RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:



At September 30, 2023	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,944,257	$	1,791,160	$	2,647,186	$	6,382,603
Casualty and Specialty	2,039,068		214,082		7,319,412		9,572,562

Total	$	3,983,325	$	2,005,242	$	9,966,598	$	15,955,165

At December 31, 2022
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741

Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573

Activity in the liability for unpaid claims and claim expenses is summarized as follows:



Nine months ended September 30,	2023		2022
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	11,181,648	$	9,025,961
Net incurred related to:
Current year	2,888,784		3,608,599
Prior years	(294,797)		(92,696)
Total net incurred	2,593,987		3,515,903
Net paid related to:
Current year	181,155		101,258
Prior years	1,880,700		1,454,977
Total net paid	2,061,855		1,556,235
Foreign exchange (1)	(11,874)		(291,918)



Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	11,701,906		10,693,711
Reinsurance recoverable as of end of period	4,253,259		4,969,244
Reserve for claims and claim expenses as of end of period	$	15,955,165	$	15,662,955

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

The following table details the Company’s prior year net development by segment of its net claims and claim expenses:



Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Property	$	(257,209)	$	(76,069)
Casualty and Specialty	(37,588)		(16,627)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(294,797)	$	(92,696)

The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:



Nine months ended September 30,	2023
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2022 Weather-Related Large Losses (1)	$	6,501
2021 Weather-Related Large Losses (2)	(24,931)
2020 Weather-Related Large Loss Events (3)	(28,824)
2019 Large Loss Events (4)	(37,934)
2018 Large Loss Events (5)	(37,847)
2017 Large Loss Events (6)	(31,922)



New Zealand Earthquake (2010)	(10,397)
Other	696
Total large catastrophe events	(164,658)
Small catastrophe events and attritional loss movements


Other small catastrophe events and attritional loss movements	(93,391)
Actuarial assumption changes	840
Total small catastrophe events and attritional loss movements	(92,551)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(257,209)

(1)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.

(2)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.

(3)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.

(4)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(5)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.

(6)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.



Nine months ended September 30,	2022
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2021 Weather-Related Large Losses	$	42,766
2020 Weather-Related Large Loss Events	(32,988)
2019 Large Loss Events	(50,148)
2018 Large Loss Events	(15,493)
2017 Large Loss Events	(28,722)
Other	2,609
Total large catastrophe events	(81,976)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	5,907
Total small catastrophe events and attritional loss movements	5,907

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(76,069)

The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:



Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims	$	(40,498)	$	(38,139)
Actuarial assumption changes	2,910		21,512
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(37,588)	$	(16,627)