RESERVE FOR LOSSES AND LAE - Schedule of Activity in the Reserve for Losses and Loss Adjustment Expenses (“LAE”) (Details) - USD ($) $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
| Gross reserves beginning of period | $ 19,271 | $ 15,796 | ||
| Less reinsurance recoverables on unpaid losses | (3,327) | (2,990) | $ (3,391) | $ (3,182) |
| Net reserves beginning of period | 17,005 | 13,189 | 15,880 | 12,614 |
| Incurred related to: | ||||
| Current year | 3,375 | 2,801 | ||
| Prior years | 25 | (20) | ||
| Total incurred losses and LAE | 3,400 | 2,781 | ||
| Paid related to: | ||||
| Current year | 640 | 492 | ||
| Prior years | 1,769 | 1,665 | ||
| Total paid losses and LAE | 2,409 | 2,157 | ||
| Foreign exchange/translation adjustment | 134 | (49) | ||
| Net reserves end of period | 17,005 | 13,189 | ||
| Plus reinsurance recoverables on unpaid losses | 3,327 | 2,990 | $ 3,391 | $ 3,182 |
| Gross reserves end of period | $ 20,333 | $ 16,178 | ||
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- Definition Reserve For Losses And Loss Adjustment Expenses Net No definition available.
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- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount, after effects of reinsurance, of payments to settle claims incurred in the current period and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after effects of reinsurance, of payments to settle claims incurred in prior periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after effects of reinsurance, of expense (reversal of expense) for claims incurred and costs incurred in the claim settlement process. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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- Definition Amount, after effects of reinsurance, of payments to settle insured claims and pay costs incurred in the claims settlement process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after valuation allowance, recoverable under reinsurance contracts including premium paid under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, premium paid, policy benefits and policy reserves. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after effects of reinsurance, of expense for claims incurred in the current reporting period and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after effects of reinsurance, of expense (reversal of expense) for claims incurred in prior reporting periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of increase (decrease) in cumulative translation adjustment, after tax, from translating foreign currency financial statements into the reporting currency. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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