
 2024
Years Ended December 31
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2015201620172018201920202021202220232024
2015$144 $152 $158 $158 $151 $156 $154 $154 $154 $153 $— 
2016174 179 182 184 181 178 178 178 178 1 
2017394 420 450 448 452 455 454 453 7 
2018276 283 285 281 286 280 277 3 
2019128 126 124 118 114 114 (1)
2020208 252 276 278 278 17 
2021340 350 353 356 21 
2022345 311 290 27 
2023180 175 45 
2024391 193 
Total$2,665 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses

Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2015201620172018201920202021202220232024
2015$56 $102 $130 $140 $144 $148 $149 $150 $150 $150 
201655 127 153 164 169 173 173 174 175 
2017191 321 399 413 426 433 439 441 
201894 247 262 265 269 272 272 
201935 79 93 101 103 107 
202062 176 214 231 242 
2021157 277 307 320 
202273 194 233 
202336 92 
2024107 
Total$2,139 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$14 
Accident years 2015 - 2024 from tables above526 
All Accident years$540 
Supplementary PPD [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$(151)
Accident years 2015 - 2024 from tables above(222)
All Accident years$(373)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$69 
Accident years 2015 - 2024 from tables above346 
All Accident years$415 
North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$(4)
Accident years 2015 - 2024 from tables above103 
All Accident years$99 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$18 
Accident years 2015 - 2024 from tables above(452)
All Accident years$(434)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$(11)
Accident years 2015 - 2024 from tables above(290)
All Accident years$(301)
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$75 
Accident years 2015 - 2024 from tables above(102)
All Accident years$(27)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$(11)
Accident years 2015 - 2024 from tables above(250)
All Accident years$(261)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$(7)
Accident years 2015 - 2024 from tables above8 
All Accident years$1 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2024
Accident years prior to 2015$— 
Accident years 2015 - 2024 from tables above(28)
All Accident years$(28)
Schedule of Historical Claims [Table Text Block]
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %16 %10 %7 %5 %4 %3 %2 %2 %1 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage4 %12 %15 %16 %12 %9 %7 %5 %4 %3 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %17 %18 %17 %15 %8 %6 %3 %1 %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage44 %37 %9 %4 %1 %1 %1 %— %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage53 %25 %7 %4 %3 %2 %1 %— %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage7 %13 %13 %12 %9 %9 %7 %3 %2 %3 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage44 %33 %10 %4 %1 %1 %— %— %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage17 %20 %11 %9 %7 %8 %7 %4 %3 %2 %
Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2024 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage32 %38 %13 %4 %3 %2 %1 %— %— %— %
Supplementary PPD Reconciliation [Table Text Block]
The following table presents a reconciliation of the loss development triangles above to prior period development (PPD):
Components of PPD
Year Ended December 31, 2024 (in millions of U.S. dollars)
(favorable)/unfavorable		2015 - 2023 accident years (implied PPD per loss triangles)Accident years prior to 2015
Other (1)
PPD on loss reserves RIPs, Expense adjustments, and earned premiumsTotal
North America Commercial P&C Insurance
Long-tail$227 $(86)$(194)$(53)$71 $18 
Short-tail(452)18 (6)(440)(6)(446)
(225)(68)(200)(2)(493)65 (3)(428)
North America Personal P&C Insurance (Short-tail)(290)(11)(4)(305)— (305)
Overseas General Insurance
Long-tail(102)75 1 (26)— (26)
Short-tail(250)(11)(3)(264)— (264)
(352)64 (2)(290)— (290)
Global Reinsurance
Long-tail8 (7)(2)(1)1 — 
Short-tail(28)— — (28)3 (25)
(20)(7)(2)(29)4 (25)
Subtotal$(887)$(22)$(208)$(1,117)$69 $(1,048)
North America Agricultural Insurance (Short-tail)$(170)$66 $(104)
Corporate (Long-tail)296 — 296 
Consolidated PPD$(991)(4)$135 $(856)
(1)        Other includes the impact of foreign exchange.
(2)     Includes favorable development of $39 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $89 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
(3)     Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
(4)     Includes favorable development of $16 million related to long duration International A&H business.
Prior Period Development, by Segment [Table Text Block]
Years Ended December 31
(in millions of U.S. dollars, except for percentages)		Long-tailShort-tailTotal
% of beginning net unpaid reserves (1)
2024
North America Commercial P&C Insurance$18 $(446)$(428)0.7 %
North America Personal P&C Insurance— (305)(305)0.5 %
North America Agricultural Insurance— (104)(104)0.2 %
Overseas General Insurance(26)(264)(290)0.5 %
Global Reinsurance— (25)(25)— %
Corporate296 — 296 0.5 %
Total$288 $(1,144)$(856)1.4 %
2023
North America Commercial P&C Insurance$(86)$(408)$(494)0.8 %
North America Personal P&C Insurance— (134)(134)0.2 %
North America Agricultural Insurance— (18)(18)— %
Overseas General Insurance(50)(326)(376)0.6 %
Global Reinsurance7 (35)(28)— %
Corporate277 — 277 0.5 %
Total$148 $(921)$(773)1.3 %
2022
North America Commercial P&C Insurance$(229)$(333)$(562)1.0 %
North America Personal P&C Insurance— (186)(186)0.3 %
North America Agricultural Insurance— (61)(61)0.1 %
Overseas General Insurance(65)(383)(448)0.8 %
Global Reinsurance(7)29 22 — %
Corporate 359 — 359 0.6 %
Total$58 $(934)$(876)1.6 %
(1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.
Schedule Of Asbestos Environmental Loss Roll Forward and by segment The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the valuation allowance for uncollectible paid and unpaid reinsurance recoverables:
AsbestosEnvironmentalTotal
(in millions of U.S. dollars)GrossNetGrossNetGrossNet
Balance at December 31, 2021$1,226 $800 $402 $302 $1,628 $1,102 
Incurred activity87 55 125 77 212 132 (1)
Paid activity(215)(152)(115)(69)(330)(221)
Balance at December 31, 20221,098 703 412 310 1,510 1,013 
Incurred activity180 120 88 63 268 183 (1)
Paid activity(258)(169)(105)(82)(363)(251)
Balance at December 31, 20231,020 654 395 291 1,415 945 
Incurred activity176 126 74 47 250 173 (1)
Paid activity(232)(172)(90)(61)(322)(233)
Balance at December 31, 2024$964 $608 $379 $277 $1,343 $885 
(1)    Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).

