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Reinsurance and Indemnification
 9 Months Ended
Sep. 30, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance and Indemnification
Note 10Reinsurance and Indemnification
Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and accident and health insurance premiums and contract charges
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Property and casualty insurance premiums earned
$(640)$(552)$(1,791)$(1,697)
Accident and health insurance premiums and contract charges (1)
(122)(16)(145)(37)
Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident, health and other policy benefits
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Property and casualty insurance claims and claims expense (2)
$(163)$(662)$(1,989)$(1,178)
Accident, health and other policy benefits (1)
(112)(13)(140)(27)
(1)Includes group health business sold through reinsurance to Nationwide Life Insurance Company.
(2)2025 includes ceded losses related to the Nationwide Reinsurance Program for the California wildfires.
Reinsurance and indemnification recoverables
Reinsurance and indemnification recoverables, net
($ in millions)September 30, 2025December 31, 2024
Property and casualty
Paid and due from reinsurers and indemnitors$294 $285 
Unpaid losses estimated (including IBNR) 8,993 8,602 
Total property and casualty$9,287 $8,887 
Accident and health insurance232 37 
Total$9,519 $8,924 
Rollforward of credit loss allowance for reinsurance recoverables
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Property and casualty (1) (2)
Beginning balance$(63)$(64)$(63)$(62)
(Increase) decrease in the provision for credit losses(1)2 (1)— 
Write-offs10 — 10 — 
Ending balance$(54)$(62)$(54)$(62)
(1)Primarily related to Run-off Property-Liability reinsurance ceded.
(2)Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation.
Indemnification programs
Federal Government - National Flood Insurance Program (“NFIP”) NFIP is a program administered by the Federal Emergency Management Agency (“FEMA”) whereby the Company sells and services NFIP flood insurance policies as an agent of FEMA and receives fees for its services. The Company is fully indemnified for claims and claim expenses and does not retain any ultimate risk for the indemnified business. The federal government is obligated to pay all claims and certain allocated loss adjustment expenses in accordance with the arrangement.
Congressional authorization for the NFIP is periodically evaluated and may be subjected to freezes, including when the federal government experiences a shutdown. Congress must periodically renew the funding of the program as well as consider
reforms to the program that would be incorporated in legislation to reauthorize the NFIP. Legislation that extended the NFIP authorization to September 30, 2025 has expired and the federal government shutdown has frozen the NFIP. As a result, existing policies remain valid, but insurance companies operating on behalf of the NFIP may not enter into new flood insurance contracts. The program will also have limited ability to issue increased coverage on existing policies, or issue renewal policies. The NFIP has the authority to process and pay new and existing flood insurance claims from the National Flood Insurance Fund and the National Flood Insurance Reserve Fund, but its borrowing capacity is reduced to $1 billion which has been exceeded by the current program debt of $22.5 billion.