U-Haul 2006 Annual Report Download - page 118
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Activity in the liability for unpaid losses and loss adjustment expenses for RepWest is summarized as follows:
2005 2004 2003
Balance at January 1 $ 380,875 $ 416,259 $ 399,447
Less: reinsurance recoverable 189,472 177,635 146,622
Net balance at January 1 191,403 238,624 252,825
Incurred related to:
Current year 6,429 17,960 56,454
Prior years 16,161 21,773 53,127
Total incurred 22,590 39,733 109,581
Paid related to:
Current year 3,774 13,570 22,931
Prior years 44,679 73,384 100,851
Total paid 48,453 86,954 123,782
Net balance at December 31 165,540 191,403 238,624
Plus: reinsurance recoverable 181,388 189,472 177,635
Balance at December 31 $ 346,928 $ 380,875 $ 416,259
(In thousands)
Year Ended December 31,
The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $181.4 million)
decreased by $25.9 million in 2005. The decrease is a result of eliminating unprofitable programs.
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