The A&E net loss reserves including allocated loss expense reserves and valuation allowance for uncollectible reinsurance at December 31, 2024 and 2023, shown in the table above comprises:
December 31
(in millions of U.S. dollars)20242023
Brandywine operations$502 $570 
Westchester Specialty86 89 
Chubb Corp258 241 
Other, mainly Overseas General Insurance39 45 
Total$885 $945 
Liability for Future Policy Benefit, Activity
The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net PremiumsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,590 $3,950 $10,432 $64 $16,036 
Beginning balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in cash flow assumptions(141)178 417 (4)450 
Effect of actual variances from expected experience11 (2)(139)— (130)
Adjusted beginning of period balance1,862 4,121 10,970 60 17,013 
Issuances221 1,211 2,162 86 3,680 
Interest accrual58 128 540 5 731 
Net premiums collected (1)
(242)(1,086)(1,483)(40)(2,851)
Other (including foreign exchange)(80)(71)(690)13 (828)
Ending balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in discount rate assumptions(296)102 127 1 (66)
Balance – end of period$1,523 $4,405 $11,626 $125 $17,679 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,254 $10,063 $14,650 $495 $27,462 
Beginning balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in cash flow assumptions(141)205 373 (5)432 
Effect of actual variances from expected experience20 11 (141)— (110)
Adjusted beginning of period balance2,628 10,207 15,303 487 28,625 
Issuances221 1,211 2,162 86 3,680 
Interest accrual76 331 668 17 1,092 
Benefits payments(224)(340)(1,594)(18)(2,176)
Other (including foreign exchange)(54)(167)(887)29 (1,079)
Ending balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in discount rate assumptions(409)815 41 46 493 
Balance – end of period$2,238 $12,057 $15,693 $647 $30,635 
Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$715 $7,652 $4,067 $522 $12,956 
Deferred profit liability279 1,210 196 39 1,724 
Net liability for future policy benefits, before reinsurance recoverable994 8,862 4,263 561 14,680 
Less: Reinsurance recoverable on future policy benefits108 47 113 1 269 
Net liability for future policy benefits, after reinsurance recoverable$886 $8,815 $4,150 $560 $14,411 
Weighted average duration (years)10.427.89.818.621.3

Present Value of Expected Net PremiumsFor the Year Ended December 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,806 $2,308 $10,711 $42 $14,867 
Beginning balance at original discount rate1,867 2,361 11,258 43 15,529 
Effect of changes in cash flow assumptions22 40 (820)2 (756)
Effect of actual variances from expected experience(9)88 (84)— (5)
Adjusted beginning of period balance1,880 2,489 10,354 45 14,768 
Consolidation of Huatai Group3 1,690 145 12 1,850 
Issuances190 318 1,653 9 2,170 
Interest accrual71 87 531 2 691 
Net premiums collected (1)
(255)(585)(1,457)(23)(2,320)
Other (including foreign exchange)103 (54)(534)19 (466)
Ending balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in discount rate assumptions(402)5 (260)— (657)
Balance – end of period$1,590 $3,950 $10,432 $64 16,036 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.
Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2023
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,321 $5,696 $15,038 $269 $23,324 
Beginning balance at original discount rate2,447 5,874 15,855 280 24,456 
Effect of changes in cash flow assumptions15 44 (858)4 (795)
Effect of actual variances from expected experience(4)98 (78)(1)15 
Adjusted beginning of period balance2,458 6,016 14,919 283 23,676 
Consolidation of Huatai Group17 3,659 163 233 4,072 
Issuances190 318 1,653 9 2,170 
Interest accrual90 252 672 9 1,023 
Benefits payments(238)(333)(1,551)(13)(2,135)
Other (including foreign exchange)232 79 (785)(29)(503)
Ending balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in discount rate assumptions(495)72 (421)3 (841)
Balance – end of period$2,254 $10,063 $14,650 $495 $27,462 


Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2023
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$664 $6,113 $4,218 $431 $11,426 
Deferred profit liability267 804 165 17 1,253 
Net liability for future policy benefits, before reinsurance recoverable931 6,917 4,383 448 12,679 
Less: Reinsurance recoverable on future policy benefits82 45 106 — 233 
Net liability for future policy benefits, after reinsurance recoverable$849 $6,872 $4,277 $448 $12,446 
Weighted average duration (years)10.525.810.415.019.4
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

December 31
(in millions of U.S. dollars)20242023
Net liability for future policy benefits, Life Insurance segment$12,956 $11,426 
Other (1)
1,441 1,209 
Deferred profit liability1,724 1,253 
Liability for future policy benefits, per consolidated balance sheet$16,121 $13,888 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.