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ASSURANT, INC.2011 Form10-KF-34
12 Reserves
e following table provides a roll forward of the Company’s product lines with the most signi cant claims and bene ts payable balances: group
term life, group disability, medical and property and warranty lines of business. Claims and bene ts payable is comprised of case and IBNR reserves.
Group Term Life Group Disability
ShortDuration
Medical (2)
LongDuration
Medical (2)
Property and
Warranty
Balance as of December31, 2008,
grossof reinsurance (3) $ 256,262 $ 1,473,002 $ 277,860 $ 32,453 $ 561,850
Less: Reinsurance ceded and other (1) (1,461) (35,115) (37,265) (2,768) (167,394)
Balance as of January1, 2008,
netofreinsurance 254,801 1,437,887 240,595 29,685 394,456
Incurred losses related to:
Current year 146,638 310,228 1,273,782 118,565 943,054
Prior year’s interest 8,815 63,877 — — —
Prior year (s) (24,801) (79,899) 30,006 7,221 (35,840)
Total incurred losses 130,652 294,206 1,303,788 125,786 907,214
Paid losses related to:
Current year 88,063 71,930 1,003,547 97,780 681,019
Prior year (s) 43,381 279,861 211,638 27,776 226,725
Total paid losses 131,444 351,791 1,215,185 125,556 907,744
Balance as of December31, 2009,
netofreinsurance (3) 254,009 1,380,302 329,198 29,915 393,926
Plus: Reinsurance ceded and other (1) 1,600 37,128 30,428 1,959 147,325
Balance as of December31, 2009,
grossof reinsurance (3) 255,609 1,417,430 359,626 31,874 541,251
Less: Reinsurance ceded and other (1) (1,600) (37,128) (30,428) (1,959) (147,325)
Balance as of January1, 2010,
netofreinsurance 254,009 1,380,302 329,198 29,915 393,926
Incurred losses related to:
Current year 137,345 352,118 1,292,045 98,546 880,347
Prior year’s interest 8,471 60,738 — — —
Prior year (s) (26,994) (85,753) (66,451) (3,051) (46,269)
Total incurred losses 118,822 327,103 1,225,594 95,495 834,078
Paid losses related to:
Current year 83,482 66,570 1,028,147 81,392 608,085
Prior year (s) 46,370 273,743 251,817 26,162 250,520
Total paid losses 129,852 340,313 1,279,964 107,554 858,605
Balance as of December31, 2010,
netofreinsurance (3) 242,979 1,367,092 274,828 17,856 369,399
Plus: Reinsurance ceded and other (1) 3,021 37,182 15,562 703 149,032
Balance as of December31, 2010
grossof reinsurance (3) 246,000 1,404,274 290,390 18,559 518,431
Less: Reinsurance ceded and other (1) (3,021) (37,182) (15,562) (703) (149,032)
Balance as of January1, 2011,
netofreinsurance 242,979 1,367,092 274,828 17,856 369,399
Incurred losses related to: — — — —
Current year 148,162 326,036 1,238,393 92,009 997,514
Prior year’s interest 8,164 60,908 — — —
Prior year (s) (23,913) (63,834) (60,247) (3,579) (26,849)
Total incurred losses 132,413 323,110 1,178,146 88,430 970,665
Paid losses related to:
Current year 88,956 65,287 993,687 76,792 740,451
Prior year (s) 40,271 284,869 208,257 13,903 218,947
Total paid losses 129,227 350,156 1,201,944 90,695 959,398
Balance as of December31, 2011,
netofreinsurance (3) 246,165 1,340,046 251,030 15,591 380,666
Plus: Reinsurance ceded and other (1) 3,542 37,370 17,904 2,964 189,977
Balance as of December31, 2011
grossof reinsurance (3) $ 249,707 $ 1,377,416 $ 268,934 $ 18,555 $ 570,643
(1) Reinsurance ceded and other includes claims and benefits payable balances that have either been (a)reinsured to third parties, (b)established for claims related expenses whose
subsequent payment is not recorded as a paid claim, or (c)reserves established for obligations that would persist even if contracts were cancelled (such as extension of benefits), which
cannot be analyzed appropriately under a roll-forward approach.
(2) Short duration and long duration medical methodologies used for settling claims and benefits payable are similar.
(3) The Company’s net retained credit life and disability claims and benefits payable were $60,797, $69,127 and $87,852 at December31, 2011, 2010 and 2009.