INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES (Tables)
|12 Months Ended|
Dec. 31, 2022
|Summary of Loss Reserve Liability||
The table below summarizes BIGRM's losses incurred during the years ended December 31, 2022, 2021, and 2020 as well as rollforwards of the loss reserve liability for each of the respective periods then ended (in thousands):
Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef