CHUBB LTD, 10-K filed on 2/28/2019
Annual Report
v3.10.0.1
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2018
Feb. 14, 2019
Jun. 29, 2018
Document Documentand Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2018    
Document Fiscal Year Focus 2018    
Document Fiscal Period Focus FY    
Trading Symbol CB    
Entity Registrant Name Chubb Ltd    
Entity Central Index Key 0000896159    
Current Fiscal Year End Date --12-31    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Common Stock, Shares Outstanding   458,380,937  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 59
Entity Shell Company false    
v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Assets    
Fixed maturities available for sale, at fair value (amortized cost – $79,323 and $77,835)(includes hybrid financial instruments of $9 and $5) $ 78,470 $ 78,939
Fixed maturities held to maturity, at amortized cost (fair value – $13,259 and $14,474) 13,435 14,335
Equity Securities, at fair value (cost - $770) 770  
Equity securities, available for sale, at fair value (cost $737)   937
Short-term investments, at fair value and amortized cost 3,016 3,561
Other investments (cost – $5,277 and $4,417) 5,277 4,672
Total investments 100,968 102,444
Cash 1,247 [1] 728 [2]
Restricted Cash 93 [1] 123 [2]
Securities lending collateral 1,926 1,737
Accrued investment income 883 909
Insurance and reinsurance balances receivable 10,075 9,334
Reinsurance recoverable on losses and loss expenses 15,993 15,034
Reinsurance recoverable on policy benefits 202 184
Deferred policy acquisition costs 4,922 4,723
Value of business acquired 295 326
Goodwill 15,271 15,541
Other intangible assets 6,143 6,513
Prepaid reinsurance premiums 2,544 2,529
Investments in partially-owned insurance companies 678 662
Other assets 6,531 6,235
Total assets 167,771 167,022
Liabilities    
Unpaid losses and loss expenses 62,960 63,179
Unearned premiums 15,532 15,216
Future policy benefits 5,506 5,321
Insurance and reinsurance balances payable 6,437 5,868
Securities lending payable 1,926 1,737
Accounts payable, accrued expenses, and other liabilities 10,472 9,545
Deferred Income Tax Liabilities, Net 304 699
Repurchase agreements 1,418 1,408
Short-term debt 509 1,013
Long-term debt 12,087 11,556
Trust preferred securities 308 308
Total liabilities 117,459 115,850
Commitments and contingencies
Shareholders' equity    
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 459,203,378 and 463,833,179 shares outstanding) 11,121 11,121
Common Shares in treasury (20,580,486 and 15,950,685 shares) (2,618) (1,944)
Additional Paid in Capital, Common Stock 12,557 13,978
Retained earnings 31,700 27,474
Accumulated other comprehensive income (loss) (AOCI) (2,448) 543
Total shareholders' equity 50,312 51,172
Total liabilities and shareholders’ equity $ 167,771 $ 167,022
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.10.0.1
Consolidated Balance Sheets (Parenthetical)
$ in Millions
Dec. 31, 2018
USD ($)
shares
Dec. 31, 2017
USD ($)
shares
Statement of Financial Position [Abstract]    
Fixed maturities available for sale, at amortized cost $ 79,323 $ 77,835
Fixed maturities available for sale, hybrid financial instruments 9 5
Debt Securities, Held-to-maturity, Fair Value 13,259 14,474
Equity Securities, FV-NI, Cost 770  
Equity securities, at cost   737
Other investments, cost $ 5,277 $ 4,417
Common Shares, shares issued | shares 479,783,864 479,783,864
Common Shares, shares outstanding | shares 459,203,378 463,833,179
Common Shares in treasury, shares | shares 20,580,486 15,950,685
v3.10.0.1
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues      
Net premiums written $ 30,579 $ 29,244 $ 28,145
(Increase) decrease in unearned premiums (515) (210) 604
Net premiums earned 30,064 29,034 28,749
Net investment income 3,305 3,125 2,865
Net realized gains (losses):      
Other-than-temporary impairment (OTTI) losses gross (52) (46) (111)
Portion of OTTI losses recognized in other comprehensive income (OCI) 3 1 8
Net OTTI losses recognized in income 49    
Net OTTI losses recognized in income   45 103
Net realized, Gain (Loss), Excluding Other-than-temporary Impairment Loss (603)    
Net realized gains (losses) excluding OTTI losses   129 (42)
Total net realized gains (losses) (includes ($302) reclassified from AOCI) (652)    
Net Realized Investment Gains (Losses) (includes $(15), and $(119) reclassified from AOCI)   84 (145)
Total revenues 32,717 32,243 31,469
Expenses      
Losses and loss expenses 18,067 18,454 16,052
Policy benefits 590 676 588
Policy Acquisition Costs 5,912 5,781 5,904
Administrative expenses 2,886 2,833 3,081
Interest expense 641 607 605
Other (income) expense (434) (400) (222)
Amortization of Purchased Intangibles 339 260 19
Chubb integration expenses 59 310 492
Total expenses 28,060 28,521 26,519
Income before income tax 4,657 3,722 4,950
Income tax expense (benefit) (includes $(41), $(13), and $28 on reclassified unrealized gains and losses) 695 (139) 815
Net income 3,962 3,861 4,135
Other comprehensive income (loss)      
Unrealized appreciation (depreciation) (2,298) 618 (35)
Reclassification adjustment for net realized (gains) losses included in net income 302 15 119
Other comprehensive income (loss) after reclassification for net realized gains included in net income (1,996) 633 84
Change in:      
Cumulative foreign currency translation adjustment (802) 471 (154)
Postretirement benefit liability adjustment (321) (16) 545
Other comprehensive income (loss), before income tax (3,119) 1,088 475
Income tax (expense) benefit related to OCI items 399 (231) (54)
Other comprehensive income (loss) (2,720) 857 421
Comprehensive income $ 1,242 $ 4,718 $ 4,556
Earnings per share      
Basic earnings per share $ 8.55 $ 8.26 $ 8.94
Diluted earnings per share $ 8.49 $ 8.19 $ 8.87
v3.10.0.1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income tax expense (benefit) $ (41) $ (13) $ 28
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net unrealized appreciation on investments      
Net realized gains (losses) (302) (15) (119)
Income tax expense (benefit) $ (41) $ (13) $ 28
v3.10.0.1
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Shares
Common Shares in Treasury
Additional Paid-in Capital
Retained Earnings
Net unrealized appreciation on investments
Cumulative Translation Adjustment
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income
The Chubb Corporation [Member]
Common Shares
The Chubb Corporation [Member]
Additional Paid-in Capital
Balance – beginning of year at Dec. 31, 2015   $ 7,833 $ (1,922) $ 4,481 $ 19,478 $ 874 $ (1,539) $ (70)      
Common Shares repurchased $ 0   0                
Shares issued for Chubb Corp acquisition                   $ 3,288 $ 11,916
Net shares redeemed under employee share-based compensation plans     442 (382)             323
Stock Issued During Period, Value, Stock Options Exercised       (64)              
Share-based compensation expense       313              
FundingDividendsDeclaredToRetainedEarnings       (1,284)              
Tax benefit on share-based compensation expense       32              
Net income 4,135       4,135            
Funding Dividends Declared From Additional Paid In Capital         1,284            
Dividends declared on Common Shares         (1,284)            
Change in year, before reclassification from AOCI, net of income tax benefit (expense) of $338, $(228), and $72           37          
Amounts reclassified from AOCI, net of income tax benefit (expense) of $(41), $(13), and $28           147          
Change in year, net of income tax benefit (expense) of $297, $(241), and $100           184          
Change in year, net of income tax benefit of $35, $5, and $30             (124)        
Change in year, net of income tax benefit (expense) of $67, $5, and $(184)               361      
Balance – Ending of year at Dec. 31, 2016 48,275 11,121 (1,480) 15,335 23,613 1,058 (1,663) 291 $ (314)    
Common Shares repurchased     (830)                
Shares issued for Chubb Corp acquisition                   0 0
Net shares redeemed under employee share-based compensation plans     366 (313)              
Stock Issued During Period, Value, Stock Options Exercised       (58)              
Share-based compensation expense       331              
FundingDividendsDeclaredToRetainedEarnings       (1,317)              
Tax benefit on share-based compensation expense       0              
Net income 3,861       3,861            
Funding Dividends Declared From Additional Paid In Capital         1,317            
Dividends declared on Common Shares         (1,317)            
Change in year, before reclassification from AOCI, net of income tax benefit (expense) of $338, $(228), and $72           390          
Amounts reclassified from AOCI, net of income tax benefit (expense) of $(41), $(13), and $28           2          
Change in year, net of income tax benefit (expense) of $297, $(241), and $100           392          
Change in year, net of income tax benefit of $35, $5, and $30             476        
Change in year, net of income tax benefit (expense) of $67, $5, and $(184)               (11)      
Balance – Ending of year at Dec. 31, 2017 51,172 11,121 (1,944) 13,978 27,738 1,154 (1,209) 327 543    
Balance – Ending of year (Previous Accounting Guidance [Member]) at Dec. 31, 2017         27,474 1,450 (1,187) 280      
Cumulative Effect of New Accounting Principle in Period of Adoption         264 (296)          
Common Shares repurchased     (1,021)                
Shares issued for Chubb Corp acquisition                   $ 0 $ 0
Net shares redeemed under employee share-based compensation plans     347 (313)              
Stock Issued During Period, Value, Stock Options Exercised       (49)              
Share-based compensation expense       285              
FundingDividendsDeclaredToRetainedEarnings       (1,344)              
Tax benefit on share-based compensation expense       0              
Net income 3,962       3,962            
Funding Dividends Declared From Additional Paid In Capital         1,344            
Dividends declared on Common Shares         (1,344)            
Change in year, before reclassification from AOCI, net of income tax benefit (expense) of $338, $(228), and $72           (1,960)          
Amounts reclassified from AOCI, net of income tax benefit (expense) of $(41), $(13), and $28           261          
Change in year, net of income tax benefit (expense) of $297, $(241), and $100           (1,699)          
Change in year, net of income tax benefit of $35, $5, and $30             (767)        
Change in year, net of income tax benefit (expense) of $67, $5, and $(184)               (254)      
Balance – Ending of year at Dec. 31, 2018 $ 50,312 $ 11,121 $ (2,618) $ 12,557 31,700 (545) (1,976) 73 $ (2,448)    
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting standards update 2018-02 [Member]         $ (146) $ 121 $ (22) $ 47      
v3.10.0.1
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax $ 338 $ (228) $ 72
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax (41) (13) 28
Net unrealized appreciation on investments, Change in year, income tax (expense) benefit 297 (241) 100
Cumulative translation adjustment, Change in year, income tax(expense) benefit 35 5 30
Pension liability adjustment, Change in year, income tax (expense) benefit $ 67 $ 5 $ (184)
v3.10.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income $ 3,962 $ 3,861 $ 4,135
Adjustments to reconcile net income to net cash flows from operating activities      
Realized Gain (Loss) 652    
Realized Investment Gains (Losses)   (84) 145
Amortization of premiums/discounts on fixed maturities 592 694 737
Amortization of purchased intangibles 339 260 1,578
Deferred income taxes 16 (527) 96
Unpaid losses and loss expenses 570 2,137 332
Unearned premiums 654 264 (680)
Future policy benefits 235 217 188
Insurance and reinsurance balances payable 722 271 848
Accounts payable, accrued expenses, and other liabilities 375 (517) (97)
Income taxes payable 161 (365) 147
Insurance and reinsurance balances receivable (981) (243) (616)
Reinsurance recoverable (1,165) (1,248) (358)
Deferred policy acquisition costs (301) (317) (1,449)
Other (351) 100 286
Net cash flows from operating activities 5,480 4,503 5,292
Cash flows from investing activities      
Purchases of fixed maturities available for sale (24,700) (25,720) (30,759)
Purchases of to be announced mortgage-backed securities (35) (27) (56)
Purchases of fixed maturities held to maturity (456) (352) (282)
Payments to acquire equity securities (207)    
Purchases of equity securities (207) (173) (146)
Sales of fixed maturities available for sale 14,001 13,228 16,621
Sales of to be announced mortgage-backed securities 29 27 56
Proceeds from Sale of Equity Securities 315    
Sales of equity securities 315 187 1,000
Maturities and redemptions of fixed maturities available for sale 7,352 10,425 9,349
Maturities and redemptions of fixed maturities held to maturity 1,124 879 958
Net change in short-term investments 516 (537) 12,350
Net derivative instruments settlements 16 (265) (168)
Private equity contributions (1,337) (648) (553)
Private equity distributions 980 1,084 958
Acquisition of subsidiaries (net of cash acquired of $X, nil, and $71)     (14,248)
Other (533) (530) (402)
Net cash flows used for investing activities (2,935) (2,422) (5,322)
Cash flows from financing activities      
Dividends paid on Common Shares (1,337) (1,308) (1,173)
Common Shares repurchased (1,044) (801)  
Proceeds from issuance of long-term debt 2,171 0  
Proceeds from issuance of repurchase agreements 2,029 2,353 2,310
Repayments of Long-term Debt (2,001) (501) 0
Repayment of repurchase agreements (2,019) (2,348) (2,311)
Proceeds from share-based compensation plans 115 151 167
Policyholder contract deposits 453 442 522
Policyholder contract withdrawals (358) (307) (253)
Other 0 0 (4)
Net cash flows used for financing activities (1,991) (2,319) (742)
Effect of foreign currency rate changes on cash and restricted cash (65) 1 (25)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 489 (237) (797)
Cash and restricted cash - beginning of year 851 [1],[2] 1,088 [2],[3] 1,885 [3]
Cash and restricted cash - end of year [2] 1,340 851 [1] 1,088 [3]
Supplemental cash flow information      
Taxes paid 503 736 662
Interest paid $ 621 $ 644 $ 642
[1] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.10.0.1
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Statement of Cash Flows [Abstract]      
Acquisition of subsidiaries, cash acquired $ 0 $ 0 $ 71
v3.10.0.1
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of significant accounting policies
Summary of significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 14 for additional information.

The accompanying consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated financial statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include:
•
unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves;
•
future policy benefits reserves;
•
amortization of deferred policy acquisition costs and value of business acquired (VOBA);
•
reinsurance recoverable, including a provision for uncollectible reinsurance;
•
the assessment of risk transfer for certain structured insurance and reinsurance contracts;
•
the valuation of the investment portfolio and assessment of other than temporary impairment (OTTI);
•
the valuation of deferred income taxes;
•
the valuation of derivative instruments related to guaranteed living benefits (GLB);
•
the valuation and amortization of purchased intangibles; and
•
the assessment of goodwill for impairment.
 
b) Premiums
Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term.

For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period. For retrospectively-rated multi-year policies, premiums recognized in the current period are computed using a with-and-without method as the difference between the ceding enterprise's total contract costs before and after the experience under the contract at the reporting date. Accordingly, for retrospectively-rated multi-year policies, additional premiums are generally written and earned when losses are incurred.

Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period. 

Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are matched with income to result in the recognition of profit over the life of the contracts.

Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method as described below in Note 1 k).

Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one to three years.

c) Deferred policy acquisition costs and value of business acquired
Policy acquisition costs consist of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. A VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts in a business combination and represents the present value of estimated net cash flows for the contracts in force at the acquisition date. Acquisition costs and VOBA, collectively policy acquisition costs, are deferred and amortized. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations. Policy acquisition costs on P&C contracts are generally amortized ratably over the period in which premiums are earned. Policy acquisition costs on traditional long-duration contracts are amortized over the estimated life of the contracts, generally in proportion to premium revenue recognized based upon the same assumptions used in estimating the liability for future policy benefits. For non-traditional long-duration contracts, we amortize policy acquisition costs over the expected life of the contracts in proportion to expected gross profits. The effect of changes in estimates of expected gross profits is reflected in the period the estimates are revised. Policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable policy acquisition costs are expensed in the period identified.

Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral, principally related to long-duration A&H business produced by the Overseas General Insurance segment, which are deferred and recognized as a component of Policy acquisition costs. For individual direct-response marketing campaigns that we can demonstrate have specifically resulted in incremental sales to customers and such sales have probable future economic benefits, incremental costs directly related to the marketing campaigns are capitalized as Deferred policy acquisition costs. Deferred policy acquisition costs, including deferred marketing costs, are reviewed regularly for recoverability from future income, including investment income, and amortized in proportion to premium revenue recognized, primarily over a ten-year period, the expected economic future benefit period based upon the same assumptions used in estimating the liability for future policy benefits. The expected future benefit period is evaluated periodically based on historical results and adjusted prospectively. The amount of deferred marketing costs reported in Deferred policy acquisition costs in the Consolidated balance sheets was $255 million and $271 million at December 31, 2018 and 2017, respectively. Amortization expense for deferred marketing costs was $114 million, $116 million, and $92 million for the years ended December 31, 2018, 2017, and 2016, respectively.

d) Reinsurance
Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders.

For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements. Deposit accounting requires that consideration received or paid be recorded in the balance sheet as opposed to recording premiums written or losses incurred in the statement of operations. Non-refundable fees on deposit contracts are earned based on the terms of the contract described below in Note 1 k).

Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement.

Reinsurance recoverable is presented net of a provision for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The provision for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this provision includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. The more significant considerations include, but are not necessarily limited to, the following:
•
For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;
•
For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 34 percent, consistent with published statistics of a major rating agency;
•
For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting provision for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the provision for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the provision for uncollectible reinsurance by establishing a default factor pursuant to information received; and
•
For other recoverables, management determines the provision for uncollectible reinsurance based on the specific facts and circumstances.

The methods used to determine the reinsurance recoverable balance and related provision for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified.

Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force.

The value of reinsurance business assumed of $14 million and $18 million at December 31, 2018 and 2017, respectively, included in Other assets in the accompanying Consolidated balance sheets, represents the excess of estimated ultimate value of the liabilities assumed under retroactive reinsurance contracts over consideration received. The value of reinsurance business assumed is amortized and recorded to Losses and loss expenses based on the payment pattern of the losses assumed and ranges between 9 and 40 years. The unamortized value is reviewed regularly to determine if it is recoverable based upon the terms of the contract, estimated losses and loss expenses, and anticipated investment income. Unrecoverable amounts are expensed in the period identified.

e) Investments
Fixed maturities, equity securities, and short-term investments
Fixed maturities are classified as either available for sale or held to maturity.
•
Available for sale (AFS) portfolio is reported at fair value with changes in fair value recorded as a separate component of AOCI in Shareholders' equity.
•
Held to maturity (HTM) portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost.

Equity securities are reported at fair value with changes in fair value recorded in net realized gains (losses) on the Consolidated statement of operations. Prior to January 1, 2018, changes in fair value were recorded as a separate component of AOCI in Shareholders' equity.
Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost.

Interest, dividend income, amortization of fixed maturity market premiums and discounts related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statement of operations.

In addition, net investment income includes the amortization of the fair value adjustment related to the acquired invested assets of The Chubb Corporation (Chubb Corp). An adjustment of $1,652 million related to the fair value of Chubb Corp’s fixed maturities securities was recorded (fair value adjustment) at the date of acquisition. At December 31, 2018, the remaining balance of this fair value adjustment was $520 million which is expected to amortize over the next three years; however, the estimate could vary materially based on current market conditions, bond calls, and the duration of the acquired investment portfolio. In addition, sales of these acquired fixed maturities would also reduce the fair value adjustment balance. For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income. 

We regularly review our fixed maturities for other than temporary impairment (OTTI). Refer to Note 2 for additional information. With respect to fixed maturities where the decline in value is determined to be temporary and is not written down, a subsequent decision may be made to sell that security and realize a loss. Subsequent decisions on fixed maturities sales are the result of changing or unforeseen facts and circumstances (i.e., arising from a large insured loss such as a catastrophe), deterioration of the creditworthiness of the issuer or its industry, or changes in regulatory requirements. We believe that subsequent decisions to sell such securities are consistent with the classification of the majority of the portfolio as available for sale.

Other investments
Other investments principally comprise investment funds, limited partnerships, partially-owned investment companies, life insurance policies, policy loans, and non-qualified separate account assets.

Investment funds and limited partnerships
Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence are accounted for as follows. Generally, we own less than three percent of the investee’s shares.
•
Income and expenses from these funds are reported within Net investment income.
•
These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in net realized gains (losses) on the Consolidated statement of operations. Refer to Note 3 for a further discussion on net asset value. Prior to January 1, 2018, changes in fair value were recorded as a separate component of AOCI in Shareholders' equity.
•
As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
•
Sales of these investments are reported within Net realized gains (losses).



Partially-owned investment companies
Partially-owned investment companies where our ownership interest is in excess of three percent are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method.
•
This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense.
•
As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
 
Other
•
Policy loans are carried at outstanding balance and interest income is reflected in Net investment income.
•
Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense.
•
Non-qualified separate account assets are supported by assets that do not qualify for separate accounting reporting under GAAP. The underlying securities are recorded on a trade date basis and carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense.

Investments in partially-owned insurance companies
Investments in partially-owned insurance companies primarily represent direct investments in which Chubb has significant influence and as such, meet the requirements for equity accounting. We report our share of the net income or loss of the partially-owned insurance companies in Other (income) expense.

Derivative instruments
Chubb recognizes all derivatives at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. Changes in fair value are included in Net realized gains (losses) in the Consolidated statements of operations. We did not designate any derivatives as accounting hedges during 2018, 2017, or 2016. We participate in derivative instruments in two principal ways:

(i) To sell protection to customers as an insurance or reinsurance contract that meets the definition of a derivative for accounting purposes. The reinsurance of GLBs was our primary product falling into this category; and
(ii) To mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities held in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency. Refer to Note 9 for additional information.

Securities lending program
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return which is recorded within Net investment income in the Consolidated statement of operations.

Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan.

The fair value of the securities on loan is included in fixed maturities and equity securities in the Consolidated balance sheets. The securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest.

Repurchase agreements
Similar to securities lending arrangements, securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities and equity securities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statement of operations.

Refer to Note 3 for a discussion on the determination of fair value for Chubb's various investment securities.

f) Cash
Cash includes cash on hand and deposits with an original maturity of three months or less at time of purchase.

We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Actual cash balances are not physically converted and are not commingled between legal entities. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $300 million in the aggregate). Our syndicated letter of credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool.

Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

Effective January 1, 2018, we retrospectively adopted guidance on "Restricted Cash" that clarified the presentation of restricted cash on the Consolidated statement of cash flows. As a result, we revised the Consolidated statement of cash flows for the years ended December 31, 2017 and 2016 to include restricted cash in the beginning and ending cash balances. In addition, we reclassified $123 million of Restricted cash from Other assets to a separate line in the Consolidated balance sheets as of December 31, 2017.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
 
December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Cash
$
1,247

 
$
728

 
$
985

Restricted cash
93

 
123

 
103

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,340

 
$
851

 
$
1,088



g) Goodwill and Other intangible assets
Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates less than a 50 percent probability that fair value exceeds carrying value, we quantitatively estimate a reporting unit's fair value. Goodwill recorded in connection with investments in partially-owned insurance companies is recorded in Investments in partially-owned insurance companies and is also measured for impairment annually.

Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally ranging from 1 to 30 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.

h) Unpaid losses and loss expenses
A liability is established for the estimated unpaid losses and loss expenses under the terms of, and with respect to, Chubb's policies and agreements. Similar to premiums that are recognized as revenues over the coverage period of the policy, a liability for unpaid losses and loss expenses is recognized as expense when insured events occur over the coverage period of the policy. This liability includes a provision for both reported claims (case reserves) and incurred but not reported claims (IBNR reserves). IBNR reserve estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The methods of determining such estimates and establishing the resulting liability are reviewed regularly and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses and loss expenses materially greater or less than recorded amounts.

Except for net loss and loss expense reserves of $33 million, net of discount, held at December 31, 2018, representing certain structured settlements for which the timing and amount of future claim payments are reliably determinable and $40 million, net of discount, of certain reserves for unsettled claims that are discounted in statutory filings, Chubb does not discount its P&C loss reserves. This compares with reserves of $36 million for certain structured settlements and $41 million of certain reserves for unsettled claims at December 31, 2017. Structured settlements represent contracts purchased from life insurance companies primarily to settle workers' compensation claims, where payments to the claimant by the life insurance company are expected to be made in the form of an annuity. Chubb retains the liability to the claimant in the event that the life insurance company fails to pay. At December 31, 2018, the liability due to claimants was $581 million, net of discount, and reinsurance recoverables due from the life insurance companies was $548 million, net of discount. For structured settlement contracts where payments are guaranteed regardless of claimant life expectancy, the amounts recoverable from the life insurance companies at December 31, 2018 are included in Other assets in the Consolidated balance sheets, as they do not meet the requirements for reinsurance accounting.

Included in Unpaid losses and loss expenses are liabilities for asbestos and environmental (A&E) claims and expenses. These unpaid losses and loss expenses are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to asbestos products and environmental hazards. The estimation of these liabilities is particularly sensitive to changes in the legal environment including specific settlements that may be used as precedents to settle future claims. However, Chubb does not anticipate future changes in laws and regulations in setting its A&E reserve levels.

Also included in Unpaid losses and loss expenses is the fair value adjustment of $207 million and $309 million at December 31, 2018 and December 31, 2017, respectively, related to Chubb Corp’s historical unpaid losses and loss expenses. The estimated fair value consists of the present value of the expected net unpaid loss and loss adjustment expense payments adjusted for an estimated risk margin. The estimated cash flows are discounted at a risk free rate. The estimated risk margin varies based on the inherent risks associated with each type of reserve. The fair value is amortized through Amortization of purchased intangibles on the consolidated statements of operations through the year 2032, based on the estimated payout patterns of unpaid loss and loss expenses at the acquisition date.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premiums from previous accident years.

For purposes of analysis and disclosure, management views prior period development to be changes in the nominal value of loss estimates from period to period, net of premium and profit commission adjustments on loss sensitive contracts. Prior period development generally excludes changes in loss estimates that do not arise from the emergence of claims, such as those related to uncollectible reinsurance, interest, unallocated loss adjustment expenses, or foreign currency. Accordingly, specific items excluded from prior period development include the following: gains/losses related to foreign currency remeasurement; losses recognized from the early termination or commutation of reinsurance agreements that principally relate to the time value of money; changes in the value of reinsurance business assumed reflected in losses incurred but principally related to the time value of money; and losses that arise from changes in estimates of earned premiums from prior accident years. Except for foreign currency remeasurement, which is included in Net realized gains (losses), these items are included in current year losses.

i) Future policy benefits
The valuation of long-duration contract reserves requires management to make estimates and assumptions regarding expenses, mortality, persistency, and investment yields. Estimates are primarily based on historical experience and information provided by ceding companies and include a margin for adverse deviation. Interest rates used in calculating reserves range from less than 1.0 percent to 11.0 percent and less than 1.0 percent to 8.0 percent at December 31, 2018 and 2017, respectively. Actual results could differ materially from these estimates. Management monitors actual experience and where circumstances warrant, will revise assumptions and the related reserve estimates. Revisions are recorded in the period they are determined.

Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Future policy benefits in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under GAAP are reported in Other income (expense) and the offsetting movements in the liabilities are included in Policy benefits in the Consolidated statements of operations.

j) Assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts
Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States. We generally receive a monthly premium during the accumulation phase of the covered annuities (in-force) based on a percentage of either the underlying accumulated account values or the underlying accumulated guaranteed values. Depending on an annuitant's age, the accumulation phase can last many years. To limit our exposure under these programs, all reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible.

The guarantees which are payable on death, referred to as guaranteed minimum death benefits (GMDB), principally cover shortfalls between accumulated account value at the time of an annuitant's death and either i) an annuitant's total deposits; ii) an annuitant's total deposits plus a minimum annual return; or iii) the highest accumulated account value attained at any policy anniversary date. In addition, a death benefit may be based on a formula specified in the variable annuity contract that uses a percentage of the growth of the underlying contract value. Liabilities for GMDBs are based on cumulative assessments or premiums to date multiplied by a benefit ratio that is determined by estimating the present value of benefit payments and related adjustment expenses divided by the present value of cumulative assessment or expected premiums during the contract period.  

Under reinsurance programs covering GLBs, we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. We also assume the risk of guaranteed minimum accumulation benefits (GMAB). However, at December 31, 2018, the risks related to our GMAB programs are minimal given that the majority of these policies are no longer in force. Our GLB reinsurance products meet the definition of a derivative for accounting purposes and are carried at fair value with changes in fair value recognized in Realized gains (losses) in the Consolidated statement of operations. Refer to Notes 4 c) and 9 a) for additional information.

k) Deposit assets and liabilities
Deposit assets arise from ceded reinsurance contracts purchased that do not transfer significant underwriting or timing risk. Deposit liabilities include reinsurance deposit liabilities and contract holder deposit funds. The reinsurance deposit liabilities arise from contracts sold for which there is not a significant transfer of risk. Contract holder deposit funds represent a liability for investment contracts sold that do not meet the definition of an insurance contract, and certain of these contracts are sold with a guaranteed rate of return. Under deposit accounting, consideration received or paid is recorded as a deposit asset or liability in the balance sheet as opposed to recording premiums and losses in the statement of operations.

Interest income on deposit assets, representing the consideration received or to be received in excess of cash payments related to the deposit contract, is earned based on an effective yield calculation. The calculation of the effective yield is based on the amount and timing of actual cash flows at the balance sheet date and the estimated amount and timing of future cash flows. The effective yield is recalculated periodically to reflect revised estimates of cash flows. When a change in the actual or estimated cash flows occurs, the resulting change to the carrying amount of the deposit asset is reported as income or expense. Deposit assets of $97 million and $89 million at December 31, 2018 and 2017, respectively, are reflected in Other assets in the Consolidated balance sheets and the accretion of deposit assets related to interest pursuant to the effective yield calculation is reflected in Net investment income in the Consolidated statements of operations.

Deposit liabilities include reinsurance deposit liabilities of $97 million and $100 million and contract holder deposit funds of $1.8 billion at both December 31, 2018 and 2017. Deposit liabilities are reflected in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. At contract inception, the deposit liability equals net cash received. An accretion rate is established based on actuarial estimates whereby the deposit liability is increased to the estimated amount payable over the contract term. The deposit accretion rate is the rate of return required to fund expected future payment obligations. We periodically reassess the estimated ultimate liability and related expected rate of return. Changes to the deposit liability are generally reflected through Interest expense to reflect the cumulative effect of the period the contract has been in force, and by an adjustment to the future accretion rate of the liability over the remaining estimated contract term.

The liability for contract holder deposit funds equals accumulated policy account values, which consist of the deposit payments plus credited interest less withdrawals and amounts assessed through the end of the period.

l) Property and Equipment
Property and equipment used in operations are capitalized and carried at cost less accumulated depreciation and are reported within Other assets in the Consolidated balance sheets. At December 31, 2018, property and equipment totaled $1.7 billion, consisting principally of capitalized software costs of $970 million incurred to develop or obtain computer software for internal use and company-owned facilities of $277 million. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. For capitalized software, the estimated useful life is generally three to five years, but can be as long as 15 years and for company-owned facilities the estimated useful life is 39 years. At December 31, 2017, property and equipment totaled $1.3 billion. 

m) Foreign currency remeasurement and translation
The functional currency for each of our foreign operations is generally the currency of the local operating environment. Transactions in currencies other than a foreign operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains and losses are reflected in Net realized gains (losses) in the Consolidated statements of operations. Functional currency assets and liabilities are translated into the reporting currency, U.S. dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of AOCI in Shareholders' equity. Functional statement of operations amounts expressed in functional currencies are translated using average exchange rates.

n) Administrative expenses
Administrative expenses generally include all operating costs other than policy acquisition costs. The North America Commercial P&C Insurance segment manages and uses an in-house third-party claims administrator, ESIS Inc. (ESIS). ESIS performs claims management and risk control services for domestic and international organizations that self-insure P&C exposures as well as internal P&C exposures. The net operating results of ESIS are included within Administrative expenses in the Consolidated statements of operations and were $49 million, $38 million, and $32 million for the years ended December 31, 2018, 2017, and 2016, respectively.

o) Income taxes
Income taxes have been recorded related to those operations subject to income tax. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of our assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax law or rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to these deferred tax assets will not be realized. The valuation allowance assessment considers tax planning strategies, where appropriate.

We recognize uncertain tax positions deemed more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

p) Earnings per share
Basic earnings per share is calculated using the weighted-average shares outstanding, including participating securities with non-forfeitable rights to dividends such as unvested restricted stock. All potentially dilutive securities, including stock options are excluded from the basic earnings per share calculation. In calculating diluted earnings per share, the weighted-average shares outstanding is increased to include all potentially dilutive securities. Basic and diluted earnings per share are calculated by dividing net income by the applicable weighted-average number of shares outstanding during the year.

q) Cash flow information
Premiums received and losses paid associated with the GLB reinsurance products, which as discussed previously, meet the definition of a derivative instrument for accounting purposes, are included within Cash flows from operating activities. Cash flows, such as settlements and collateral requirements, associated with GLB and all other derivative instruments, are included on a net basis within Cash flows from investing activities. Purchases, sales, and maturities of short-term investments are recorded on a net basis within Cash flows from investing activities.

r) Share-based compensation
Chubb measures and records compensation cost for all share-based payment awards at grant-date fair value. Compensation costs are recognized for vesting of share-based payment awards with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. For retirement-eligible participants, compensation costs for certain share-based payment awards are recognized immediately at the date of grant. Refer to Note 11 for additional information.

s) Chubb integration expenses
Direct costs related to the Chubb Corp acquisition were expensed as incurred. Chubb integration expenses were $59 million, $310 million, and $492 million for the years ended December 31, 2018, 2017 and 2016, respectively, and include all internal and external costs directly related to the integration activities of the Chubb Corp acquisition. These expenses principally consisted of personnel-related expenses, consulting fees, and rebranding.

t) New accounting pronouncements
Adopted in 2018
Revenue from Contracts with Customers
Effective January 2018, we adopted new accounting guidance on "Revenue from Contracts with Customers" on a prospective basis. The standard excludes from its scope the accounting for insurance contracts, leases, financial instruments, and certain other agreements that are governed under other GAAP guidance, but could affect the revenue recognition for certain of our claims management and risk control services. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The adoption of this guidance did not have a material impact on our financial condition or results of operations given that the majority of our business is outside the scope of this guidance.

Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities
Effective January 2018, we adopted new accounting guidance on "Recognition and Measurement of Financial Assets and Financial Liabilities" on a modified-retrospective basis. The guidance requires equity investments, other than those accounted for under the equity method of accounting, to be measured at fair value with changes in fair value recognized through net income. The guidance impacts our public equities and cost-method private equities. As a result, we recorded a cumulative-effect adjustment to increase beginning Retained earnings by $417 million after tax ($454 million pre-tax), representing the unrealized appreciation on our equity investments as of December 31, 2017 with an offsetting adjustment to decrease beginning Accumulated other comprehensive income. All subsequent changes in fair value of our equity investments are recognized within realized gains (losses) on the Consolidated statement of operations. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance.

Income Tax Accounting Implications of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (2017 Tax Act) was enacted in December 2017. Among other things, the 2017 Tax Act reduced the U.S. Federal income tax rate to 21 percent from 35 percent effective in 2018, and instituted a dividends received deduction for foreign earnings with a related tax for the deemed repatriation of unremitted foreign earnings. The 2017 Tax Act also included provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes may be imposed on income of foreign subsidiaries, and for a Base Erosion and Anti-Abuse Tax (BEAT) under which taxes may be imposed on certain payments to affiliated foreign companies.

The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (SAB 118), Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which provided guidance for the application of the 2017 Tax Act and allowed companies up to one year to complete their accounting. In connection with the 2017 Tax Act, we recorded a $450 million income tax provisional benefit in the fourth quarter of 2017. In 2018, we recorded an additional benefit of $25 million as a measurement period adjustment, resulting in a final transition benefit of $475 million. This change reflected the favorable impact of changes to certain tax only accounting methods offset by updates to provisional amounts recorded related to foreign tax credits and withholding taxes as a result of additional guidance issued during 2018. Refer to Note 7 for additional information.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
In February 2018, the FASB issued guidance that allows the optional reclassification from Accumulated other comprehensive income (AOCI) to Retained earnings of the stranded tax effects resulting from the 2017 Tax Act for all items accounted for in AOCI. We adopted the standard in 2018 and elected to reclassify $146 million of stranded tax effects from beginning AOCI to beginning Retained earnings. The stranded tax effects included $121 million of tax expense related to Net unrealized appreciation of investments, $47 million of tax expense related to Postretirement benefit liability, and a tax benefit of $22 million related to Cumulative foreign currency translation losses as of December 31, 2017.

Intra-Entity Transfers of Assets Other than Inventory
Effective January 2018, we adopted new accounting guidance on “Intra-Entity Transfers of Assets Other Than Inventory” on a modified-retrospective basis. Under the new guidance, we will no longer defer taxes on intra-company asset transfers and will recognize any related income tax expense (benefit) immediately through the Consolidated statement of operations. As a result, we recorded a cumulative-effect adjustment to decrease beginning Retained earnings by $7 million, representing the removal of the deferred tax assets for previous intra-company asset transfer transactions not yet recognized through earnings.

Changes to the Disclosure Requirements for Fair Value Measurements
In August 2018, the FASB issued amendments to modify the disclosure requirements on fair value measurements. The amendments allow for the removal of (1) the amount and reasons for transfer between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. This update also requires the expanded discussion on unobservable inputs that are significant to the fair value measurement. We have early adopted the amendments that allow the removal of certain disclosures and deferred the adoption of the additional disclosure until the effective date in the first quarter of 2020, as permitted. The guidance changes disclosure only and did not have an impact on our financial condition or results of operations.

Changes to the Disclosure Requirements for Defined Benefit Plans
In August 2018, the FASB issued amendments to allow for the removal and addition of various disclosure requirements related to defined benefit pension or other postretirement plans. We elected to early adopt this guidance in the fourth quarter of 2018, as permitted. The guidance changes disclosures only and did not have an impact on our financial condition or results of operations.

Adopted in 2019
Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB issued guidance on the amortization period for purchased callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. Under current guidance, premiums generally are amortized over the contracted life of the security. We adopted this guidance on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment which decreased beginning retained earnings by approximately $15 million pre-tax, or $11 million after-tax. Securities held at a discount do not require an accounting change.

Lease Accounting
In February 2016, the FASB issued accounting guidance requiring leases with lease terms of more than 12 months to recognize
a right of use asset and a corresponding lease liability on the balance sheets. We adopted this guidance on January 1, 2019 on a modified retrospective basis and recognized a right of use asset and a corresponding lease liability for our real estate leases of approximately $800 million. The adoption of this guidance did not have a material effect on our results of operations, financial condition or liquidity.

Accounting guidance not yet adopted
Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities and reinsurance recoverables, by applying an approach based on the current expected credit losses (CECL). The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset in order to present the net carrying value at the amount expected to be collected on the financial asset on the Consolidated balance sheet.

The guidance also amends the current debt security other-than-temporary impairment model by requiring an estimate of the expected credit loss (ECL) only when the fair value is below the amortized cost of the asset. The length of time the fair value of an AFS debt security has been below the amortized cost will no longer impact the determination of whether a potential credit loss exists. The AFS debt security model will also require the use of a valuation allowance as compared to the current practice of writing down the asset.

The standard is effective for us in the first quarter of 2020 with early adoption permitted. We will be able to assess the effect of adopting this guidance on our financial condition and results of operations closer to the date of adoption.

Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures.

This standard will be effective for us in the first quarter of 2021 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
v3.10.0.1
Investments
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments

a) Fixed maturities
December 31, 2018
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—



December 31, 2017
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,701

 
$
32

 
$
(35
)
 
$
3,698

 
$
—

Foreign
20,514

 
622

 
(106
)
 
21,030

 
(1
)
Corporate securities
23,453

 
638

 
(95
)
 
23,996

 
(4
)
Mortgage-backed securities
15,279

 
111

 
(100
)
 
15,290

 
(1
)
States, municipalities, and political subdivisions
14,888

 
125

 
(88
)
 
14,925

 
—

 
$
77,835

 
$
1,528

 
$
(424
)
 
$
78,939

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
908

 
$
12

 
$
(5
)
 
$
915

 
$
—

Foreign
1,738

 
27

 
(8
)
 
1,757

 
—

Corporate securities
3,159

 
67

 
(7
)
 
3,219

 
—

Mortgage-backed securities
2,724

 
23

 
(5
)
 
2,742

 
—

States, municipalities, and political subdivisions
5,806

 
50

 
(15
)
 
5,841

 
—

 
$
14,335

 
$
179

 
$
(40
)
 
$
14,474

 
$
—



As discussed in Note 2 c), if a credit loss is incurred on an impaired fixed maturity, an OTTI is considered to have occurred and the portion of the impairment not related to credit losses (non-credit OTTI) is recognized in OCI. Included in the “OTTI Recognized in AOCI” columns above are the cumulative amounts of non-credit OTTI recognized in OCI adjusted for subsequent sales, maturities, and redemptions. OTTI recognized in AOCI does not include the impact of subsequent changes in fair value of the related securities. In periods subsequent to a recognition of OTTI in OCI, changes in the fair value of the related fixed maturities are reflected in Net unrealized appreciation on investments in the Consolidated statements of shareholders' equity. For the years ended December 31, 2018 and 2017, net unrealized depreciation of $4 million and $2 million, respectively, related to such securities are included in OCI. At December 31, 2018 and 2017, AOCI included cumulative net unrealized appreciation of $1 million and $7 million, respectively, related to securities remaining in the investment portfolio for which a non-credit OTTI was recognized.

Mortgage-backed securities (MBS) issued by U.S. government agencies are combined with all other to be announced mortgage-backed securities held (refer to Note 9 b) (iv)) and are included in the category, “Mortgage-backed securities”. Approximately 81 percent and 83 percent of the total mortgage-backed securities at December 31, 2018 and 2017, respectively, are represented by investments in U.S. government agency bonds. The remainder of the mortgage exposure consists of collateralized mortgage obligations and non-government mortgage-backed securities, the majority of which provide a planned structure for principal and interest payments and carry a rating of AAA by the major credit rating agencies.

The following table presents fixed maturities by contractual maturity:
 
December 31
 
 
December 31
 
 
 
 
2018

 
 
 
2017

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,569

 
$
3,568

 
$
3,164

 
$
3,182

Due after 1 year through 5 years
27,134

 
27,005

 
24,749

 
25,068

Due after 5 years through 10 years
24,095

 
23,543

 
25,388

 
25,704

Due after 10 years
8,767

 
8,814

 
9,255

 
9,695

 
63,565

 
62,930

 
62,556

 
63,649

Mortgage-backed securities
15,758

 
15,540

 
15,279

 
15,290

 
$
79,323

 
$
78,470

 
$
77,835

 
$
78,939

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
536

 
$
537

 
$
743

 
$
746

Due after 1 year through 5 years
3,122

 
3,106

 
2,669

 
2,688

Due after 5 years through 10 years
4,468

 
4,407

 
4,744

 
4,756

Due after 10 years
2,785

 
2,723

 
3,455

 
3,542

 
10,911

 
10,773

 
11,611

 
11,732

Mortgage-backed securities
2,524

 
2,486

 
2,724

 
2,742

 
$
13,435

 
$
13,259

 
$
14,335

 
$
14,474


Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. 

b) Equity securities and Other investments
Effective January 1, 2018, we adopted new accounting guidance that requires any changes in fair value of equity securities and other investments that are accounted for under the cost-method to be recognized immediately in realized gains and losses in net income. As a result, beginning on January 1, 2018, realized gains and losses from these investments include both sales of securities and unrealized gains and losses as follows:
 
Year Ended December 31, 2018
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

Net losses recognized during the period
$
(59
)
 
$
(5
)
 
$
(64
)
Less: Net gains recognized from sales of securities
70

 
121

 
191

Unrealized losses recognized for securities still held at reporting date
$
(129
)
 
$
(126
)
 
$
(255
)


At December 31, 2017, the cost, gross unrealized appreciation, gross unrealized depreciation, and fair value of equity securities was $737 million, $212 million, $12 million, and $937 million, respectively. At December 31, 2017, the net unrealized appreciation (depreciation) was recorded within accumulated other comprehensive income on the balance sheet.
c) Net realized gains (losses)
In accordance with guidance related to the recognition and presentation of OTTI, when an impairment related to a fixed maturity has occurred, OTTI is required to be recorded in Net income if management has the intent to sell the security or it is more likely than not that we will be required to sell the security before the recovery of its amortized cost. Further, in cases where we do not intend to sell the security and it is more likely than not that we will not be required to sell the security, we must evaluate the security to determine the portion of the impairment, if any, related to credit losses. If a credit loss is incurred, an OTTI is considered to have occurred and any portion of the OTTI related to credit losses must be reflected in Net income while the portion of OTTI related to all other factors is recognized in OCI. For fixed maturities held to maturity, OTTI recognized in OCI is accreted from AOCI to the amortized cost of the fixed maturity prospectively over the remaining term of the securities.

Each quarter, securities in an unrealized loss position (impaired securities), including fixed maturities and securities lending collateral are reviewed to identify impaired securities to be specifically evaluated for a potential OTTI.

Evaluation of potential credit losses related to fixed maturities
We review each fixed maturity in an unrealized loss position to assess whether the security is a candidate for credit loss. Specifically, we consider credit rating, market price, and issuer-specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities, for which we determine that credit loss is likely, are subjected to further analysis to estimate the credit loss recognized in Net income, if any. In general, credit loss recognized in Net income equals the difference between the security’s amortized cost and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security. All significant assumptions used in determining credit losses are subject to change as market conditions evolve.

U.S. Treasury and agency obligations (including agency mortgage-backed securities); foreign government obligations; and states, municipalities, and political subdivisions obligations
U.S. Treasury and agency obligations (including agency mortgage-backed securities); foreign government obligations; and states, municipalities, and political subdivisions obligations represent $630 million of gross unrealized loss at December 31, 2018. These securities were evaluated for credit loss primarily using qualitative assessments of the likelihood of credit loss considering credit rating of the issuers and level of credit enhancement, if any. We concluded that the high level of creditworthiness of the issuers coupled with credit enhancement, where applicable, supports recognizing no credit loss in Net income.

Corporate securities
Projected cash flows for corporate securities (principally senior unsecured bonds) are driven primarily by assumptions regarding probability of default and also the timing and amount of recoveries associated with defaults. Chubb developed projected cash flows for corporate securities using market observable data, issuer-specific information, and credit ratings. We use historical default data by Moody’s Investors Service (Moody’s) rating category to calculate a 1-in-100 year probability of default, which results in a default assumption in excess of the historical mean default rate. Consistent with management's approach, Chubb assumed a 32 percent recovery rate (the par value of a defaulted security that will be recovered) across all rating categories, rather than using Moody's historical mean recovery rate of 42 percent. We believe that use of a default assumption, in excess of the historical mean is conservative.

The following table presents default assumptions by Moody's rating category (historical mean default rate provided for comparison):
Moody's Rating Category
1-in-100 Year Default Rate

 
Historical Mean Default Rate

Investment Grade:
 
 
 
Aaa-Baa
0.0 - 1.3%

 
0.0 - 0.3%

Below Investment Grade:
 
 
 
Ba
4.8
%
 
1.0
%
B
12.0
%
 
3.2
%
Caa-C
36.6
%
 
10.5
%


Application of the methodology and assumptions described above resulted in credit losses recognized in Net income for corporate securities of $25 million, $5 million, and $30 million for the years ended December 31, 2018, 2017, and 2016, respectively.

Mortgage-backed securities
For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including default rates, prepayment rates, and loss severity rates (the par value of a defaulted security that will not be recovered) on foreclosed properties.

We develop specific assumptions using market data, where available, and include internal estimates as well as estimates published by rating agencies and other third-party sources. We project default rates by mortgage sector considering current underlying mortgage loan performance, generally assuming lower loss severity for Prime sector bonds versus ALT-A and Sub-prime bonds.

These estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. Other assumptions used contemplate the actual collateral attributes, including geographic concentrations, rating agency loss projections, rating actions, and current market prices. If cash flow projections indicate that losses will exceed the credit enhancement for a given tranche, then we do not expect to recover our amortized cost basis, and we recognize an estimated credit loss in Net income.

For the years ended December 31, 2018 and 2017, there were no credit losses recognized in Net income for mortgage-backed securities. For the year ended December 31, 2016, there was $1 million of credit losses recognized in Net income for mortgage-backed securities.
The following table presents the components of Net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Fixed maturities:
 
 
 
 
 
OTTI on fixed maturities, gross
$
(52
)
 
$
(24
)
 
$
(89
)
OTTI on fixed maturities recognized in OCI (pre-tax)
3

 
1

 
8

OTTI on fixed maturities, net
(49
)
 
(23
)
 
(81
)
Gross realized gains excluding OTTI
334

 
149

 
183

Gross realized losses excluding OTTI
(587
)
 
(157
)
 
(265
)
Total fixed maturities
(302
)
 
(31
)
 
(163
)
Equity securities:
 
 
 
 
 
OTTI on equity securities
—

 
(10
)
 
(8
)
Gross realized gains excluding OTTI
74

 
28

 
65

Gross realized losses excluding OTTI
(133
)
 
(2
)
 
(13
)
Total equity securities
(59
)
 
16

 
44

OTTI on other investments
—

 
(12
)
 
(14
)
Other investments
(5
)
 
—

 
—

Foreign exchange gains
131

 
36

 
118

Investment and embedded derivative instruments
(75
)
 
(11
)
 
(33
)
Fair value adjustments on insurance derivative
(248
)
 
364

 
53

S&P put options and futures
(4
)
 
(261
)
 
(136
)
Other derivative instruments
(3
)
 
(5
)
 
(10
)
Other
(87
)
 
(12
)
 
(4
)
Net realized gains (losses) (pre-tax)
$
(652
)
 
$
84

 
$
(145
)
 
 
 
 
 
 
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
 
 
 
 
 
Fixed maturities available for sale
$
(1,958
)
 
$
519

 
$
142

Fixed maturities held to maturity
(38
)
 
18

 
(59
)
Equity securities
—

 
88

 
52

Other
—

 
8

 
(51
)
Income tax (expense) benefit
297

 
(241
)
 
100

Change in net unrealized appreciation (depreciation) on investments (after-tax)
$
(1,699
)
 
$
392

 
$
184


 
Other net realized gains (losses) for the year ended December 31, 2018, included a $36 million loss from the extinguishment of debt as discussed in Note 8 to the Consolidated Financial Statements, a $24 million loss related to lease impairments, and a $23 million loss related to the impairment of fixed assets.

The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Balance of credit losses related to securities still held – beginning of year
$
22

 
$
35

 
$
53

Additions where no OTTI was previously recorded
20

 
4

 
17

Additions where an OTTI was previously recorded
5

 
2

 
14

Reductions for securities sold during the period
(13
)
 
(19
)
 
(49
)
Balance of credit losses related to securities still held – end of year
$
34

 
$
22

 
$
35


d) Other investments
 
 
 
December 31

 
 
 
December 31

 
 
 
2018

 
 
 
2017

(in millions of U.S. dollars)
Fair Value

 
Cost

 
Fair Value

 
Cost

Partially-owned investment companies
$
3,623

 
$
3,623

 
$
2,803

 
$
2,803

Limited partnerships
538

 
538

 
549

 
441

Investment funds
83

 
83

 
270

 
123

Other
 
 
 
 
 
 
 
Life insurance policies
304

 
304

 
305

 
305

Policy loans
243

 
243

 
244

 
244

Non-qualified separate account assets
252

 
252

 
333

 
333

Other
234

 
234

 
168

 
168

Total
$
5,277

 
$
5,277

 
$
4,672

 
$
4,417



Included in limited partnerships and partially-owned investment companies are 145 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio. Investment funds include one highly diversified fund investment as well as several direct funds that employ a variety of investment styles such as long/short equity and arbitrage/distressed. Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP.

During 2018, we converted a $28 million loan into additional ownership interest in an investment classified within Other in the table above. This was a non-cash transaction and therefore excluded from our Consolidated statements of cash flows.

e) Investments in partially-owned insurance companies
The following table presents Investments in partially-owned insurance companies:
 
December 31, 2018
 
 
December 31, 2017
 
 
 
(in millions of U.S. dollars, except for percentages)
Carrying Value

 
Issued
 Share
Capital

 
Ownership Percentage

 
Carrying Value

 
Issued Share Capital

 
Ownership Percentage

 
Domicile
Huatai Group
$
452

 
$
587

 
20
%
 
$
438

 
$
616

 
20
%
 
China
Huatai Life Insurance Company
106

 
472

 
20
%
 
105

 
495

 
20
%
 
China
Freisenbruch-Meyer
9

 
—

 
40
%
 
9

 
—

 
40
%
 
Bermuda
Chubb Arabia Cooperative Insurance Company
18

 
27

 
30
%
 
15

 
27

 
30
%
 
Saudi Arabia
Russian Reinsurance Company
2

 
4

 
23
%
 
2

 
4

 
23
%
 
Russia
ABR Reinsurance Ltd.
91

 
774

 
12
%
 
93

 
800

 
11
%
 
Bermuda
Total
$
678

 
$
1,864

 
 
 
$
662

 
$
1,942

 
 
 
 

Huatai Group and Huatai Life Insurance Company provide a range of P&C, life, and investment products.

f) Gross unrealized loss
At December 31, 2018, there were 19,606 fixed maturities out of a total of 31,054 fixed maturities in an unrealized loss position. The largest single unrealized loss in the fixed maturities was $10 million. Fixed maturities in an unrealized loss position at December 31, 2018, comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2018
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
523

 
$
(4
)
 
$
2,859

 
$
(50
)
 
$
3,382

 
$
(54
)
Foreign
6,764

 
(208
)
 
5,349

 
(159
)
 
12,113

 
(367
)
Corporate securities
16,538

 
(599
)
 
4,873

 
(255
)
 
21,411

 
(854
)
Mortgage-backed securities
6,103

 
(98
)
 
6,913

 
(229
)
 
13,016

 
(327
)
States, municipalities, and political subdivisions
5,024

 
(44
)
 
7,768

 
(124
)
 
12,792

 
(168
)
Total fixed maturities
$
34,952

 
$
(953
)
 
$
27,762

 
$
(817
)
 
$
62,714

 
$
(1,770
)
 
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2017
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
2,172

 
$
(14
)
 
$
1,249

 
$
(26
)
 
$
3,421

 
$
(40
)
Foreign
5,657

 
(65
)
 
1,693

 
(49
)
 
7,350

 
(114
)
Corporate securities
5,210

 
(56
)
 
1,332

 
(46
)
 
6,542

 
(102
)
Mortgage-backed securities
6,194

 
(31
)
 
3,209

 
(74
)
 
9,403

 
(105
)
States, municipalities, and political subdivisions
9,259

 
(71
)
 
1,402

 
(32
)
 
10,661

 
(103
)
Total fixed maturities
28,492

 
(237
)
 
8,885

 
(227
)
 
37,377

 
(464
)
Equity securities
115

 
(12
)
 
—

 
—

 
115

 
(12
)
Other investments
78

 
(8
)
 
—

 
—

 
78

 
(8
)
Total
$
28,685

 
$
(257
)
 
$
8,885

 
$
(227
)
 
$
37,570

 
$
(484
)

g) Net investment income
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Fixed maturities
$
3,128

 
$
2,987

 
$
2,779

Short-term investments
90

 
56

 
58

Other interest income
118

 
75

 
35

Equity securities
33

 
38

 
36

Other investments
104

 
133

 
98

Gross investment income (1)
3,473

 
3,289

 
3,006

Investment expenses
(168
)
 
(164
)
 
(141
)
Net investment income (1)
$
3,305

 
$
3,125

 
$
2,865

(1) Includes amortization expense related to fair value adjustment of acquired invested assets
    related to the Chub Corp acquisition

$
(248
)
 
$
(332
)
 
$
(393
)

h) Restricted assets
Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at December 31, 2018 and 2017, are investments, primarily fixed maturities, totaling $21.0 billion and $23.3 billion, and cash of $93 million and $123 million, respectively.
The following table presents the components of restricted assets: 
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Trust funds
$
13,988

 
$
17,011

Deposits with U.S. regulatory authorities
2,405

 
2,345

Deposits with non-U.S. regulatory authorities
2,531

 
2,250

Assets pledged under repurchase agreements
1,468

 
1,434

Other pledged assets
692

 
414

Total
$
21,084

 
$
23,454
v3.10.0.1
Fair value measurements
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Fair value measurements
Fair value measurements

a) Fair value hierarchy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.
 
The three levels of the hierarchy are as follows:
•
Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
•
Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
•
Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities
We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market based inputs (i.e., stale pricing), which may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. 

Equity securities
Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3.

Short-term investments
Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity, and as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3.

Other investments
Fair values for the majority of Other investments including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective net asset values or equivalent (NAV) and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities, classified within Level 1 and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities. Other investments for which pricing is unobservable are classified within Level 3.

Securities lending collateral
The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.

Investment derivative instruments
Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments
We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in reserves for our guaranteed minimum death benefits (GMDB) and guaranteed living benefits (GLB) reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets
Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets. Separate account assets are recorded in Other assets in the Consolidated balance sheets.

Guaranteed living benefits
The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLB’s are recorded in Accounts payable, accrued expenses, and other liabilities and Future policy benefits in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality.

The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. In general, the base lapse function assumes low lapse rates (ranging from about 3 percent to 9 percent per annum) during the surrender charge period of the GMIB contract, followed by a “spike” lapse rate (ranging from about 9 percent to 33 percent per annum) in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate (generally around 10 percent per annum), typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values) by multiplying the base lapse rate by a factor ranging from 15 percent to 75 percent. Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. All GMIB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GMIB annuitization rates will be higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GMIB annuitization rates increase as policyholders get older. In addition, we also assume that GMIB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GMIB) in comparison to all subsequent years. We do not yet have fully credible annuitization experience for all clients.

The level of annuitization assumptions at December 31, 2018 are as follows:
% of total GMIB guaranteed value
Policyholder age
Maximum annuitization rate(s) (per year)
19%
Under 65 years old
1% - 21%
81%
Over 65 years old
3% - 42%


The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3.

In the fourth quarter of 2018, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business.

•
As annuitization experience continued to emerge, we refined our annuitization assumptions including age-based behavior. The change in annuitization assumptions had an insignificant impact on the fair value of GLB liabilities.
•
We also refined our lapse assumptions based on additional emerging experience, with a focus on underlying policies eligible for annuitization. These refinements resulted in a net increase to the fair value of GLB liabilities generating a realized loss of approximately $20 million.
•
Reinsured policies allow for policyholders to make periodic withdrawals from their account values without lapsing the policy. The partial withdrawal results in a reduction to the associated guaranteed value that is either equal or proportional to the amount of the reduction in account value. We further refined our assumptions around the types of partial withdrawals according to their impact on guaranteed value. This resulted in an increase to the fair value of GLB liabilities generating a realized loss of approximately $11 million.
•
After having performed a mortality study for the first time in 2017, we performed a second study this year and enhanced our analysis by increasing the weight given to emerging experience, which resulted in lower mortality assumptions. The updated mortality rates increased the fair value of GLB liabilities generating a realized loss of approximately $28 million.
During the year ended December 31, 2018, we also made minor model refinements to the internal valuation model which resulted in no material impact on income.
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy 
December 31, 2018
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,400

 
$
745

 
$
—

 
$
4,145

Foreign
—

 
21,071

 
345

 
21,416

Corporate securities
—

 
25,284

 
1,299

 
26,583

Mortgage-backed securities
—

 
15,479

 
61

 
15,540

States, municipalities, and political subdivisions
—

 
10,786

 
—

 
10,786

 
3,400

 
73,365

 
1,705

 
78,470

Equity securities
713

 
—

 
57

 
770

Short-term investments
1,575

 
1,440

 
1

 
3,016

Other investments (1)
381

 
303

 
11

 
695

Securities lending collateral
—

 
1,926

 
—

 
1,926

Investment derivative instruments
28

 
—

 
—

 
28

Other derivative instruments
25

 
—

 
—

 
25

Separate account assets
2,686

 
137

 
—

 
2,823

Total assets measured at fair value (1)
$
8,808

 
$
77,171

 
$
1,774

 
$
87,753

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
38

 
$
115

 
$
—

 
$
153

GLB (2)
—

 
—

 
452

 
452

Total liabilities measured at fair value
$
38

 
$
115

 
$
452

 
$
605

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.


 
December 31, 2017
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,129

 
$
569

 
$
—

 
$
3,698

Foreign
—

 
20,937

 
93

 
21,030

Corporate securities
—

 
22,959

 
1,037

 
23,996

Mortgage-backed securities
—

 
15,212

 
78

 
15,290

States, municipalities, and political subdivisions
—

 
14,925

 
—

 
14,925

 
3,129

 
74,602

 
1,208

 
78,939

Equity securities
893

 
—

 
44

 
937

Short-term investments
2,309

 
1,252

 
—

 
3,561

Other investments (1)
466

 
305

 
263

 
1,034

Securities lending collateral
—

 
1,737

 
—

 
1,737

Investment derivative instruments
18

 
—

 
—

 
18

Other derivative instruments
1

 
—

 
—

 
1

Separate account assets
2,635

 
99

 
—

 
2,734

Total assets measured at fair value (1)
$
9,451

 
$
77,995

 
$
1,515

 
$
88,961

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
30

 
$
—

 
$
—

 
$
30

Other derivative instruments
21

 
—

 
2

 
23

GLB (2)
—

 
—

 
204

 
204

Total liabilities measured at fair value
$
51

 
$
—

 
$
206

 
$
257

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,623 million and other investments of $15 million at December 31, 2017 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.

Fair value of alternative investments
Alternative investments include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using NAV as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: 
 
 
 
December 31
 
 
December 31
 
 
 
 
2018
 
 
2017
 
(in millions of U.S. dollars)
Expected Liquidation
Period of Underlying Assets
 
Fair Value

 
Maximum
Future Funding
Commitments

 
Fair Value

 
Maximum
Future Funding
Commitments

Financial
2 to 9 Years
 
$
596

 
$
193

 
$
540

 
$
330

Real Assets
2 to 11 Years
 
704

 
362

 
651

 
114

Distressed
2 to 7 Years
 
296

 
105

 
289

 
141

Private Credit
3 to 8 Years
 
147

 
310

 
187

 
327

Traditional
2 to 14 Years
 
2,362

 
2,735

 
1,656

 
3,149

Vintage
1 to 2 Years
 
56

 
—

 
30

 
—

Investment funds
Not Applicable
 
83

 
—

 
270

 
—

 
 
 
$
4,244

 
$
3,705

 
$
3,623

 
$
4,061



Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.
Investment Category
 
Consists of investments in private equity funds:
Financial
 
targeting financial services companies, such as financial institutions and insurance services worldwide
Real Assets
 
targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources
Distressed
 
targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private Credit
 
targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional
 
employing traditional private equity investment strategies such as buyout and growth equity globally
Vintage
 
made before 2002 or where the funds’ commitment periods have already expired

Investment funds
Chubb’s investment funds employ various investment strategies such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds range between 5 and 120 days. Chubb can redeem its investment funds without consent from the investment fund managers.

Level 3 financial instruments
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)
Fair Value at December 31, 2018

 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
GLB(1)
$
452

 
Actuarial model
 
Lapse rate
 
3% – 32%
 
 
 
 
 
Annuitization rate
 
0% – 42%
(1) 
Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): 
 
 
 
 
 
 
 
 
 
 
 
Assets

 
 
 
Liabilities

 
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB (1)

Year Ended December 31, 2018
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance, beginning of year
$
93

 
$
1,037

 
$
78

 
$
44

 
$
—

 
$
263

 
$
2

 
$
204

Transfers into Level 3
13

 
24

 
1

 
—

 
5

 
—

 
—

 
—

Transfers out of Level 3
(2
)
 
(31
)
 
(3
)
 
—

 
—

 
(252
)
 
—

 
—

Change in Net Unrealized Gains/Losses included in OCI
(12
)
 
(4
)
 
—

 
(2
)
 
—

 
(2
)
 
—

 
—

Net Realized Gains/Losses
(3
)
 
(5
)
 
—

 
6

 
—

 
1

 
(2
)
 
248

Purchases
334

 
672

 
5

 
37

 
9

 
50

 
—

 
—

Sales
(69
)
 
(164
)
 
—

 
(28
)
 
—

 
—

 
—

 
—

Settlements
(9
)
 
(230
)
 
(20
)
 
—

 
(13
)
 
(49
)
 
—

 
—

Balance, end of year
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
—

 
$
452

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(1
)
 
$
(7
)
 
$
—

 
$
(1
)
 
$
—

 
$
1

 
$
—

 
$
248


(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
 
Assets
 
 
 
 
Liabilities

 
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
 Other derivative instruments

 
GLB (2)

Year Ended December 31, 2017
Foreign

 
Corporate
securities (1)

 
MBS

 
(in millions of U.S. dollars)
 
 
 
 
 
 
Balance, beginning of year
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225


$
13

 
$
559

Transfers into Level 3
—

 
231

 
50

 
—

 
—

 
—


—

 
9

Transfers out of Level 3
(3
)
 
(93
)
 
—

 
—

 
—

 
—

 
(9
)
 
—

Change in Net Unrealized Gains/Losses included in OCI
3

 
(12
)
 
—

 
(1
)
 
—

 
6

 
—

 
—

Net Realized Gains/Losses
—

 
—

 
—

 
2

 
—

 
—

 
(2
)
 
(364
)
Purchases 
84

 
521

 
8

 
24

 
16

 
56

 
—

 
—

Sales
(59
)
 
(111
)
 
(1
)
 
(22
)
 
—

 
—

 
—

 
—

Settlements
(6
)
 
(180
)
 
(24
)
 
—

 
(41
)
 
(24
)
 
—

 
—

Balance, end of year
$
93

 
$
1,037

 
$
78

 
$
44

 
$
—

 
$
263

 
$
2

 
$
204

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(1
)
 
$
(2
)
 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
(2
)
 
$
(364
)
(1) 
Transfers into and Purchases in Level 3 primarily consist of privately-placed fixed income securities.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $550 million at December 31, 2017 and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $204 million and $559 million, respectively. 

 
Assets
 
 
Liabilities
 
 
Available-for-Sale Debt Securities
 
 
 
 
Short-term investments

 
 
 
Other
derivative
instruments

 
GLB(1)

Year Ended December 31, 2016
Foreign

 
Corporate
securities

 
MBS

 
Equity
securities

 
 
Other
investments

(in millions of U.S. dollars)
 
 
 
 
 
Balance, beginning of year
$
57

 
$
174

 
$
53

 
$
16

 
$
—

 
$
212

 
$
6

 
$
609

Transfers into Level 3
9

 
53

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(24
)
 
(10
)
 
—

 
—

 
(50
)
 
—

 
—

 
—

Change in Net Unrealized Gains/Losses included in OCI
1

 
15

 
(1
)
 
2

 
—

 
(2
)
 
—

 
—

Net Realized Gains/Losses
(6
)
 
(13
)
 
—

 
1

 
—

 
1

 
5

 
(50
)
Purchases (2)
70

 
566

 
1

 
27

 
75

 
33

 
2

 
—

Sales
(17
)
 
(59
)
 
(8
)
 
(5
)
 
—

 
—

 
—

 
—

Settlements
(16
)
 
(45
)
 
—

 
—

 
—

 
(19
)
 
—

 
—

Balance, end of year
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225

 
$
13

 
$
559

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(5
)
 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
1

 
$
5

 
$
(50
)
(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $853 million at December 31, 2016 and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $559 million and $609 million, respectively. 
(2) 
Includes acquired invested assets as a result of the Chubb Corp acquisition.

b) Financial instruments disclosed, but not measured, at fair value
Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values.

Investments in partially-owned insurance companies
Fair values for investments in partially-owned insurance companies are based on Chubb’s share of the net assets based on the financial statements provided by those companies and are excluded from the valuation hierarchy tables below.

Short- and long-term debt, repurchase agreements, and trust preferred securities
Where practical, fair values for short-term debt, long-term debt, repurchase agreements, and trust preferred securities are estimated using discounted cash flow calculations based principally on observable inputs including incremental borrowing rates, which reflect Chubb’s credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued.

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
December 31, 2018
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,128

 
$
54

 
$
—

 
$
1,182

 
$
1,185

Foreign
—

 
1,542

 
—

 
1,542

 
1,549

Corporate securities
—

 
2,477

 
31

 
2,508

 
2,601

Mortgage-backed securities
—

 
2,486

 
—

 
2,486

 
2,524

States, municipalities, and political subdivisions
—

 
5,541

 
—

 
5,541

 
5,576

Total assets
$
1,128

 
$
12,100

 
$
31

 
$
13,259

 
$
13,435

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,418

 
$
—

 
$
1,418

 
$
1,418

Short-term debt
—

 
516

 
—

 
516

 
509

Long-term debt
—

 
12,181

 
—

 
12,181

 
12,087

Trust preferred securities
—

 
409

 
—

 
409

 
308

Total liabilities
$
—

 
$
14,524

 
$
—

 
$
14,524

 
$
14,322



December 31, 2017
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
857

 
$
58

 
$
—

 
$
915

 
$
908

Foreign
—

 
1,757

 
—

 
1,757

 
1,738

Corporate securities
—

 
3,184

 
35

 
3,219

 
3,159

Mortgage-backed securities
—

 
2,742

 
—

 
2,742

 
2,724

States, municipalities, and political subdivisions
—

 
5,841

 
—

 
5,841

 
5,806

Total assets
$
857

 
$
13,582

 
$
35

 
$
14,474

 
$
14,335

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,408

 
$
—

 
$
1,408

 
$
1,408

Short-term debt
—

 
1,013

 
—

 
1,013

 
1,013

Long-term debt
—

 
12,332

 
—

 
12,332

 
11,556

Trust preferred securities
—

 
468

 
—

 
468

 
308

Total liabilities
$
—

 
$
15,221

 
$
—

 
$
15,221

 
$
14,285
v3.10.0.1
Reinsurance
 12 Months Ended
Dec. 31, 2018
Reinsurance Disclosures [Abstract]  
Reinsurance
Reinsurance

a) Consolidated reinsurance
Chubb purchases reinsurance to manage various exposures including catastrophe risks. Although reinsurance agreements contractually obligate Chubb's reinsurers to reimburse it for the agreed-upon portion of its gross paid losses, they do not discharge Chubb's primary liability. The amounts for net premiums written and net premiums earned in the Consolidated statements of operations are net of reinsurance. The following table presents direct, assumed, and ceded premiums:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Premiums written
 
 
 
 
Direct
$
34,782

 
$
33,137

 
$
31,543

Assumed
3,186

 
3,239

 
3,440

Ceded
(7,389
)
 
(7,132
)
 
(6,838
)
Net
$
30,579

 
$
29,244

 
$
28,145

Premiums earned
 
 

 

Direct
$
34,108

 
$
32,782

 
$
31,811

Assumed
3,175

 
3,332

 
3,744

Ceded
(7,219
)
 
(7,080
)
 
(6,806
)
Net
$
30,064

 
$
29,034

 
$
28,749



Ceded losses and loss expenses incurred were $5.6 billion, $5.5 billion, and $4.1 billion for the years ended December 31, 2018, 2017, and 2016, respectively.

b) Reinsurance recoverable on ceded reinsurance
 
 
December 31, 2018
 
 
December 31, 2017
 
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)

 
Provision for Uncollectible

 
Net Reinsurance Recoverable (1)

 
Provision for Uncollectible

Reinsurance recoverable on unpaid losses and loss expenses
$
14,689

 
$
251

 
$
14,014

 
$
247

Reinsurance recoverable on paid losses and loss expenses
1,304

 
72

 
1,020

 
74

Reinsurance recoverable on losses and loss expenses
$
15,993

 
$
323

 
$
15,034

 
$
321

Reinsurance recoverable on policy benefits
$
202

 
$
4

 
$
184

 
$
4


(1)
Net of provision for uncollectible reinsurance.

The increase in reinsurance recoverable on loss and loss expenses was principally related to an increase in catastrophe loss recoveries and favorable reinsurance settlements that were not collected as of December 31, 2018.

We evaluate the financial condition of our reinsurers and potential reinsurers on a regular basis and also monitor concentrations of credit risk with reinsurers. The provision for uncollectible reinsurance is required principally due to the potential failure of reinsurers to indemnify Chubb, primarily because of disputes under reinsurance contracts and insolvencies. We have established provisions for amounts estimated to be uncollectible on both unpaid and paid losses as well as future policy benefits.

The following tables present a listing, at December 31, 2018, of the categories of Chubb's reinsurers:
December 31, 2018
Gross Reinsurance Recoverable on Loss and Loss Expenses

 
Provision for Uncollectible Reinsurance

 
% of Gross Reinsurance Recoverable

(in millions of U.S. dollars, except for percentages)
 
 
Categories
 
Largest reinsurers
$
6,578

 
$
70

 
1.1
%
Other reinsurers rated A- or better
5,339

 
63

 
1.2
%
Other reinsurers with ratings lower than A- or not rated
558

 
68

 
12.2
%
Pools
429

 
16

 
3.7
%
Structured settlements
548

 
18

 
3.3
%
Captives
2,590

 
16

 
0.6
%
Other
274

 
72

 
26.3
%
Total
$
16,316

 
$
323

 
2.0
%

Largest Reinsurers
 
 
 
ABR Reinsurance Capital Holdings
HDI Group (Hannover Re)
Munich Re Group
Swiss Re Group
Berkshire Hathaway Insurance Group
Lloyd's of London
Starr International Group
 
Categories of Chubb's reinsurers
 
Comprises:
Largest reinsurers
 
• All groups of reinsurers or captives where the gross recoverable exceeds one percent of Chubb's total shareholders' equity.
Other reinsurers rated A- or better
 
• All reinsurers rated A- or better that were not included in the largest reinsurer category.
Other reinsurers rated lower than A- or not rated
 
• All reinsurers rated lower than A- or not rated that were not included in the largest reinsurer category.
Pools
 
• Related to Chubb's voluntary pool participation and Chubb's mandatory pool participation required by law in certain states.
Structured settlements
 
• Annuities purchased from life insurance companies to settle claims. Since we retain ultimate liability in the event that the life company fails to pay, we reflect the amounts as both a liability and a recoverable/receivable for GAAP purposes.
Captives
 
• Companies established and owned by our insurance clients to assume a significant portion of their direct insurance risk from Chubb; structured to allow clients to self-insure a portion of their reinsurance risk. It generally is our policy to obtain collateral equal to expected losses. Where appropriate, exceptions are granted but only with review and approval at a senior officer level. Excludes captives included in the largest reinsurer category.
Other
 
• Amounts recoverable that are in dispute or are from companies that are in supervision, rehabilitation, or liquidation.

The provision for uncollectible reinsurance is principally based on an analysis of the credit quality of the reinsurer and collateral balances. We establish the provision for uncollectible reinsurance for the Other category based on a case-by-case analysis of individual situations including the merits of the underlying matter, credit and collateral analysis, and consideration of our collection experience in similar situations.

c) Assumed life reinsurance programs involving minimum benefit guarantees under variable annuity contracts
The following table presents income and expenses relating to GMDB and GLB reinsurance. GLBs include GMIBs.
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

GMDB
 
 
 
 
 
Net premiums earned
$
47

 
$
49

 
$
55

Policy benefits and other reserve adjustments
$
20

 
$
40

 
$
45

GLB
 
 
 
 
 
Net premiums earned
$
96

 
$
110

 
$
118

Policy benefits and other reserve adjustments
110

 
105

 
52

Net realized gains (losses)
(250
)
 
363

 
48

Gain (loss) recognized in Net income
$
(264
)
 
$
368

 
$
114

Net cash received and other
47

 
65

 
79

Net decrease (increase) in liability
$
(311
)
 
$
303

 
$
35



Net realized gains (losses) in the table above include gains (losses) related to foreign exchange and fair value adjustments on insurance derivatives and exclude gains (losses) on S&P futures used to partially offset the risk in the GLB reinsurance portfolio. Refer to Note 9 for additional information.
At December 31, 2018 and 2017, the reported liability for GMDB reinsurance was $117 million and $129 million, respectively. At December 31, 2018 and 2017, the reported liability for GLB reinsurance was $861 million and $550 million, respectively, which includes a fair value derivative adjustment of $452 million and $204 million, respectively. Reported liabilities for both GMDB and GLB reinsurance are determined using internal valuation models. Such valuations require considerable judgment and are subject to significant uncertainty. The valuation of these products is subject to fluctuations arising from, among other factors, changes in interest rates, changes in equity markets, changes in credit markets, changes in the allocation of the investments underlying annuitants’ account values, and assumptions regarding future policyholder behavior. These models and the related assumptions are regularly reviewed by management and enhanced, as appropriate, based upon improvements in modeling assumptions and availability of updated information, such as market conditions and demographics of in-force annuities.
Variable Annuity Net Amount at Risk
The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date (December 31, 2018 and 2017, respectively) and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. In addition, the following assumptions were used:
(in millions of U.S. dollars, except for percentages)
 
Net amount at risk
 
 
 


Reinsurance covering
 
December 31 2018

December 31 2017

2018 Future claims discount rate
Other assumptions
Total claims at
100% mortality at
December 31, 2018(1)

GMDB Risk Only
 
$
408

$
279

3.3% - 3.5%
No lapses or withdrawals
$
177

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
GLB Risk Only
 
$
1,233

$
691

4.0% - 4.3%
No deaths, lapses or withdrawals
N/A

 
 
 
 
 
Annuitization at a frequency most disadvantageous to Chubb(2)
 
 
 
 
 
 
Claim calculated using interest rates in line with rates used to calculate reserve
 
Both Risks: (3)
GMDB
$
103

$
81

4.0% - 4.3%
No lapses or withdrawals
$
18

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
 
GLB
$
517

$
392

4.0% - 4.3%
Annuitization at a frequency most disadvantageous to Chubb(2)
N/A

 
 
 
 
 
Claim calculated using interest rates in line with rates used to calculate reserve
 
(1)
Takes into account all applicable reinsurance treaty claim limits.
(2)
Annuitization at a level that maximizes claims taking into account the treaty limits.
(3)
Covering both the GMDB and GLB risks on the same underlying policyholders.

The average attained age of all policyholders for all risk categories above, weighted by the guaranteed value of each reinsured policy, is approximately 71 years.
v3.10.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
5. Goodwill and Other intangible assets

At December 31, 2018 and 2017, Goodwill was $15.3 billion and $15.5 billion, respectively, and Other intangible assets were $6.1 billion and $6.5 billion, respectively.

a) Goodwill
The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global Reinsurance

 
Life Insurance

 
Chubb Consolidated

Balance at December 31, 2016
$
6,961

 
$
2,235

 
$
134

 
$
4,817

 
$
365

 
$
820

 
$
15,332

Foreign exchange revaluation and other
15

 
5

 
—

 
187

 
—

 
2

 
209

Balance at December 31, 2017
$
6,976

 
$
2,240

 
$
134


$
5,004

 
$
365

 
$
822

 
$
15,541

Foreign exchange revaluation and other
(30
)
 
(10
)
 
—

 
(234
)
 
6

 
(2
)
 
(270
)
Balance at December 31, 2018
$
6,946

 
$
2,230

 
$
134

 
$
4,770

 
$
371

 
$
820

 
$
15,271



b) Other intangible assets
The majority of the Other intangible assets balance at December 31, 2018 relates to the Chubb Corp acquisition and comprised of $3.2 billion that are subject to amortization, principally Agency distribution relationships and renewal rights, and $2.9 billion that are not subject to amortization, principally trademarks. This compares to $3.5 billion and $3.0 billion at December 31, 2017, respectively.

Amortization of purchased intangibles
Amortization expense related to purchased intangibles were $339 million, $260 million, and $19 million for the years ended December 31, 2018, 2017, and 2016, respectively. The increase in amortization expense of purchased intangibles in 2018 and 2017 compared to 2016, primarily reflects a lower amortization benefit from the fair value adjustment on acquired Unpaid losses and loss expenses related to the Chubb Corp acquisition.

The following table presents, as of December 31, 2018, the expected estimated pre-tax amortization expense (benefit) of purchased intangibles, at current foreign currency exchange rates, for the next five years:
 
Associated with the Chubb Corp Acquisition
 
 
 
 
 
For the Year Ending December 31 (in millions of U.S. dollars)
Agency distribution relationships and renewal rights

 
Fair value adjustment on Unpaid losses and loss expense (1)

 
Total

 
Other
intangible assets

 
Total Amortization of purchased intangibles

2019
$
280

 
$
(62
)
 
$
218

 
$
80

 
$
298

2020
239

 
(35
)
 
204

 
76

 
280

2021
216

 
(20
)
 
196

 
70

 
266

2022
196

 
(14
)
 
182

 
64

 
246

2023
177

 
(7
)
 
170

 
62

 
232

Total
$
1,108

 
$
(138
)
 
$
970

 
$
352

 
$
1,322


(1) 
In connection with the Chubb Corp acquisition, we recorded an increase to Unpaid losses and loss expenses acquired to adjust the carrying value of Chubb Corp's historical Unpaid losses and loss expenses to fair value as of the acquisition date. This fair value adjustment amortizes through Amortization of purchased intangibles on the Consolidated statements of operations through the year 2032. The balance of the fair value adjustment on Unpaid losses and loss expense was $207 million and $309 million at December 31, 2018 and 2017, respectively. Refer to Note 1(h) for additional information.

c) VOBA
The following table presents a roll-forward of VOBA:
(in millions of U.S. dollars)
2018

 
2017

 
2016

Balance, beginning of year
$
326

 
$
355

 
$
395

Amortization of VOBA (1)
(25
)
 
(35
)
 
(41
)
Foreign exchange revaluation
(6
)
 
6

 
1

Balance, end of year
$
295

 
$
326

 
$
355

(1) 
Recognized in Policy acquisition costs in the Consolidated statements of operations.

The following table presents, as of December 31, 2018, the expected estimated pre-tax amortization expense related to VOBA for the next five years:
For the Year Ending December 31
VOBA

(in millions of U.S. dollars)
2019
$
26

2020
24

2021
22

2022
20

2023
18

Total
$
110
v3.10.0.1
Unpaid losses and loss expenses
 12 Months Ended
Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Abstract]  
Unpaid Losses and Loss Expenses
Unpaid losses and loss expenses

Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2018 are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Gross unpaid losses and loss expenses, beginning of year
$
63,179

 
$
60,540

 
$
37,303

Reinsurance recoverable on unpaid losses (1)
(14,014
)
 
(12,708
)
 
(10,741
)
Net unpaid losses and loss expenses, beginning of year
49,165

 
47,832

 
26,562

Acquisition of subsidiaries
—

 
—

 
21,402

Total
49,165

 
47,832

 
47,964

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
 
 
Current year
19,048

 
19,391

 
17,256

Prior years (2)
(981
)
 
(937
)
 
(1,204
)
Total
18,067

 
18,454

 
16,052

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
 
 
Current year
7,544

 
6,575

 
5,899

Prior years
10,796

 
10,873

 
9,816

Total
18,340

 
17,448

 
15,715

Foreign currency revaluation and other
(621
)
 
327

 
(469
)
Net unpaid losses and loss expenses, end of year
48,271

 
49,165

 
47,832

Reinsurance recoverable on unpaid losses (1)
14,689

 
14,014

 
12,708

Gross unpaid losses and loss expenses, end of year
$
62,960

 
$
63,179

 
$
60,540

(1)
Net of provision for uncollectible reinsurance.
(2) 
Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $85 million, $108 million and $69 million for 2018, 2017, and 2016, respectively.

The decrease in gross and net unpaid losses and loss expenses in 2018 was primarily driven by payments related to the 2017 catastrophic events, favorable prior period development and foreign exchange movement, partially offset by catastrophic events in 2018.

The increase in gross and net unpaid losses and loss expenses in 2017 primarily reflects the significant catastrophic events, principally from California wildfires, hurricanes Harvey, Irma, and Maria and the earthquakes in Mexico.

The loss development tables under section c) below, present Chubb’s historical incurred and paid claims development by broad product line through December 31, 2018, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information.

The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:
Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)
 
December 31, 2018

Presented in the loss development tables:
 
 
  North America Commercial P&C Insurance — Workers' Compensation
 
$
9,183

  North America Commercial P&C Insurance — Liability
 
16,485

  North America Commercial P&C Insurance — Other Casualty
 
1,884

  North America Commercial P&C Insurance — Non-Casualty
 
1,871

  North America Personal P&C Insurance
 
2,319

  Overseas General Insurance — Casualty
 
5,833

  Overseas General Insurance — Non-Casualty
 
2,265

  Global Reinsurance — Casualty
 
1,218

  Global Reinsurance — Non-Casualty
 
390

Excluded from the loss development tables:
 
 
  Other
 
4,399

Net unpaid loss and allocated loss adjustment expense
 
45,847

Ceded unpaid loss and allocated loss adjustment expense:
 
 
  North America Commercial P&C Insurance — Workers' Compensation
 
$
1,766

  North America Commercial P&C Insurance — Liability
 
4,812

  North America Commercial P&C Insurance — Other Casualty
 
544

  North America Commercial P&C Insurance — Non-Casualty
 
1,531

  North America Personal P&C Insurance
 
895

  Overseas General Insurance — Casualty
 
2,070

  Overseas General Insurance — Non-Casualty
 
1,208

  Global Reinsurance — Casualty
 
58

  Global Reinsurance — Non-Casualty
 
99

  Other
 
1,874

Ceded unpaid loss and allocated loss adjustment expense
 
14,857

Unpaid loss and loss expense on other than short-duration contracts (1)
 
831

Unpaid unallocated loss adjustment expenses
 
1,425

Unpaid losses and loss expenses
 
$
62,960

(1)
Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves.

Business excluded from the loss development tables
“Other” shown in the reconciliation table above comprises businesses excluded from the loss development tables below:
•
North America Agricultural Insurance segment business, which is short-tailed with the majority of the liabilities expected to be resolved in the ensuing twelve months;
•
Corporate segment business, which includes run-off liabilities such as asbestos and environmental and other mass tort exposures and which impact accident years older than those shown in the exhibits below;
•
Life Insurance segment business, which is generally written using long-duration contracts; and
•
Certain subsets of our business due to data limitations or unsuitability to the development table presentation, including:
◦
We underwrite loss portfolio transfers at various times; by convention, all premium and losses associated with these transactions are recorded to the policy period of the transaction, even though the accident dates of the claims covered may be a decade or more in the past. We also underwrite certain high attachment, high limit, multiple-line and excess of aggregate coverages for large commercial clients. Changes in incurred loss and cash flow patterns are volatile and sufficiently different from those of typical insureds. This category includes the loss portfolio transfer of Fireman’s Fund personal lines run-off liabilities and Alternative Risk Solutions business within the North America Commercial P&C segment;
◦
2015 and prior paid history on a subset of previously acquired international businesses, within the Overseas General Insurance segment, due to limitations on the data prior to the acquisition;
◦
Reinsurance recoverable bad debt;
◦
Purchase accounting adjustments related to unpaid losses and loss expenses for Chubb Corp.

a) Description of Reserving Methodologies
Our recorded reserves represent management's best estimate of the provision for unpaid claims as of the balance sheet date. Management's best estimate is developed after collaboration with actuarial, underwriting, claims, legal, and finance departments and culminates with the input of reserve committees. Each business unit reserve committee includes the participation of the relevant parties from actuarial, finance, claims, and unit senior management and has the responsibility for finalizing, recommending and approving the estimate to be used as management's best estimate. Reserves are further reviewed by Chubb's Chief Actuary and senior management. The objective of such a process is to determine a single estimate that we believe represents a better estimate than any other and which is viewed by management to be the best estimate of ultimate loss settlements.

This estimate is based on a combination of exposure and experience-based actuarial methods (described below) and other considerations such as claims reviews, reinsurance recovery assumptions and/or input from other knowledgeable parties such as underwriting. Exposure-based methods are most commonly used on relatively immature origin years (i.e., the year in which the losses were incurred — “accident year” or “report year”), while experience-based methods provide a view based on the projection of loss experience that has emerged as of the valuation date. Greater reliance is placed upon experience-based methods as the pool of emerging loss experience grows and where it is deemed sufficiently credible and reliable as the basis for the estimate. In comparing the held reserve for any given origin year to the actuarial projections, judgment is required as to the credibility, uncertainty and inherent limitations of applying actuarial techniques to historical data to project future loss experience. Examples of factors that impact such judgments include, but are not limited to, the following:

•
nature and complexity of underlying coverage provided and net limits of exposure provided;
•
segmentation of data to provide sufficient homogeneity and credibility for loss projection methods;
•
extent of credible internal historical loss data and reliance upon industry information as required;
•
historical variability of actual loss emergence compared with expected loss emergence;
•
extent of emerged loss experience relative to the remaining expected period of loss emergence;
•
rate monitor information for new and renewal business;
•
facts and circumstances of large claims;
•
impact of applicable reinsurance recoveries; and
•
nature and extent of underlying assumptions.

We have actuarial staff within each of our business units who analyze loss reserves (including loss expenses) and regularly project estimates of ultimate losses and the corresponding indications of the required IBNR reserve. Our reserving approach is a comprehensive ground-up process using data at a detailed level that reflects the specific types and coverages of the diverse products written by our various operations. The data presented in this disclosure was prepared on a more aggregated basis and with a focus on changes in incurred loss estimates over time as well as associated cash flows. We note that data prepared on this basis may not demonstrate the full spectrum of characteristics that are evident in the more detailed level studied internally.

We perform an actuarial reserve review for each product line at least once a year. For most product lines, one or more standard actuarial reserving methods may be used to determine estimates of ultimate losses and loss expenses, and from these estimates, a single actuarial central estimate is selected. The actuarial central estimate is an input to the reserve committee process described above. For the few product lines that do not lend themselves to standard actuarial reserving methods, appropriate techniques are applied to produce the actuarial central estimates. For example, run-off asbestos and environmental liability estimates are better suited to the application of account-specific exposure-based analyses to best evaluate their associated aggregate reserve levels.

b) Standard actuarial reserving methods
Standard actuarial reserving methods include, but are not limited to, expected loss ratio, paid and reported loss development, and Bornhuetter-Ferguson methods. A general description of these methods is provided below. In addition to these standard methods, depending upon the product line characteristics and available data, we may use other recognized actuarial methods and approaches. Implicit in the standard actuarial methods that we generally utilize is the need for two fundamental assumptions: first, the pattern by which losses are expected to emerge over time for each origin year, and second the expected loss ratio for each origin year.

The expected loss ratio for any particular origin year is selected after consideration of a number of factors, including historical loss ratios adjusted for rate changes, premium and loss trends, industry benchmarks, the results of policy level loss modeling at the time of underwriting, and/or other more subjective considerations for the product line (e.g., terms and conditions) and external environment as noted above. The expected loss ratio for a given origin year is initially established at the start of the origin year as part of the planning process. This analysis is performed in conjunction with underwriters and management. The expected loss ratio method arrives at an ultimate loss estimate by multiplying the expected ultimate loss ratio by the corresponding premium base. This method is most commonly used as the basis for the actuarial central estimate for immature origin periods on product lines where the actual paid or reported loss experience is not yet deemed sufficiently credible to serve as the principal basis for the selection of ultimate losses. The expected loss ratio for a given origin year may be modified over time if the underlying assumptions differ from the original assumptions (e.g., the assessment of prior year loss ratios, loss trend, rate changes, actual claims, or other information).

Our selected paid and reported development patterns provide a benchmark against which the actual emerging loss experience can be monitored. Where possible, development patterns are selected based on historical loss emergence by origin year. For product lines where the historical data is viewed to have low statistical credibility, the selected development patterns also reflect relevant industry benchmarks and/or experience from similar product lines written elsewhere within Chubb. This most commonly occurs for relatively new product lines that have limited historical data or for high severity/low frequency portfolios where our historical experience exhibits considerable volatility and/or lacks credibility. The paid and reported loss development methods convert the selected loss emergence pattern to a set of multiplicative factors which are then applied to actual paid or reported losses to arrive at an estimate of ultimate losses for each period. Due to their multiplicative nature, the paid and reported loss development methods will leverage differences between actual and expected loss emergence. These methods tend to be utilized for more mature origin periods and for those portfolios where the loss emergence has been relatively consistent over time.

The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the loss development method, where the loss development method is given more weight as the origin year matures. This approach allows a logical transition between the expected loss ratio method which is generally utilized at earlier maturities and the loss development methods which are typically utilized at later maturities. We usually apply this method using reported loss data although paid data may also be used.

Short-tail business
Short-tail business generally describes product lines for which losses are typically known and paid shortly after the loss actually occurs. This would include, for example, most property, personal accident, and automobile physical damage policies that we write. Due to the short reporting and development pattern for these product lines, the uncertainty associated with our estimate of ultimate losses for any particular accident period diminishes relatively quickly as actual loss experience emerges. We typically assign credibility to methods that incorporate actual loss emergence, such as the paid and reported loss development and Bornhuetter-Ferguson methods, sooner than would be the case for long-tail lines at a similar stage of development for a given origin year. The reserving process for short-tail losses arising from catastrophic events typically involves an assessment by the claims department, in conjunction with underwriters and actuaries, of our exposure and estimated losses immediately following an event and then subsequent revisions of the estimated losses as our insureds provide updated actual loss information.

Long-tail business
Long-tail business describes lines of business for which specific losses may not be known/reported for some period and for which claims can take significant time to settle/close. This includes most casualty lines such as general liability, D&O, and workers' compensation. There are various factors contributing to the uncertainty and volatility of long-tail business. Among these are:

•
The nature and complexity of underlying coverage provided and net limits of exposure provided;
•
Our historical loss data and experience is sometimes too immature and lacking in credibility to rely upon for reserving purposes. Where this is the case, in our reserve analysis we may utilize industry loss ratios or industry benchmark development patterns that we believe reflect the nature and coverage of the underwritten business and its future development, where available. For such product lines, actual loss experience may differ from industry loss statistics as well as loss experience for previous underwriting years;
•
The difficulty in estimating loss trends, claims inflation (e.g., medical and judicial) and underlying economic conditions;
•
The need for professional judgment to estimate loss development patterns beyond that represented by historical data using supplemental internal or industry data, extrapolation, or a blend of both;
•
The need to address shifts in mix over time when applying historical paid and reported loss development patterns from older origin years to more recent origin years. For example, changes over time in the processes and procedures for establishing case reserves can distort reported loss development patterns or changes in ceded reinsurance structures by origin year can alter the development of paid and reported losses;
•
Loss reserve analyses typically require loss or other data be grouped by common characteristics in some manner. If data from two combined lines of business exhibit different characteristics, such as loss payment patterns, the credibility of the reserve estimate could be affected. Additionally, since casualty lines of business can have significant intricacies in the terms and conditions afforded to the insured, there is an inherent risk as to the homogeneity of the underlying data used in performing reserve analyses; and
•
The applicability of the price change data used to estimate ultimate loss ratios for most recent origin years.

As described above, various factors are considered when determining appropriate data, assumptions, and methods used to establish the loss reserve estimates for long-tail product lines. These factors may also vary by origin year for given product lines. The derivation of loss development patterns from data and the selection of a tail factor to project ultimate losses from actual loss emergence require considerable judgment, particularly with respect to the extent to which historical loss experience is relied upon to support changes in key reserving assumptions.

c) Loss Development Tables
The tables were designed to present business with similar risk characteristics which exhibit like development patterns and generally similar trends, in order to provide insight into the nature, amount, timing and uncertainty of cash flows related to our claims liabilities.

Each table follows a similar format and reflects the following:

•
The incurred loss triangle includes both reported case reserves and IBNR liabilities.
•
Both the incurred and paid loss triangles include allocated loss adjustment expense (i.e., defense and investigative costs particular to individual claims) but exclude unallocated loss adjustment expense (i.e., the costs associated with internal claims staff and third-party administrators).
•
The amounts in both triangles for the years ended December 31, 2009, to December 31, 2017 and average historical claim duration as of December 31, 2018, are presented as supplementary information.
•
All data presented in the triangles is net of reinsurance recoverables.
•
The IBNR reserves shown to the right of each incurred loss development exhibit reflect the net IBNR recorded as of December 31, 2018.
•
The tables are presented retrospectively with respect to acquisitions where these are material and doing so is practicable. Most notably, the Chubb Corp acquisition is presented retrospectively. The unaudited consolidated data is presented solely for informational purposes and is not necessarily indicative of the consolidated data that might have been observed had the transactions been completed prior to the date indicated.

Historical dollar amounts are presented in this footnote on a constant-dollar basis, which is achieved by assuming constant foreign exchange rates for all periods in the loss triangles, translating prior period amounts using the same local currency exchange rates as the current year end. The impact of this conversion is to show the change between periods exclusive of the effect of fluctuations in exchange rates, which would otherwise distort the change in incurred loss and cash flow patterns shown. The change in incurred loss shown will differ from other GAAP disclosures of incurred prior period reserve development amounts, which include the effect of fluctuations in exchanges rates.

We provided guidance above on key assumptions that should be considered when reviewing this disclosure and information relating to how loss reserve estimates are developed. We believe the information provided in the “Loss Development Tables” section of the disclosure is of limited use for independent analysis or application of standard actuarial estimations.

In 2018, we further refined prior year information in our loss development triangles to better align results by line of business and accident year. The most significant refinement is a reclassification of $63 million from North America Commercial P&C Insurance - Liability - Long-tail to North America Commercial P&C Insurance - Non-Casualty - Short tail.

Cumulative Number of Reported Claims
Reported claim counts, on a cumulative basis, are provided to the far right of each paid loss development table. We generally consider a reported claim to be one claim per coverage per claimant. We exclude claims closed without payment. Use of the presented claim counts in analysis of company experience has significant limitations, including:

•
High deductible workers' compensation claim counts include claims below the applicable policy deductible.
•
Professional liability and certain other lines have a high proportion of claims reported which will be closed without any payment; shifts in total reported counts may not meaningfully impact reported and ultimate loss experience.
•
Claims for certain events and/or product lines, such as portions of assumed reinsurance and A&H business, are not reported on an individual basis, but rather in bulk and thus not available for inclusion in this disclosure. For certain A&H business, where bulk reporting affected only the oldest few accident years, presented claim counts for these years were estimated.
•
Each of the segments below typically has a mixture of primary and excess experience which has shifted over time.

Reported claim counts include open claims which have case reserves and exclude claims that have been incurred but not reported. As such the reported claims are consistent with reported losses, which can be calculated by subtracting incurred but not reported losses from incurred losses. Reported claim counts are inconsistent with losses in the incurred loss triangle, which include incurred but not reported losses, and are also inconsistent with losses in the paid loss triangle, which exclude case reserves.

North America Commercial P&C Insurance — Workers' Compensation — Long-tail
This product line has a substantial geographic spread and a broad mix across industries. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-61.

North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,029

 
$
998

 
$
997

 
$
990

 
$
980

 
$
977

 
$
966

 
$
972

 
$
965

 
$
964

 
$
218

2010
 
 
1,049

 
1,037

 
1,050

 
1,065

 
1,064

 
1,052

 
1,028

 
1,020

 
1,018

 
248

2011
 
 
 
 
1,037

 
1,030

 
1,046

 
1,049

 
1,053

 
1,022

 
1,012

 
1,008

 
271

2012
 
 
 
 
 
 
1,050

 
1,011

 
1,030

 
1,040

 
1,011

 
989

 
986

 
292

2013
 
 
 
 
 
 
 
 
1,109

 
1,108

 
1,122

 
1,127

 
1,086

 
1,073

 
358

2014
 
 
 
 
 
 
 
 
 
 
1,207

 
1,201

 
1,217

 
1,215

 
1,163

 
465

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,282

 
1,259

 
1,276

 
1,279

 
594

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,366

 
1,361

 
1,383

 
743

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,412

 
1,380

 
831

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,359

 
995

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
11,613

 
 

Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
107

 
$
258

 
$
348

 
$
416

 
$
475

 
$
519

 
$
550

 
$
597

 
$
617

 
$
633

 
282

2010
 
 
123

 
300

 
411

 
493

 
551

 
592

 
617

 
641

 
666

 
303

2011
 
 
 
 
119

 
294

 
411

 
484

 
533

 
567

 
595

 
616

 
286

2012
 
 
 
 
 
 
111

 
271

 
365

 
436

 
486

 
532

 
574

 
287

2013
 
 
 
 
 
 
 
 
107

 
286

 
422

 
506

 
553

 
587

 
299

2014
 
 
 
 
 
 
 
 
 
 
113

 
295

 
410

 
484

 
532

 
336

2015
 
 
 
 
 
 
 
 
 
 
 
 
116

 
301

 
418

 
501

 
334

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
122

 
326

 
452

 
304

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120

 
313

 
338

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
130

 
321

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,004

 
 

Net Liabilities for Loss and Allocated Loss Adjustment Expenses
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
2,574

All Accident years
 
$
9,183



Supplementary Information: (Favorable)/ Adverse Prior Period Development
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(73
)
All Accident years
 
$
(155
)


North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
10
%
 
16
%
 
10
%
 
7
%
 
5
%
 
4
%
 
3
%
 
3
%
 
2
%
 
2
%



North America Commercial P&C Insurance — Liability — Long-tail
This line consists of primary and excess liability exposures, including medical liability and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
3,791

 
$
3,777

 
$
3,764

 
$
3,737

 
$
3,636

 
$
3,386

 
$
3,309

 
$
3,237

 
$
3,096

 
$
3,082

 
$
221

2010
 
 
3,571

 
3,576

 
3,594

 
3,554

 
3,413

 
3,245

 
3,123

 
3,103

 
2,991

 
234

2011
 
 
 
 
3,494

 
3,579

 
3,623

 
3,658

 
3,588

 
3,492

 
3,377

 
3,309

 
473

2012
 
 
 
 
 
 
3,546

 
3,622

 
3,606

 
3,557

 
3,517

 
3,419

 
3,323

 
626

2013
 
 
 
 
 
 
 
 
3,541

 
3,536

 
3,536

 
3,526

 
3,423

 
3,209

 
748

2014
 
 
 
 
 
 
 
 
 
 
3,529

 
3,580

 
3,668

 
3,711

 
3,649

 
1,148

2015
 
 
 
 
 
 
 
 
 
 
 
 
3,553

 
3,702

 
3,812

 
3,968

 
1,570

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,528

 
3,589

 
3,686

 
1,726

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,317

 
3,492

 
2,442

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,369

 
2,950

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
34,078

 
 
North America Commercial P&C Insurance — Liability — Long-tail (continued)

Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
134

 
$
587

 
$
1,159

 
$
1,670

 
$
2,017

 
$
2,354

 
$
2,541

 
$
2,673

 
$
2,725

 
$
2,766

 
20

2010
 
 
126

 
611

 
1,107

 
1,557

 
1,891

 
2,257

 
2,423

 
2,523

 
2,658

 
19

2011
 
 
 
 
160

 
651

 
1,207

 
1,802

 
2,211

 
2,473

 
2,655

 
2,736

 
20

2012
 
 
 
 
 
 
166

 
654

 
1,170

 
1,677

 
2,089

 
2,322

 
2,497

 
20

2013
 
 
 
 
 
 
 
 
129

 
547

 
1,190

 
1,594

 
2,004

 
2,229

 
19

2014
 
 
 
 
 
 
 
 
 
 
164

 
679

 
1,249

 
1,802

 
2,200

 
19

2015
 
 
 
 
 
 
 
 
 
 
 
 
138

 
604

 
1,204

 
1,853

 
21

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171

 
662

 
1,335

 
21

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
161

 
616

 
21

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
189

 
24

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
19,079

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
1,486

All Accident years
 
$
16,485



Supplementary Information: (Favorable)/ Adverse Prior Period Development


(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(3
)
All Accident years
 
$
(141
)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
5
%
 
14
%
 
17
%
 
16
%
 
12
%
 
9
%
 
6
%
 
3
%
 
3
%
 
1
%



North America Commercial P&C Insurance — Other Casualty — Long-tail
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation. There is also a small portion of commercial multi-peril (CMP) business in accident years 2014 and prior. The paid and reported data are impacted by some catastrophe loss activity primarily on the CMP exposures just noted.
North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)

Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
599

 
$
589

 
$
555

 
$
535

 
$
492

 
$
458

 
$
452

 
$
450

 
$
445

 
$
452

 
$
12

2010
 
 
613

 
607

 
600

 
545

 
506

 
478

 
480

 
492

 
483

 
8

2011
 
 
 
 
580

 
589

 
580

 
548

 
532

 
524

 
516

 
510

 
17

2012
 
 
 
 
 
 
633

 
605

 
576

 
560

 
519

 
518

 
508

 
17

2013
 
 
 
 
 
 
 
 
526

 
530

 
522

 
515

 
468

 
461

 
27

2014
 
 
 
 
 
 
 
 
 
 
594

 
582

 
580

 
596

 
554

 
68

2015
 
 
 
 
 
 
 
 
 
 
 
 
486

 
469

 
501

 
514

 
148

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
503

 
501

 
527

 
196

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
531

 
565

 
265

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
535

 
383

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,109

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
70

 
$
206

 
$
287

 
$
336

 
$
373

 
$
401

 
$
413

 
$
422

 
$
427

 
$
431

 
15

2010
 
 
97

 
236

 
321

 
363

 
392

 
433

 
443

 
448

 
452

 
15

2011
 
 
 
 
86

 
235

 
341

 
400

 
436

 
460

 
465

 
479

 
16

2012
 
 
 
 
 
 
69

 
222

 
319

 
386

 
435

 
470

 
486

 
16

2013
 
 
 
 
 
 
 
 
68

 
196

 
270

 
348

 
385

 
411

 
18

2014
 
 
 
 
 
 
 
 
 
 
80

 
220

 
317

 
391

 
454

 
17

2015
 
 
 
 
 
 
 
 
 
 
 
 
47

 
137

 
214

 
304

 
15

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52

 
145

 
246

 
15

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66

 
175

 
16

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74

 
14

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
3,512

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
287

All Accident years
 
$
1,884



Supplementary Information: (Favorable)/ Adverse Prior Period Development

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
14

All Accident years
 
$
20



North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)

Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
14
%
 
25
%
 
18
%
 
13
%
 
8
%
 
6
%
 
2
%
 
2
%
 
1
%
 
1
%



North America Commercial P&C Insurance — Non-Casualty — Short-tail
This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was also impacted by natural catastrophes mainly in the 2012, 2017, and 2018 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,302

 
$
1,298

 
$
1,243

 
$
1,213

 
$
1,196

 
$
1,189

 
$
1,189

 
$
1,186

 
$
1,185

 
$
1,183

 
$
1

2010
 
 
1,500

 
1,535

 
1,459

 
1,423

 
1,421

 
1,413

 
1,409

 
1,403

 
1,393

 
—

2011
 
 
 
 
1,956

 
1,930

 
1,873

 
1,852

 
1,831

 
1,835

 
1,831

 
1,831

 
11

2012
 
 
 
 
 
 
2,029

 
1,911

 
1,878

 
1,860

 
1,854

 
1,842

 
1,840

 
10

2013
 
 
 
 
 
 
 
 
1,428

 
1,418

 
1,331

 
1,354

 
1,335

 
1,334

 
13

2014
 
 
 
 
 
 
 
 
 
 
1,640

 
1,656

 
1,574

 
1,554

 
1,544

 
20

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,732

 
1,741

 
1,646

 
1,634

 
39

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,906

 
1,885

 
1,795

 
68

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,700

 
2,604

 
207

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,048

 
474

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
17,206

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
618

 
$
1,032

 
$
1,122

 
$
1,146

 
$
1,160

 
$
1,168

 
$
1,176

 
$
1,178

 
$
1,178

 
$
1,178

 
1,124

2010
 
 
722

 
1,221

 
1,319

 
1,356

 
1,381

 
1,389

 
1,393

 
1,393

 
1,390

 
1,058

2011
 
 
 
 
938

 
1,570

 
1,714

 
1,773

 
1,783

 
1,807

 
1,812

 
1,817

 
1,052

2012
 
 
 
 
 
 
713

 
1,573

 
1,694

 
1,762

 
1,790

 
1,817

 
1,812

 
1,036

2013
 
 
 
 
 
 
 
 
648

 
1,134

 
1,233

 
1,280

 
1,306

 
1,319

 
1,073

2014
 
 
 
 
 
 
 
 
 
 
817

 
1,369

 
1,479

 
1,501

 
1,527

 
1,101

2015
 
 
 
 
 
 
 
 
 
 
 
 
725

 
1,340

 
1,485

 
1,553

 
1,170

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
844

 
1,500

 
1,651

 
1,291

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
977

 
2,084

 
1,372

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,026

 
1,326

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
15,357

 
 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
22

All Accident years
 
$
1,871



Supplementary Information: (Favorable)/ Adverse Prior Period Development
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(1
)
All Accident years
 
$
(224
)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
47
%
 
38
%
 
8
%
 
3
%
 
1
%
 
1
%
 
—
%
 
—
%
 
—
 %
 
—
 %


North America Personal P&C Insurance — Short-tail
Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. A portfolio acquired from Fireman’s Fund is presented on a prospective basis beginning in May of accident year 2015. Reserves associated with prior accident periods were acquired through a loss portfolio transfer, which does not allow for a retrospective presentation. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in 2012, 2017 and 2018 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
 
Years Ended December 31
 
 
December 31 2018
 
(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves
 
Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018
 
2009
$
1,606

 
$
1,593

 
$
1,563

 
$
1,549

 
$
1,541

 
$
1,534

 
$
1,534

 
$
1,530

 
$
1,529

 
$
1,527

 
$
5

 
2010
 
 
1,866

 
1,875

 
1,852

 
1,834

 
1,830

 
1,827

 
1,821

 
1,819

 
1,820

 
8

 
2011
 
 
 
 
2,203

 
2,205

 
2,181

 
2,169

 
2,160

 
2,156

 
2,155

 
2,154

 
9

 
2012
 
 
 
 
 
 
2,181

 
2,179

 
2,179

 
2,187

 
2,182

 
2,182

 
2,185

 
10

 
2013
 
 
 
 
 
 
 
 
1,851

 
1,879

 
1,887

 
1,890

 
1,915

 
1,927

 
16

 
2014
 
 
 
 
 
 
 
 
 
 
2,199

 
2,201

 
2,187

 
2,140

 
2,154

 
35

 
2015
 
 
 
 
 
 
 
 
 
 
 
 
2,489

 
2,544

 
2,555

 
2,538

 
48

 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,434

 
2,530

 
2,539

 
190

 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,029

 
3,064

 
291

 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,003

 
428

(1 
) 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
22,911

 
 
 
(1)
At December 31, 2018, ceded reinsurance recoveries on aggregate catastrophe treaties of approximately $200 million on reported losses have been reflected as a reduction to net IBNR.


North America Personal P&C Insurance — Short-tail (continued)
 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
884

 
$
1,233

 
$
1,343

 
$
1,435

 
$
1,482

 
$
1,499

 
$
1,509

 
$
1,517

 
$
1,519

 
$
1,520

 
125

2010
 
 
1,151

 
1,519

 
1,667

 
1,726

 
1,768

 
1,790

 
1,801

 
1,807

 
1,809

 
149

2011
 
 
 
 
1,357

 
1,831

 
1,968

 
2,048

 
2,101

 
2,125

 
2,134

 
2,141

 
168

2012
 
 
 
 
 
 
1,174

 
1,803

 
1,954

 
2,059

 
2,113

 
2,146

 
2,160

 
173

2013
 
 
 
 
 
 
 
 
1,038

 
1,496

 
1,679

 
1,778

 
1,834

 
1,876

 
126

2014
 
 
 
 
 
 
 
 
 
 
1,307

 
1,760

 
1,921

 
2,029

 
2,074

 
135

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,495

 
2,079

 
2,266

 
2,386

 
139

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,450

 
2,047

 
2,206

 
140

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,694

 
2,515

 
144

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,923

(1) 
129

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
20,610

 
 
(1)
At December 31, 2018, ceded reinsurance recoveries on aggregate catastrophe treaties of approximately $200 million on reported losses have been reflected as a reduction to net IBNR.

Net Liabilities for Loss and Allocated Loss Adjustment Expenses
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
18

All Accident years
 
$
2,319



Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(7
)
All Accident years
 
$
47



Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
59
%
 
24
%
 
7
%
 
5
%
 
3
%
 
1
%
 
1
%
 
—
%
 
—
%
 
—
%

Overseas General Insurance — Casualty — Long-tail
This product line is comprised of D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 45 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprised of a mix of primary and excess businesses.
Overseas General Insurance — Casualty — Long-tail (continued)

 
 
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,231

 
$
1,367

 
$
1,414

 
$
1,421

 
$
1,422

 
$
1,309

 
$
1,205

 
$
1,204

 
$
1,152

 
$
1,138

 
$
29

2010
 
 
1,180

 
1,259

 
1,304

 
1,375

 
1,312

 
1,260

 
1,138

 
1,134

 
1,139

 
83

2011
 
 
 
 
1,210

 
1,216

 
1,209

 
1,199

 
1,116

 
1,052

 
1,038

 
988

 
62

2012
 
 
 
 
 
 
1,252

 
1,220

 
1,283

 
1,301

 
1,297

 
1,278

 
1,258

 
166

2013
 
 
 
 
 
 
 
 
1,247

 
1,243

 
1,240

 
1,283

 
1,227

 
1,192

 
221

2014
 
 
 
 
 
 
 
 
 
 
1,248

 
1,318

 
1,327

 
1,337

 
1,253

 
333

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,170

 
1,267

 
1,293

 
1,314

 
387

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,179

 
1,278

 
1,345

 
555

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,186

 
1,287

 
676

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,287

 
989

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
12,201

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
117

 
$
327

 
$
502

 
$
641

 
$
733

 
$
791

 
$
861

 
$
952

 
$
978

 
$
1,007

 
38

2010
 
 
102

 
264

 
461

 
603

 
709

 
797

 
847

 
899

 
942

 
40

2011
 
 
 
 
87

 
239

 
382

 
511

 
610

 
688

 
760

 
811

 
41

2012
 
 
 
 
 
 
73

 
244

 
424

 
572

 
683

 
818

 
888

 
43

2013
 
 
 
 
 
 
 
 
85

 
260

 
414

 
559

 
695

 
796

 
44

2014
 
 
 
 
 
 
 
 
 
 
112

 
287

 
462

 
591

 
704

 
44

2015
 
 
 
 
 
 
 
 
 
 
 
 
86

 
282

 
482

 
659

 
46

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
123

 
316

 
521

 
46

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
96

 
314

 
44

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
109

 
32

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
6,751

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
383

All Accident years
 
$
5,833



Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(55
)
All Accident years
 
$
(64
)


Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
8
%
 
15
%
 
15
%
 
12
%
 
9
%
 
8
%
 
6
%
 
6
%
 
3
%
 
3
%



Overseas General Insurance — Non-Casualty — Short-tail
This product line is comprised of commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, Asia Pacific and Japan), personal cell phones, personal residential (including high net worth), energy and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes mainly in the 2010, 2011, 2017, and 2018 accident years. Latin America and Europe each make up about 30 percent of the Chubb Overseas General non-casualty book.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,492

 
$
1,464

 
$
1,380

 
$
1,350

 
$
1,331

 
$
1,313

 
$
1,313

 
$
1,302

 
$
1,301

 
$
1,303

 
$
—

2010
 
 
1,638

 
1,660

 
1,635

 
1,623

 
1,617

 
1,603

 
1,590

 
1,573

 
1,575

 
13

2011
 
 
 
 
1,861

 
1,951

 
1,894

 
1,855

 
1,838

 
1,826

 
1,818

 
1,808

 
2

2012
 
 
 
 
 
 
1,694

 
1,683

 
1,644

 
1,590

 
1,583

 
1,572

 
1,557

 
15

2013
 
 
 
 
 
 
 
 
1,780

 
1,773

 
1,705

 
1,659

 
1,649

 
1,619

 
42

2014
 
 
 
 
 
 
 
 
 
 
1,868

 
1,938

 
1,879

 
1,852

 
1,814

 
29

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,992

 
2,117

 
2,071

 
2,036

 
63

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,032

 
2,009

 
1,998

 
24

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,199

 
2,236

 
29

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,161

 
437

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
18,107

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
572

 
$
1,043

 
$
1,177

 
$
1,241

 
$
1,265

 
$
1,275

 
$
1,281

 
$
1,284

 
$
1,283

 
$
1,287

 
516

2010
 
 
664

 
1,218

 
1,415

 
1,477

 
1,515

 
1,528

 
1,534

 
1,535

 
1,541

 
560

2011
 
 
 
 
753

 
1,453

 
1,654

 
1,709

 
1,739

 
1,754

 
1,762

 
1,766

 
578

2012
 
 
 
 
 
 
676

 
1,220

 
1,407

 
1,465

 
1,488

 
1,497

 
1,509

 
599

2013
 
 
 
 
 
 
 
 
695

 
1,271

 
1,464

 
1,495

 
1,531

 
1,550

 
620

2014
 
 
 
 
 
 
 
 
 
 
755

 
1,421

 
1,630

 
1,693

 
1,724

 
591

2015
 
 
 
 
 
 
 
 
 
 
 
 
850

 
1,548

 
1,772

 
1,853

 
621

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,016

 
1,654

 
1,851

 
619

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,040

 
1,822

 
659

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
987

 
627

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
15,890

 
 
Overseas General Insurance — Non-Casualty — Short-tail (continued)
 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses


(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
48

All Accident years
 
$
2,265



Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(11
)
All Accident years
 
$
(109
)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
44
%
 
35
%
 
11
%
 
4
%
 
2
%
 
1
%
 
1
%
 
—
%
 
—
%
 
—
%



Global Reinsurance
Chubb analyzes its Global Reinsurance business on a treaty year basis rather than on an accident year basis. Treaty year data was converted to an accident year basis for the purposes of this disclosure. Mix shifts are an important consideration in these product line groupings. As proportional business and excess of loss business have different earning and loss reporting and payment patterns, this change in mix will affect the cash flow patterns across the accident years. In addition, the shift from excess to proportional business over time will make the cash flow patterns of older and more recent years difficult to compare. In general, the proportional business will pay out more quickly than the excess of loss business, as such, using older years development patterns may overstate the ultimate loss estimates in more recent years.

Global Reinsurance — Casualty — Long-tail
This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, workers' compensation and aviation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular general casualty reinsurance and excess coverages are long-tailed and can be very volatile.

Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
316

 
$
348

 
$
360

 
$
367

 
$
363

 
$
344

 
$
328

 
$
318

 
$
313

 
$
303

 
$
11

2010
 
 
398

 
418

 
429

 
440

 
429

 
423

 
413

 
399

 
386

 
39

2011
 
 
 
 
404

 
411

 
426

 
430

 
425

 
416

 
412

 
406

 
34

2012
 
 
 
 
 
 
383

 
380

 
388

 
391

 
376

 
369

 
368

 
15

2013
 
 
 
 
 
 
 
 
318

 
324

 
327

 
327

 
328

 
321

 
30

2014
 
 
 
 
 
 
 
 
 
 
330

 
331

 
336

 
339

 
341

 
36

2015
 
 
 
 
 
 
 
 
 
 
 
 
281

 
286

 
296

 
297

 
30

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
219

 
223

 
231

 
38

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
210

 
211

 
65

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
239

 
139

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
3,103

 
 
Global Reinsurance — Casualty — Long-tail (continued)

Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
34

 
$
79

 
$
116

 
$
154

 
$
187

 
$
208

 
$
226

 
$
239

 
$
255

 
$
262

 
0.864

2010
 
 
56

 
124

 
179

 
220

 
249

 
273

 
291

 
306

 
314

 
0.796

2011
 
 
 
 
70

 
145

 
195

 
235

 
266

 
290

 
310

 
323

 
0.668

2012
 
 
 
 
 
 
76

 
166

 
220

 
259

 
290

 
306

 
321

 
0.464

2013
 
 
 
 
 
 
 
 
64

 
142

 
185

 
221

 
240

 
258

 
0.342

2014
 
 
 
 
 
 
 
 
 
 
91

 
183

 
216

 
247

 
263

 
0.389

2015
 
 
 
 
 
 
 
 
 
 
 
 
89

 
157

 
190

 
215

 
0.316

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57

 
111

 
141

 
0.324

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46

 
99

 
0.401

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40

 
0.196

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,236

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses


(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
351

All Accident years
 
$
1,218



Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(48
)
All Accident years
 
$
(73
)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
20
%
 
22
%
 
13
%
 
10
%
 
7
%
 
6
%
 
5
%
 
4
%
 
3
%
 
3
%



Global Reinsurance — Non-Casualty — Short-tail
This product line includes property, property catastrophe, marine, credit/surety, A&H and energy. This product line is impacted by natural catastrophes, particularly in the 2011, 2017 and 2018 accident years. Of the non-catastrophe book, the mixture of business varies by year with approximately 69 percent of loss on proportional treaties in treaty year 2009 and after. This percentage has increased over time with the proportion being approximately 54 percent for treaty years 2009 to 2012 growing to an average of 80 percent for treaty years 2013 to 2018, with the remainder being written on an excess of loss basis.
Global Reinsurance — Non-Casualty — Short-tail (continued)

 
 
Net Incurred Loss and Allocated Loss Adjustment Expenses

 
 
 
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
139

 
$
170

 
$
150

 
$
149

 
$
142

 
$
140

 
$
138

 
$
138

 
$
138

 
$
137

 
$
3

2010
 
 
197

 
232

 
221

 
215

 
219

 
221

 
222

 
223

 
222

 
6

2011
 
 
 
 
271

 
272

 
270

 
260

 
261

 
262

 
261

 
261

 
2

2012
 
 
 
 
 
 
230

 
210

 
200

 
190

 
189

 
187

 
184

 
1

2013
 
 
 
 
 
 
 
 
160

 
158

 
146

 
141

 
142

 
140

 
1

2014
 
 
 
 
 
 
 
 
 
 
162

 
178

 
178

 
181

 
180

 
6

2015
 
 
 
 
 
 
 
 
 
 
 
 
145

 
153

 
160

 
160

 
8

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
179

 
185

 
187

 
13

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
396

 
422

 
32

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
283

 
93

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,176

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses



 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
52

 
$
105

 
$
121

 
$
128

 
$
130

 
$
132

 
$
133

 
$
133

 
$
133

 
$
133

 
0.113

2010
 
 
56

 
160

 
186

 
197

 
203

 
213

 
211

 
214

 
214

 
0.102

2011
 
 
 
 
85

 
174

 
205

 
230

 
248

 
253

 
255

 
257

 
0.131

2012
 
 
 
 
 
 
44

 
129

 
155

 
165

 
171

 
176

 
179

 
0.112

2013
 
 
 
 
 
 
 
 
46

 
102

 
119

 
129

 
132

 
134

 
0.119

2014
 
 
 
 
 
 
 
 
 
 
64

 
128

 
151

 
161

 
167

 
0.100

2015
 
 
 
 
 
 
 
 
 
 
 
 
56

 
103

 
132

 
142

 
0.114

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
56

 
130

 
157

 
0.177

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
191

 
322

 
0.290

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94

 
0.151

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,799

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
13

All Accident years
 
$
390


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(2
)
All Accident years
 
$
18



Global Reinsurance — Non-Casualty — Short-tail (continued)

Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
34
%
 
37
%
 
13
%
 
7
%
 
4
%
 
3
%
 
1
%
 
1
%
 
—
 %
 
—
%


Prior Period Development — Supplementary Information
The following table presents a reconciliation of the loss development triangles above to prior period development:
 
Components of PPD
 
Year Ended December 31, 2018                                                  (in millions of U.S. dollars)
(favorable)/unfavorable
2009 - 2017 accident years (implied PPD per loss triangles)

 
Accident years prior to 2009

 
Other (1)

 
PPD on loss reserves

 
RIPs, Expense adjustments, and earned premiums

 
Total

North America Commercial P&C Insurance
 
 
 
 
 
 


 
 
 


Long-tail
$
(214
)
 
$
(62
)
 
$
(149
)
 
$
(425
)
 
$
30

 
$
(395
)
Short-tail
(223
)
 
(1
)
 
(4
)
 
(228
)
 
13

 
(215
)
 
(437
)
 
(63
)
 
(153
)
(2) 
(653
)
 
43

 
(610
)
North America Personal P&C Insurance (Short-tail)
54

 
(7
)
 
(7
)
 
40

 
1

 
41

Overseas General Insurance
 
 
 
 
 
 


 
 
 


Long-tail
(9
)
 
(55
)
 
(3
)
 
(67
)
 
—

 
(67
)
Short-tail
(98
)
 
(11
)
 
(40
)
 
(149
)
 
4

 
(145
)
 
(107
)
 
(66
)
 
(43
)
(3) 
(216
)
 
4

 
(212
)
Global Reinsurance
 
 
 
 
 
 


 
 
 


Long-tail
(25
)
 
(48
)
 
(1
)
 
(74
)
 
5

 
(69
)
Short-tail
20

 
(2
)
 
(1
)
 
17

 
2

 
19

 
(5
)
 
(50
)
 
(2
)
 
(57
)
 
7

 
(50
)
Subtotal
$
(495
)
 
$
(186
)
 
$
(205
)
 
$
(886
)
 
$
55

 
$
(831
)
North America Agricultural Insurance (Short-tail)
 
 
 
 
 
 
$
(140
)
 
$
30

 
$
(110
)
Corporate (Long-tail)
 
 
 
 
 
 
45

 
—

 
45

Consolidated PPD


 


 


 
$
(981
)
 
$
85

 
$
(896
)
(1)  
Other includes the impact of foreign exchange.
(2)  
Includes favorable development of $81 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $42 million in unfavorable development in the workers' compensation line associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
(3)  
Includes favorable development of $31 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.

Prior Period Development
Prior period development arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and professional liability; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture.
The following table summarizes (favorable) and adverse prior period development (PPD) by segment.
Years Ended December 31
(in millions of U.S. dollars, except for percentages)
Long-tail    

 
Short-tail    

 
Total

 
% of beginning net unpaid reserves (1)

2018
 
 
 
 
 
 
 
North America Commercial P&C Insurance
$
(395
)
 
$
(215
)
 
$
(610
)
 
1.2
%
North America Personal P&C Insurance
—

 
41

 
41

 
0.1
%
North America Agricultural Insurance
—

 
(110
)
 
(110
)
 
0.2
%
Overseas General Insurance
(67
)
 
(145
)
 
(212
)
 
0.4
%
Global Reinsurance
(69
)
 
19

 
(50
)
 
0.1
%
Corporate
45

 
—

 
45

 
0.1
%
Total
$
(486
)
 
$
(410
)
 
$
(896
)
 
1.8
%
2017
 
 
 
 
 
 
 
North America Commercial P&C Insurance
$
(562
)
 
$
(184
)
 
$
(746
)
 
1.6
%
North America Personal P&C Insurance
—

 
69

 
69

 
0.1
%
North America Agricultural Insurance
—

 
(119
)
 
(119
)
 
0.2
%
Overseas General Insurance
(71
)
 
(181
)
 
(252
)
 
0.5
%
Global Reinsurance
(68
)
 
9

 
(59
)
 
0.1
%
Corporate
278

 
—

 
278

 
0.6
%
Total
$
(423
)
 
$
(406
)
 
$
(829
)
 
1.7
%
2016
 
 
 
 
 
 
 
North America Commercial P&C Insurance
$
(693
)
 
$
(85
)
 
$
(778
)
 
1.6
%
North America Personal P&C Insurance
—

 
27

 
27

 
0.1
%
North America Agricultural Insurance
—

 
(72
)
 
(72
)
 
0.2
%
Overseas General Insurance
(236
)
 
(187
)
 
(423
)
 
0.9
%
Global Reinsurance
(77
)
 
(1
)
 
(78
)
 
0.2
%
Corporate
189

 
—

 
189

 
0.4
%
Total
$
(817
)
 
$
(318
)
 
$
(1,135
)
 
2.4
%
(1)
Calculated based on the beginning of period consolidated net unpaid losses and loss expenses. For 2016, the percent of beginning net unpaid reserves is calculated inclusive of the net unpaid losses and loss expenses acquired in the Chubb Corp acquisition of $21.4 billion.
Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance
2018
North America Commercial P&C Insurance experienced net favorable PPD of $610 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:
 
•
Net favorable development of $395 million in long-tail business, primarily from:

•
Net favorable development of $199 million in our management liability portfolios, favorably impacting accident years 2013 and prior where paid and reported loss activity was lower than expected, partially offset by adverse development in the 2014 through 2017 accident years, mostly as a result of higher severity claim costs compared to prior expectations in certain lines or coverages, particularly in our Directors and Officers (D&O) portfolio;

•
Net favorable development of $194 million in workers’ compensation lines with favorable development of $56 million in the 2017 accident year mainly related to our annual assessment of multi-claimant events including industrial accidents. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. The net remaining favorable development of $138 million was principally due to lower than expected loss experience, mainly impacting accident years 2014 and prior;

•
Net favorable development of $100 million in our commercial excess and umbrella portfolios, primarily in accident years 2012 and prior. This was driven by lower than expected reported loss activity, and an increase in weighting towards experience-based methods, partly offset by higher than expected claim activity in the 2014, 2015 and 2017 accident years which led to reserve strengthening in those years;

•
Favorable development of $33 million in a runoff professional liability portfolio, impacting accident years 2002 and prior, owing mainly to the favorable disposition of a specific claim;

•
Net favorable development of $28 million in our foreign casualty lines, primarily impacting accident years 2014 and prior, driven by reported loss activity that was generally lower than expected;

•
Favorable development of $23 million in our political risk and trade credit portfolios, mainly impacting the 2014 accident year, primarily due to favorable reported experience and an increased in weighting towards experience-based methods;

•
Net favorable development of $3 million on several lines of business due to favorable claim development on the 2017 natural catastrophes;

•
Net adverse development of $91 million in our medical portfolios, mainly impacting accident years 2015, 2016 and 2017. The increase was driven by a combination of several large claims and generally higher than expected paid and reported case incurred activity; and

•
Net adverse development of $109 million, mainly in our automobile liability, commercial-multi peril (CMP) liability, products and general liability lines, driven by adverse paid and reported loss activity relative to prior expectations in accident years 2015 through 2017, partly offset by favorable emergence in older accident years.

•
Net favorable development of $215 million in short-tail business, primarily from:

•
Net favorable development of $155 million in our commercial property and marine businesses due to favorable claim development, including $129 million net favorable development on the 2017 natural catastrophes; and

•
Net favorable development of $60 million in other short-tail business, including $19 million in surety and also including several smaller net favorable movements from lower than expected case activity in other classes, such as accident and commercial automobile physical damage, none of which were significant individually or in the aggregate.

2017
North America Commercial P&C Insurance experienced net favorable PPD of $746 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net favorable development of $562 million in long-tail business, primarily from:

•
Net favorable development of $184 million in our commercial excess and umbrella portfolios, primarily in accident years 2011 and prior, driven by lower than expected case activity and an increase in weighting towards experience-based methods. Large loss activity in accident year 2015 led to adverse development in that year, partially offsetting the favorable development in the older years;

•
Net favorable development of $181 million in our management liability portfolios, favorably impacting accident years 2012 and prior where paid and reported loss activity was lower than expected, partially offset by adverse development in accident years 2014 through 2016, mostly as a result of higher severity claim costs compared to prior expectations in certain lines or coverages;

•
Net favorable development of $123 million in our workers’ compensation businesses (including excess workers' compensation) with favorable development of $57 million in the 2016 accident year related to our annual assessment of multi-claimant events including industrial accidents. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. Net favorable development of $65 million was principally due to lower than expected loss experience and updates to development patterns used in our loss projection methods, mainly impacting accident years 2013 and prior, and partially offset by smaller adverse development in the more recent prior accident years;

•
Net favorable development of $32 million in our professional Errors and Omissions (E&O) portfolios, primarily in the 2012 and 2013 accident years, arising from lower than expected reported loss activity, partially offset by claim-specific adverse development in other years;

•
Net favorable development of $28 million on several large multi-line prospective deals primarily impacting the 2012 and 2013 accident years, due to lower than expected reported loss activity. These structured deals typically cover large clients for multiple product lines and with varying loss limitations; this development is net of premium adjustments of $26 million tied to the loss performance of the particular deals;

•
Net favorable development of $21 million in our political risk portfolio, primarily impacting the 2013 accident year, principally due to reported experience below expectations and an increase in weighting towards experience-based methods; and

•
Net adverse development of $21 million in our auto liability lines, primarily in the 2012 through 2015 accident years, driven by higher than expected paid and reported experience.

•
Net favorable development of $184 million in short-tail business, primarily from:

•
Net favorable development of $98 million in our property and inland marine portfolios, impacting the 2012 through 2016 accident years, resulting from lower than expected loss emergence;

•
Net favorable development of $45 million in our surety business, primarily due to lower than expected claims severity in the 2015 accident year; and

•
Net favorable development of $20 million in our accident & health (A&H) business, primarily due to lower than expected loss emergence in the 2015 and 2016 accident years.

2016
North America Commercial P&C Insurance experienced net favorable PPD of $778 million, representing 1.6 percent of the beginning consolidated net unpaid losses and loss expense reserves.

North America Personal P&C Insurance
2018
North America Personal P&C Insurance incurred net adverse PPD of $41 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net adverse development of $63 million in our homeowners and valuables lines, primarily impacting the 2017 accident year. Overall, non-catastrophe losses were $136 million higher than expected, partially offset by favorable claim development of $73 million on the 2017 natural catastrophes. The higher than expected non-catastrophe homeowners losses were primarily severity driven and included water-related claims, large fire losses, and non-catastrophe weather claims;

•
Net favorable development of $24 million in our personal excess lines primarily impacting the 2015 accident year, due to lower than expected loss emergence and an increase in weighting towards experience-based methods; and

•
Favorable development of $10 million from claim development on the 2017 natural catastrophes from other personal lines.

2017
North America Personal P&C Insurance incurred net adverse PPD of $69 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net adverse development of $105 million in our homeowners lines, primarily impacting the 2013 and 2016 accident years, due to higher than expected loss severity; and

•
Net favorable development of $58 million in our personal excess lines primarily impacting the 2014 accident year, due to lower than expected loss experience and an increased weighting towards experience-based methods.

2016
North America Personal P&C Insurance incurred net adverse PPD of $27 million, representing 0.1 percent of the beginning consolidated net unpaid losses and loss expense reserves.

North America Agricultural Insurance
North America Agricultural Insurance experienced net favorable PPD of $110 million, $119 million, and $72 million in 2018, 2017, and 2016, respectively. Actual claim development relates to our Multiple Peril Crop Insurance business and was favorable due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2018 results based on crop yield results at year-end 2017). 2018 also included $1 million of favorable claim development on the 2017 natural catastrophes.

Overseas General Insurance
2018
Overseas General Insurance experienced net favorable PPD of $212 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net favorable development of $67 million in long-tail business, primarily from:

•
Net favorable development of $70 million in casualty lines, with net favorable development of $107 million in accident years 2014 and prior, resulting from lower than expected loss emergence across primary and excess lines, partially offset by adverse development of $38 million in accident years 2015 through 2017, primarily due to large loss experience in U.K. excess lines and wholesale business;

•
Favorable development of $32 million, primarily including $12 million in political risks, $10 million in aviation and $10 million in environmental; and

•
Net adverse development of $38 million in financial lines, with net favorable development of $93 million in accident years 2014 and prior, resulting from lower than expected loss emergence including favorable development due to specific large claim reductions in Asia financial institutions including wholesale bankers D&O and bankers professional indemnity, and adverse development of $131 million in accident years 2015 through 2017, primarily due to adverse large loss experience in specific D&O and financial institutions portfolios in Australia, Continental Europe and the U.K.

•
Net favorable development of $145 million in short-tail business, primarily from:

•
Net favorable development of $99 million in property and marine (excluding technical lines), primarily in accident years 2013 through 2016, driven mainly by favorable loss emergence across all regions, including favorable claim-specific loss settlements and salvage/subrogation recoveries;

•
Net favorable development of $33 million in A&H, primarily in accident years 2015 through 2017, driven by favorable development across Asia Pacific direct marketing and Continental Europe corporate lines; and

•
Adverse development of $1 million from claim development on the 2017 natural catastrophes.

2017
Overseas General Insurance experienced net favorable PPD of $252 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net favorable development of $71 million in long-tail business, primarily from:

•
Net favorable development of $34 million in financial lines, with favorable development of $124 million in accident years 2013 and prior, resulting from lower than expected loss emergence including favorable development on specific, litigated claims, partially offset by adverse development of $90 million in accident years 2014 through 2016, primarily due to large loss experience in specific D&O portfolios within the U.K., Continental Europe, and Australia and Financial Institutions lines in the U.K. and Continental Europe; and

•
Net favorable development of $10 million in casualty lines, with favorable development of $69 million in accident years 2013 and prior, resulting from lower than expected loss emergence, partially offset by adverse development of $32 million driven by a change in the discount rate in the U.K. (Ogden rate) impacting the 2016 and prior accident years and adverse development of $27 million in accident years 2014 to 2016, primarily due to large loss experience in U.K. excess lines and wholesale business.

•
Net favorable development of $181 million in short-tail business, primarily from:

•
Net favorable development of $48 million in A&H lines, primarily from favorable loss emergence in Asia Pacific and Continental Europe in accident years 2014 through 2016;

•
Net favorable development of $43 million in technical and energy lines, primarily from favorable loss emergence in accident years 2014 through 2016 primarily in offshore and power generation where experience has been better than expected;

•
Favorable development of $42 million in marine, primarily in accident years 2015 and 2016, driven mainly by favorable cargo loss emergence, including favorable claim-specific loss settlements and recoveries; and

•
Favorable development of $25 million in property (excluding technical lines), primarily in accident years 2013 through 2015, driven mainly by favorable loss emergence, including claim-specific loss settlements in all regions except Asia Pacific, partially offset by adverse Asia Pacific large loss experience in accident year 2016.

2016
Overseas General Insurance experienced net favorable PPD of $423 million, representing 0.9 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Global Reinsurance
2018
Global Reinsurance experienced net favorable PPD of $50 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net favorable development of $69 million in long-tail business, primarily in our casualty, professional liability, medical malpractice, and workers' compensation lines primarily from treaty years 2013 and prior principally resulting from lower than expected loss emergence; and

•
Net adverse development of $19 million in short-tail business, which included $18 million of net adverse claim development on the 2017 natural catastrophes.

2017
Global Reinsurance experienced net favorable PPD of $59 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•
Net favorable development of $68 million on long-tail lines of business, primarily from:
 
•
Net favorable development of $67 million in our casualty (excluding motor), professional liability, and medical malpractice lines, primarily from treaty years 2013 and prior, principally resulting from lower than expected loss emergence in the U.S. portfolios; and

•
Net adverse development of $10 million in our motor and excess liability lines, primarily due to adverse development of $9 million driven by a change in the discount rate in the U.K. (Ogden rate) primarily impacting the 2015 and prior treaty years.

•
Net adverse development of $9 million in our short-tail business, none of which was significant individually or in the aggregate.

2016
Global Reinsurance experienced net favorable PPD of $78 million, representing 0.2 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Corporate
2018
Corporate incurred adverse development of $45 million in long-tail lines, driven by the following principal changes:

•
Adverse development of $216 million in run-off liabilities, driven primarily by increased exposure on a limited number of direct asbestos claims and environmental sites, somewhat greater than expected defense cost spending and increases in reported claims and settlements with respect to molestation exposures;

•
Adverse development of $35 million on unallocated loss adjustment expenses due to run-off operating expenses paid and incurred in 2018; and

•
Favorable development of $205 million as a result of the settlements of certain previously disputed reinsurance balances.

2017
Corporate incurred adverse development of $278 million in long-tail lines, driven by the following principal changes:

•
Adverse development of $239 million in asbestos, environmental, and other run-off liabilities, driven primarily by resolution of a limited number of direct cases, increases in severity trends, somewhat greater than expected defense spending and increases in reported claims for certain assumed reinsurance portfolios; and

•
Adverse development of $39 million on unallocated loss adjustment expenses due to run-off operating expenses paid and incurred in 2017.

2016
Corporate incurred adverse PPD of $189 million, representing 0.4 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Asbestos and environmental (A&E)
Chubb's exposure to A&E claims principally arises out of liabilities acquired when it purchased Westchester Specialty in 1998, CIGNA's P&C business in 1999, and Chubb Corp in 2016. The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the provision for uncollectible paid and unpaid reinsurance recoverables:
 
 
Asbestos
 
 
Environmental
 
 
Total
 
 
(in millions of U.S. dollars)
 
Gross

 
Net

 
Gross


Net

 
Gross

 
Net

 
Balance at December 31, 2017
 
$
1,621

 
$
1,051

 
$
607

 
$
476

 
$
2,228

 
$
1,527

 
Incurred activity
 
136

 
75

 
101

 
(97
)
 
237

 
(22
)
(1) 
Paid activity
 
(265
)
 
(162
)
 
(83
)
 
104

 
(348
)
 
(58
)
 
Balance at December 31, 2018
 
$
1,492

 
$
964

 
$
625

 
$
483

 
$
2,117

 
$
1,447

 

(1)  
Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).

The positive development of $22 million in 2018 principally reflects favorable reinsurance settlements.

The A&E net loss reserves including allocated loss expense reserves and provision for uncollectible reinsurance at December 31, 2018 and 2017 shown in the table above is comprised of:
 
December 31
 
(in millions of U.S. dollars)
2018

 
2017

Brandywine operations
$
807

 
$
849

Westchester Specialty
120

 
113

Chubb Corp
442

 
486

Other, mainly Overseas General Insurance
78

 
79

Total
$
1,447

 
$
1,527



Brandywine Run-off entities – The Restructuring Plan and uncertainties relating to Chubb's ultimate Brandywine exposure

In 1996, the Pennsylvania Insurance Commissioner approved a plan to restructure INA Financial Corporation and its subsidiaries (the Restructuring) which included the division of Insurance Company of North America (INA) into two separate corporations:

(1) An active insurance company that retained the INA name and continued to write P&C business; and
(2) An inactive run-off company, now called Century Indemnity Company (Century).

As a result of the division, predominantly all A&E and certain other liabilities of INA were ascribed to Century and extinguished, as a matter of Pennsylvania law, as liabilities of INA.

As part of the Restructuring, most A&E liabilities of various U.S. affiliates of INA were reinsured to Century. Century and certain other run-off companies having A&E and other liabilities were contributed to Brandywine Holdings.

The U.S.-based Chubb INA companies assumed two contractual obligations in respect of the Brandywine operations in connection with the Restructuring: a surplus maintenance obligation in the form of the excess of loss (XOL) agreement and a dividend retention fund obligation.

XOL Agreement
In 1996, in connection with the Restructuring, a Chubb INA insurance subsidiary provided reinsurance coverage to Century in the amount of $800 million under an Aggregate Excess of Loss Reinsurance Agreement (XOL Agreement), triggerable if the statutory capital and surplus of Century falls below $25 million or if Century lacks liquid assets with which to pay claims as they become due.

Dividend Retention Fund
INA Financial Corporation established and funded a dividend retention fund (the Dividend Retention Fund) consisting of $50 million plus investment earnings. The full balance of the Dividend Retention Fund was contributed to Century as of December 31, 2002. Under the Restructuring Order, while any obligation to maintain the Dividend Retention Fund is in effect, to the extent dividends are paid by INA Holdings Corporation to its parent, INA Financial Corporation, and to the extent INA Financial Corporation then pays such dividends to INA Corporation, a portion of those dividends must be withheld to replenish the principal of the Dividend Retention Fund to $50 million. During 2018, 2011 and 2010, $50 million, $35 million and $15 million, respectively, were withheld from such dividends and deposited into the Dividend Retention Fund as a result of dividends paid up to the INA Corporation. Pursuant to a 2011 amendment to the Restructuring Order, capital contributions from the Dividend Retention Fund to Century are not required until the XOL Agreement has less than $200 million of capacity remaining on an incurred basis for statutory reporting purposes. The amount of the capital contribution shall be the lesser of the amount necessary to restore the XOL Agreement remaining capacity to $200 million or the Dividend Retention Fund balance. In 2018 and 2017, the Pennsylvania Department of Insurance approved a capital contribution of $39 million and $49 million, respectively, from the Dividend Retention Fund to Century in order to restore the XOL capacity to $200 million. The Dividend Retention Fund may not be terminated without prior written approval from the Pennsylvania Insurance Commissioner.

Effective December 31, 2004, Chubb INA contributed $100 million to Century in exchange for a surplus note. After giving effect to the contribution and issuance of the surplus note, the statutory surplus of Century at December 31, 2018 was $25 million and $634 million in statutory-basis losses have been ceded to the XOL Agreement on an inception-to-date basis. Century reports the amount ceded under the XOL Agreement in accordance with statutory accounting principles, which differ from GAAP by, among other things, allowing Century to discount its liabilities, including certain asbestos related and environmental pollution liabilities and Century's reinsurance payable to active companies. For GAAP reporting purposes, intercompany reinsurance recoverables related to the XOL are eliminated upon consolidation.

While Chubb believes it has no legal obligation to fund Century losses above the XOL limit of coverage, Chubb's consolidated results would nevertheless continue to include any losses above the limit of coverage for so long as the Brandywine companies remain consolidated subsidiaries of Chubb.

Certain active Chubb companies are primarily liable for asbestos, environmental, and other exposures that they have reinsured to Century. Accordingly, if Century were to become insolvent and placed into rehabilitation or liquidation, some or all of the recoverables due to these active Chubb companies from Century could become uncollectible. At December 31, 2018 and 2017, the aggregate reinsurance recoverables owed by Century to certain active Chubb companies were approximately $1.5 billion and $1.4 billion, on an undiscounted basis, respectively. Chubb believes the active company intercompany reinsurance recoverables, which relate to direct liabilities payable over many years, are not impaired. At December 31, 2018 and 2017, Century's carried gross reserves (including reserves assumed from the active Chubb companies) were $2.0 billion. Should Century's loss reserves experience adverse development in the future and should Century be placed into rehabilitation or liquidation, the reinsurance recoverables due from Century to certain active Chubb companies would be payable only after the payment in full of certain expenses and liabilities, including administrative expenses and direct policy liabilities. Thus, the intercompany reinsurance recoverables would be at risk to the extent of the shortage of assets remaining to pay these recoverables.

Westchester Specialty – impact of NICO contracts on Chubb’s run-off entities

As part of the Westchester Specialty acquisition in 1998, NICO provided a 75 percent pro-rata share of $1.0 billion of reinsurance protection on losses and loss adjustment expenses incurred on or before December 31, 1996, in excess of a retention of $721 million. At December 31, 2018, the remaining unused incurred limit under the Westchester NICO agreement was $395 million.
v3.10.0.1
Taxation
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Taxation
Taxation

Under current Swiss law, a resident company is subject to income tax at the federal, cantonal, and communal levels that is levied on net worldwide income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Chubb Limited is a holding company and, therefore, is exempt from cantonal and communal income tax. As a result, Chubb Limited is subject to Swiss income tax only at the federal level. Furthermore, participation relief (i.e., tax relief) is granted to Chubb Limited at the federal level for qualifying dividend income and capital gains related to the sale of qualifying participations (i.e., subsidiaries). It is expected that the participation relief will result in a full exemption of participation income from federal income tax. Chubb Limited is subject to an annual cantonal and communal capital tax on the taxable equity of Chubb Limited in Switzerland.

Chubb has two Swiss operating subsidiaries, an insurance company, Chubb Insurance (Switzerland) Limited and a reinsurance company, Chubb Reinsurance (Switzerland) Limited. Both are subject to federal, cantonal, and communal income tax and to annual cantonal and communal capital tax.

Under current Bermuda law, Chubb Limited and its Bermuda subsidiaries are not required to pay any taxes on income or capital gains. If a Bermuda law were enacted that would impose taxes on income or capital gains, Chubb Limited and the Bermuda subsidiaries have received an undertaking from the Minister of Finance in Bermuda that would exempt such companies from Bermudian taxation until March 2035.

Income from Chubb's operations at Lloyd's is subject to United Kingdom (U.K.) corporation taxes. Lloyd's is required to pay U.S. income tax on U.S. connected income (U.S. income) written by Lloyd's syndicates. Lloyd's has a closing agreement with the Internal Revenue Service (IRS) whereby the amount of tax due on this business is calculated by Lloyd's and remitted directly to the IRS. These amounts are then charged to the accounts of Chubb's Corporate Members in proportion to their participation in the relevant syndicates. Chubb's Corporate Members are subject to this arrangement but, as U.K. domiciled companies, will receive U.K. corporation tax credits for any U.S. income tax incurred up to the value of the equivalent U.K. corporation income tax charge on the U.S. income.

Chubb Group Holdings and its respective subsidiaries are subject to income taxes imposed by U.S. authorities and file a consolidated U.S. Federal income tax return. Should Chubb Group Holdings pay a dividend to Chubb Limited, withholding taxes would apply. Currently, however, no withholding taxes are accrued with respect to such un-remitted earnings as management has no intention of remitting these earnings. Similarly, no taxes have been provided on the un-remitted earnings of certain foreign subsidiaries (Hong Kong and Korea life companies) as management has no intention of remitting these earnings. The cumulative amount that would be subject to withholding tax, if distributed, as well as the determination of the associated tax liability are not practicable to compute; however, such amount would be material. Certain international operations of Chubb are also subject to income taxes imposed by the jurisdictions in which they operate.

Chubb's domestic operations are in Switzerland, the jurisdiction where we are legally organized, incorporated, and registered.

The following table presents pre-tax income and the related provision for income taxes:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Pre-tax income:
 
 
 
 
 
      Switzerland
$
950

 
$
527

 
$
766

      Outside Switzerland
3,707

 
3,195

 
4,184

      Total pre-tax income
$
4,657

 
$
3,722

 
$
4,950

Provision for income taxes
 
 
 
 
 
Current tax expense:
 
 
 
 
 
      Switzerland
$
89

 
$
46

 
$
97

      Outside Switzerland
563

 
313

 
727

      Total current tax expense
652

 
359

 
824

Deferred tax expense (benefit):
 
 
 
 
 
      Switzerland
3

 
2

 
(27
)
      Outside Switzerland
40

 
(500
)
 
18

      Total deferred tax expense (benefit)
43

 
(498
)
 
(9
)
Provision for income taxes
$
695

 
$
(139
)
 
$
815



The most significant jurisdictions contributing to the overall taxation of Chubb are calculated using the following rates in 2018: Switzerland 7.83 percent, Bermuda 0.0 percent, U.S. 21.0 percent, and U.K. 19.0 percent.

The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Expected tax provision at Swiss statutory tax rate
$
365

 
$
291

 
$
388

Permanent differences:
 
 
 
 
 
Taxes on earnings subject to rate other than Swiss statutory rate
372

 
263

 
582

Tax-exempt interest and dividends received deduction, net of proration
(75
)
 
(199
)
 
(200
)
Net withholding taxes
33

 
30

 
20

Excess tax benefit on share-based compensation
(19
)
 
(48
)
 
—

Impact of 2017 Tax Act
(25
)
 
(450
)
 
—

Corporate owned life insurance
2

 
(37
)
 
—

Other
42

 
11

 
25

Provision for income taxes
$
695

 
$
(139
)
 
$
815




The following table presents the components of net deferred tax assets and liabilities:
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Deferred tax assets:
 
 
 
Loss reserve discount
$
584

 
$
715

Unearned premiums reserve
471

 
231

Foreign tax credits
262

 
340

Provision for uncollectible balances
37

 
45

Loss carry-forwards
137

 
90

Debt related amounts
71

 
77

Compensation related amounts
263

 
260

Cumulative translation adjustments
43

 
30

Unrealized depreciation on investments
102

 
—

Other, net
95

 
70

Total deferred tax assets
2,065

 
1,858

Deferred tax liabilities:
 
 
 
Deferred policy acquisition costs
621

 
635

Other intangible assets, including VOBA
1,440

 
1,437

Un-remitted foreign earnings
47

 
66

Investments
59

 
53

Unrealized appreciation on investments
—

 
184

Depreciation
123

 
83

Total deferred tax liabilities
2,290

 
2,458

Valuation allowance
79

 
99

Net deferred tax liabilities
$
(304
)
 
$
(699
)


The 2017 Tax Act, enacted in December 2017, among other things, reduced the U.S. Federal income tax rate from 35 percent to 21 percent effective in 2018. In the fourth quarter of 2017, we recorded a $450 million income tax benefit on a provisional basis, and an additional $25 million in 2018, principally reflecting this reduction in the U.S. corporate tax rate from 35 percent to 21 percent. Our final $475 million income tax benefit was comprised of a $743 million reduction in the deferred tax liabilities principally related to certain intangible assets, a $250 million reduction in net deferred tax assets related to other net assets, a net charge of $18 million related to the impact of excess foreign tax credits, withholding taxes associated with unremitted earnings and the impact of the reduced rate on our foreign branches. The 2018 change reflected the favorable impact of changes to certain tax only accounting methods offset by updates to provisional amounts recorded related to foreign tax credits and withholding taxes as a result of additional guidance issued during 2018.

The 2017 Tax Act also included provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes may be imposed on income of foreign subsidiaries and for a Base Erosion and Anti-Abuse Tax (BEAT) under which taxes may be imposed on certain payments to affiliated foreign companies. We have evaluated the accounting policy election required with regard to the BEAT and GILTI provisions, and have concluded we will treat both as a period cost. As a result, we have recorded no related deferred taxes.

The valuation allowance of $79 million at December 31, 2018, and $99 million at December 31, 2017, reflects management's assessment, based on available information, that it is more likely than not that a portion of the deferred tax assets will not be realized due to the inability of certain foreign subsidiaries to generate sufficient taxable income. Adjustments to the valuation allowance are made when there is a change in management's assessment of the amount of deferred tax assets that are realizable.

At December 31, 2018, Chubb has net operating loss carry-forwards of $491 million which, if unused, will expire starting in 2019, and a foreign tax credit carry-forward in the amount of $262 million which, if unused, will expire starting in 2025.

The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits:
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Balance, beginning of year
$
13

 
$
17

Additions based on tax positions related to the current year
1

 
3

Additions based on tax positions related to prior years
—

 
—

Reductions for tax positions of prior years
—

 
(4
)
Reductions for the lapse of the applicable statutes of limitations
—

 
(3
)
Balance, end of year
$
14

 
$
13



At December 31, 2018 and 2017, the total amount of unrecognized tax benefits that would affect the effective tax rate, if recognized, were $14 million and $13 million, respectively.

Chubb recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense in the Consolidated statements of operations. Tax-related interest expense (income) and penalties reported in the Consolidated statements of operations were immaterial for December 31, 2018, 2017, and 2016. Liabilities for tax-related interest and penalties in our Consolidated balance sheets were $3 million at both December 31, 2018 and 2017.

In September 2016, the IRS completed its examination of Chubb Group Holdings’ (formerly ACE Group Holdings) U.S. Federal income tax returns for the 2010-2012 tax years. No material adjustments resulted from this examination. During 2017, the IRS commenced its field examination of Chubb Group Holdings U.S. Federal income tax returns for 2014 and 2015 and Chubb Corp’s U.S. Federal income tax return for 2014 all of which were still ongoing at December 31, 2018. As a multinational company, we also have examinations under way in several foreign jurisdictions. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapsing of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010.
v3.10.0.1
Debt
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Debt
Debt
 
December 31

 
December 31

 
 
(in millions of U.S. dollars)
2018

 
2017

 
Early Redemption Option
Repurchase agreements (weighted average interest rate of 2.5% in 2018 and 1.5% in 2017)
$
1,418


$
1,408

 
None
Short-term debt
 
 
 
 
 
Chubb INA senior notes:
 
 
 
 
 
$300 million 5.8% due March 2018
$
—

 
$
300

 
Make-whole premium plus 0.35%
$600 million 5.75% due May 2018
—

 
610

 
Make-whole premium plus 0.30%
$100 million 6.6% due August 2018
—

 
103

 
None
$500 million 5.9% due June 2019
500

 
—

 
Make-whole premium plus 0.40%
Other short-term debt (7.1% due December 2019)
9

 
—

 
None
Total short-term debt
$
509

 
$
1,013

 
 
Long-term debt
 
 
 
 
 
Chubb INA senior notes:
 
 
 
 
 
$500 million 5.9% due June 2019
$
—

 
$
499

 
Make-whole premium plus 0.40%
$1,300 million 2.3% due November 2020
1,297

 
1,296

 
Make-whole premium plus 0.15%
$1,000 million 2.875% due November 2022
996

 
995

 
Make-whole premium plus 0.20%
$475 million 2.7% due March 2023
473

 
472

 
Make-whole premium plus 0.10%
$700 million 3.35% due May 2024
696

 
695

 
Make-whole premium plus 0.15%
$800 million 3.15% due March 2025
796

 
795

 
Make-whole premium plus 0.15%
$1,500 million 3.35% due May 2026
1,491

 
1,489

 
Make-whole premium plus 0.20%
€900 million 1.55% due March 2028
1,008

 
—

 
Make-whole premium plus 0.15%
$100 million 8.875% due August 2029
100

 
100

 
None
$200 million 6.8% due November 2031
250

 
254

 
Make-whole premium plus 0.25%
$300 million 6.7% due May 2036
297

 
297

 
Make-whole premium plus 0.20%
$800 million 6.0% due May 2037
962

 
971

 
Make-whole premium plus 0.20%
€900 million 2.5% due March 2038
1,008

 
—

 
Make-whole premium plus 0.25%
$600 million 6.5% due May 2038
759

 
768

 
Make-whole premium plus 0.30%
$475 million 4.15% due March 2043
470

 
469

 
Make-whole premium plus 0.15%
$1,500 million 4.35% due November 2045
1,483

 
1,482

 
Make-whole premium plus 0.25%
Chubb INA $1,000 million 6.375% capital securities due March 2067(1)
—

 
964

 
Make-whole premium plus 0.25%-0.50%
Other long-term debt (2.75% to 7.1% due December 2019 to September 2020)
1

 
10

 
None
Total long-term debt
$
12,087

 
$
11,556

 
 
Trust preferred securities
 
 
 
 
 
Chubb INA capital securities due April 2030
$
308

 
$
308

 
Redemption prices(2)

(1) 
6.375% interest rate through April 14, 2017; interest rate equal to three-month LIBOR rate plus 2.25% thereafter.
(2) 
Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030.

a) Repurchase agreements
Chubb has executed repurchase agreements with certain counterparties under which Chubb agreed to sell securities and repurchase them at a future date for a predetermined price.

b) Short-term debt
Short-term debt comprises the current maturities of our long-term debt instruments described below. These short-term debt instruments were reclassified from long-term debt during 2018 and are reflected in the table above. Chubb INA Holdings Inc.'s (Chubb INA) $300 million of 5.8 percent senior notes due March 2018, $600 million of 5.75 percent senior notes due May 2018, and $100 million of 6.6 percent senior notes due August 2018 were paid upon maturity.

c) Long-term debt
Certain of Chubb INA's senior notes and capital securities are redeemable at any time at Chubb INA's option subject to the provisions described in the table above. A "make-whole" premium is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. The senior notes and capital securities are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.

The senior notes do not have the benefit of any sinking fund. These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

In March 2018, Chubb INA issued €900 million ($1.1 billion based on the foreign exchange rate at the date of issuance) of 1.55 percent Euro denominated senior notes due March 2028 and €900 million ($1.1 billion based on the foreign exchange rate at the date of issuance) of 2.5 percent Euro denominated senior notes due March 2038. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent for the senior notes due 2028 and 0.25 percent for the senior notes due 2038). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund. These senior unsecured notes are guaranteed on a senior basis by Chubb and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

During April 2018, we redeemed $1.0 billion of 6.375 percent unsecured junior subordinated capital securities with the final maturity date of March 2067 and recorded a loss of $36 million from the extinguishment of debt, which is included in Net realized gains (losses) in the Consolidated statement of operations.

d) Trust preferred securities
In March 2000, ACE Capital Trust II, a Delaware statutory business trust, publicly issued $300 million of 9.7 percent Capital Securities (the Capital Securities) due to mature in April 2030. At the same time, Chubb INA purchased $9.2 million of common securities of ACE Capital Trust II. The sole assets of ACE Capital Trust II consist of $309 million principal amount of 9.7 percent Junior Subordinated Deferrable Interest Debentures (the Subordinated Debentures) issued by Chubb INA due to mature in April 2030.

Distributions on the Capital Securities are payable semi-annually and may be deferred for up to ten consecutive semi-annual periods (but no later than April 1, 2030). Any deferred payments would accrue interest compounded semi-annually if Chubb INA defers interest on the Subordinated Debentures. Interest on the Subordinated Debentures is payable semi-annually. Chubb INA may defer such interest payments (but no later than April 1, 2030), with such deferred payments accruing interest compounded semi-annually. The Capital Securities and the ACE Capital Trust II Common Securities will be redeemed upon repayment of the Subordinated Debentures.

Chubb Limited has guaranteed, on a subordinated basis, Chubb INA's obligations under the Subordinated Debentures, and distributions and other payments due on the Capital Securities. These guarantees, when taken together with Chubb's obligations under expense agreements entered into with ACE Capital Trust II, provide a full and unconditional guarantee of amounts due on the Capital Securities.
v3.10.0.1
Commitments, contingencies, and guarantees
 12 Months Ended
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies, and guarantees
Commitments, contingencies, and guarantees

a) Derivative instruments
Foreign currency management
As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. We do not hedge our net asset non-U.S. dollar capital positions; however, we do consider economic hedging for planned cross border transactions.

Derivative instruments employed
Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives. Investment derivative instruments are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP), convertible bonds are recorded in Fixed maturities available for sale (FM AFS), and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs, (principally GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument. Benefit reserves in respect of GLBs are classified as Future policy benefits (FPB) while the fair value derivative adjustment is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB books of business. All derivative instruments are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. None of the derivative instruments are designated as hedges for accounting purposes. The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: 
 
 
 
December 31, 2018
 
 
 
December 31, 2017
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Derivative Asset

 
Derivative (Liability)

 
 
 
Derivative Asset

 
Derivative (Liability)

 
(in millions of U.S. dollars)
 
 
 
 
 
 
 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
15

 
$
(19
)
 
$
2,185

 
 
$
14

 
$
(27
)
 
$
2,064

Cross-currency swaps
OA / (AP)
 
—

 
—

 
45

 
 
—

 
—

 
45

Interest rate swaps
OA / (AP)
 
—

 
(115
)
 
5,250

 
 
—

 
—

 
—

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
13

 
(19
)
 
1,046

 
 
4

 
(3
)
 
1,007

Convertible securities (1)
FM AFS / ES
 
9

 
—

 
11

 
 
5

 
—

 
6

TBAs
FM AFS
 
6

 
—

 
6

 
 
—

 
—

 
—

 
 
 
$
43

 
$
(153
)
 
$
8,543

 
 
$
23

 
$
(30
)
 
$
3,122

Other derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures contracts on equities (2)
OA / (AP)
 
$
23

 
$
—

 
$
507

 
 
$
—

 
$
(21
)
 
$
1,553

Other
OA / (AP)
 
2

 
—

 
74

 
 
1

 
(2
)
 
75

 
 
 
$
25

 
$
—

 
$
581

 
 
$
1

 
$
(23
)
 
$
1,628

GLB (3)
(AP) / (FPB)
 
$
—

 
$
(861
)
 
$
1,750

 
 
$
—

 
$
(550
)
 
$
1,083

(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves and fair value derivative adjustment. Refer to Note 4 c) for additional information. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

At December 31, 2018 and 2017, derivative liabilities of $95 million and $24 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. 

b) Derivative instrument objectives
(i) Foreign currency exposure management
A foreign currency forward contract (forward) is an agreement between participants to exchange specific foreign currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

(ii) Duration management and market exposure
Futures
Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in reserves for GMDB and GLB reinsurance business.

Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, expected volatility, time to expiration, and supply and demand.
The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Interest rate swaps
An interest rate swap is a contract between two counterparties in which interest payments are made based on a notional principal amount, which itself is never paid or received. Under the terms of an interest rate swap, one counterparty makes interest payments based on a fixed interest rate and the other counterparty’s payments are based on a floating rate. Interest rate swap contracts are used occasionally in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the fair value of the fixed maturity portfolio. By using interest rate swaps in the portfolio, the overall duration or interest rate sensitivity of the portfolio can be impacted.

Cross-currency swaps
Cross-currency swaps are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. We use cross-currency swaps to reduce the foreign currency and interest rate risk by converting cash flows back into local currency. We invest in foreign currency denominated investments to improve credit diversification and also to obtain better duration matching to our liabilities that is limited in the local currency market.

Other
Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments
A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA
By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the consolidated financial statements. Chubb purchases TBAs both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) GLB
Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. Premiums received under the reinsurance treaties are classified as premium. Expected losses allocated to premiums received are classified as Future policy benefits and valued similar to GMDB reinsurance. Other changes in fair value arise principally from changes in expected losses allocated to expected future premiums. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable.

To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the GLB liability and the exchange-traded equity futures are included in Net realized gains (losses).

c) Securities lending and secured borrowings
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
December 31, 2018
 
December 31, 2017
(in millions of U.S. dollars)
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
Cash
$
756

 
$
828

U.S. Treasury and agency
64

 
36

Foreign
795

 
712

Corporate securities
15

 
—

Mortgage-backed securities
45

 
74

Equity securities
251

 
87

 
$
1,926

 
$
1,737

Gross amount of recognized liability for securities lending payable
$
1,926

 
$
1,737


At December 31, 2018 and 2017, our repurchase agreement obligations of $1,418 million and $1,408 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
December 31, 2018
 
 
December 31, 2017
 
 
30-90 Days

 
Greater than 90 Days

 
 
 
Up to 30 Days

 
Greater than 90 Days

 
Total

(in millions of U.S. dollars)
 
Total

 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
—

 
$
259

 
$
259

 
$
9

 
$
230

 
$
239

Mortgage-backed securities
496

 
713

 
1,209

 
369

 
826

 
1,195

 
$
496

 
$
972

 
$
1,468

 
$
378

 
$
1,056

 
$
1,434

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,418

 
 
 
 
 
$
1,408

Difference (1)
 
 
 
 
$
50

 
 
 
 
 
$
26


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Investment and embedded derivative instruments:
 
 
 
 
 
Foreign currency forward contracts
$
3

 
$
9

 
$
(31
)
Interest rate swaps
(115
)
 
—

 
—

All other futures contracts, options, and equities
39

 
(21
)
 
(10
)
Convertible securities (1)
(2
)
 
1

 
8

Total investment and embedded derivative instruments
$
(75
)
 
$
(11
)
 
$
(33
)
GLB and other derivative instruments:
 
 
 
 
 
GLB (2)
$
(248
)
 
$
364

 
$
53

Futures contracts on equities (3)
(4
)
 
(261
)
 
(136
)
Other
(3
)
 
(5
)
 
(10
)
Total GLB and other derivative instruments
$
(255
)
 
$
98

 
$
(93
)
 
$
(330
)
 
$
87

 
$
(126
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB blocks of business. 

d) Concentrations of credit risk
Our investment portfolio is managed following prudent standards of diversification. Specific provisions limit the allowable holdings of a single issue and issuer. We believe that there are no significant concentrations of credit risk associated with our investments. Our three largest corporate exposures by issuer at December 31, 2018, were Wells Fargo & Co., Bank of America Corp, and JP Morgan Chase & Co. Our largest exposure by industry at December 31, 2018 was financial services.

We market our insurance and reinsurance worldwide primarily through insurance and reinsurance brokers. We assume a degree of credit risk associated with brokers with whom we transact business. For the year ended December 31, 2018, approximately 10 percent of our gross premiums written was generated from or placed by Marsh & McLennan Companies, Inc. This entity is a large, well-established company, and there are no indications that it is financially troubled at December 31, 2018. No broker or one insured accounted for more than 10 percent of our gross premiums written for the years ended December 31, 2017 and 2016.

e) Fixed maturities
At December 31, 2018, we have commitments to purchase fixed income securities of $711 million over the next several years.

f) Other investments
At December 31, 2018, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $4.2 billion. In connection with these investments, we have commitments that may require funding of up to $3.7 billion over the next several years. 

g) Letters of credit
On October 25, 2017, we entered into a credit facility that provides for up to $1.0 billion of availability, all of which may be used for the issuance of letters of credit and for revolving loans.  We have the ability to increase the capacity under our existing credit facility to $2.0 billion under certain conditions, but any such increase would not raise the sub-limit for revolving loans above $1.0 billion. Our existing credit facility has a remaining term expiring in October 2022. At December 31, 2018, our LOC usage was $398 million.

h) Legal proceedings
Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments
We lease office space and equipment under operating leases which expire at various dates through 2033. Rent expense was $169 million, $211 million, and $209 million for the years ended December 31, 2018, 2017, and 2016, respectively. Future minimum lease payments under the leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
2019
$
173

2020
151

2021
126

2022
100

2023
86

Thereafter
184

Total minimum future lease commitments
$
820
v3.10.0.1
Shareholders' equity
 12 Months Ended
Dec. 31, 2018
Stockholders' Equity Note [Abstract]  
Shareholders' equity
Shareholders’ equity

a) Common Shares
All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the consolidated financial statements. Under Swiss corporate law, we are generally prohibited from issuing Common Shares below their par value. If there were a need to raise common equity at a time when the trading price of Chubb's Common Shares is below par value, we would need in advance to obtain shareholder approval to decrease the par value of the Common Shares.

Dividend approval
At our May 2017 and 2016 annual general meetings, our shareholders approved an annual dividend for the following year of up to $2.84 and $2.76 per share, respectively, which was paid in four quarterly installments of $0.71 per share and $0.69 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

At our May 2018 annual general meeting, our shareholders approved an annual dividend for the following year of up to $2.92 per share, expected to be paid in four quarterly installments of $0.73 per share after the annual general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board will determine the record and payment dates at which the annual dividend may be paid until the date of the 2019 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.73 per share, have been distributed by the Board as expected.

Dividend distributions
Under Swiss corporate law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. We issue dividends without subjecting them to withholding tax by way of distributions from capital contribution reserves and payment out of free reserves.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
 
Year Ended December 31
 
 
 
 
2018

 
 
 
2017

 
 
 
2016

 
CHF

 
USD

 
CHF

 
USD

 
CHF

 
USD

Total dividend distributions per common share
2.84

 
$
2.90

 
2.76

 
$
2.82

 
2.70

 
$
2.74



b) Shares issued, outstanding, authorized, and conditional
 
Year Ended December 31
 
 
2018

 
2017

 
2016

Shares issued, beginning of year
479,783,864

 
479,783,864

 
342,832,412

Shares issued for Chubb Corp acquisition
—

 
—

 
136,951,452

Shares issued, end of year
479,783,864

 
479,783,864

 
479,783,864

Common Shares in treasury, end of year (at cost)
(20,580,486
)
 
(15,950,685
)
 
(13,815,148
)
Shares issued and outstanding, end of year
459,203,378

 
463,833,179

 
465,968,716



Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, and purchases under the Employee Stock Purchase Plan (ESPP).

Authorized share capital for general purposes
The Board has shareholder-approved authority as set forth in the Articles of Association to increase for general purposes Chubb's share capital from time to time until May 17, 2020, by the issuance of up to 200,000,000 fully paid up Common Shares, with a par value equal to the par value of Chubb's Common Shares as set forth in the Articles of Association at the time of any such issuance.

Conditional share capital for bonds and similar debt instruments
Chubb's share capital may be increased through the issuance of a maximum of 33,000,000 fully paid up Common Shares (with a par value of CHF 24.15 as of December 31, 2018) through the exercise of conversion and/or option or warrant rights granted in connection with bonds, notes, or similar instruments, issued or to be issued by Chubb, including convertible debt instruments.

Conditional share capital for employee benefit plans
Chubb's share capital may be increased through the issuance of a maximum of 25,410,929 fully paid up Common Shares (with a par value of CHF 24.15 as of December 31, 2018) in connection with the exercise of option rights granted to any employee of Chubb, and any consultant, director, or other person providing services to Chubb.

c) Chubb Limited securities repurchases
From time to time, we repurchase shares as part of our capital management program and to partially offset potential dilution from the exercise of stock options and the granting of restricted stock under share-based compensation plans. Our Board of Directors has authorized share repurchase programs as follows:

•
$1.0 billion of Chubb Common Shares from November 17, 2016 through December 31, 2017
•
$1.0 billion of Chubb Common Shares from January 1, 2018 through December 31, 2018
•
$1.5 billion of Chubb Common Shares from December 1, 2018 through December 31, 2019

Share repurchases may be in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
 
Year Ended December 31
 
 
January 1, 2019 through

(in millions of U.S. dollars, except share data)
2018

 
2017

 
2016

 
February 27, 2019

Number of shares repurchased
7,719,035

 
5,866,612

 
—

 
1,328,754

Cost of shares repurchased
$
1,021

 
$
830

 
$
—

 
$
174



d) General restrictions
The holders of the Common Shares are entitled to receive dividends as approved by the shareholders. Holders of Common Shares are allowed one vote per share provided that, if the controlled shares of any shareholder constitute ten percent or more of the outstanding Common Shares of Chubb, only a fraction of the vote will be allowed so as not to exceed ten percent in aggregate. Entry of acquirers of Common Shares as shareholders with voting rights in the share register may be refused if it would confer voting rights with respect to ten percent or more of the registered share capital recorded in the commercial register.
v3.10.0.1
Share-based compensation
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based compensation
Share-based compensation

Chubb has share-based compensation plans which currently provide the Board the ability to grant awards of stock options, restricted stock, and restricted stock units to its employees, consultants, and members of the Board.

In connection with the Chubb Corp acquisition in 2016, we assumed outstanding equity awards consisting of service-based restricted stock units, performance-based restricted stock units, and stock options issued by Chubb Corp to employees and directors with a fair value of $525 million, of which $323 million is attributed to purchase consideration for the acquisition. These awards were generally granted with a 3-year vesting period, and the stock options generally have a 10-year term.

In May 2016, our shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP), which replaced both the ACE Limited 2004 LTIP (the 2004 LTIP) and The Chubb Corporation Long-Term Incentive Plan (2014). The 2016 LTIP is substantially similar to the 2004 LTIP in its operation and the types of awards that may be granted. Under the 2016 LTIP, Common Shares of Chubb were authorized to be issued pursuant to awards made as stock options, stock appreciation rights, performance shares, performance units, restricted stock, and restricted stock units.

Chubb principally issues restricted stock grants and stock options on a graded vesting schedule, with equal percentages of the award subject to vesting over a number of years (typically three or four). Chubb recognizes compensation cost for vesting of restricted stock and stock option grants with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in-substance, multiple awards. We incorporate an estimate of future forfeitures in determining compensation cost for both grants of restricted stock and stock options.

Under the 2016 LTIP, 19,500,000 Common Shares are authorized to be issued. This is in addition to any shares that have not been delivered pursuant to the 2004 LTIP and remain available for grant pursuant to the 2004 LTIP and includes any shares covered by awards granted under the 2004 LTIP that have forfeited, expired or canceled after the effective date of the 2016 LTIP. At December 31, 2018, a total of 14,100,867 shares remain available for future issuance under the 2016 LTIP, which includes shares canceled or forfeited from the 2004 LTIP, in addition to common shares that were previously registered and authorized to be issued.

Under the Employee Stock Purchase Plan (ESPP), 6,500,000 shares are authorized to be issued.  At December 31, 2018, a total of 2,104,942 shares remain available for issuance under the ESPP.

Chubb generally issues Common Shares for the exercise of stock options, restricted stock, and purchases under the ESPP from un-issued reserved shares (conditional share capital) and Common Shares in treasury.

The following table presents pre-tax and after-tax share-based compensation expense:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Stock options and shares issued under ESPP:
 
 
 
 
 
Pre-tax
$
50

 
$
41

 
$
33

After-tax (1)
$
40

 
$
26

 
$
20

Restricted stock:
 
 
 
 
 
Pre-tax
$
235

 
$
259

 
$
268

After-tax
$
178

 
$
151

 
$
167


(1) 
Excludes windfall tax benefit for share-based compensation recognized as a direct adjustment to Additional paid-in capital of $32 million for the year ended December 31, 2016. Beginning in 2017, windfall tax benefits for share-based compensation are recognized through Net income rather than Additional paid-in capital. The excess tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million and $48 million for the years ended December 31, 2018 and 2017, respectively.

Unrecognized compensation expense related to the unvested portion of Chubb's employee share-based awards of restricted stock, restricted stock units, and stock options was $458 million at December 31, 2018 and is expected to be recognized over a weighted-average period of approximately 1 year.

Stock options
Both incentive and non-qualified stock options are principally granted at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options vest in equal annual installments over the respective vesting period, which is also the requisite service period.

Chubb's 2018 share-based compensation expense includes a portion of the cost related to the 2015 through 2018 stock option grants. Stock option fair value was estimated on the grant date using the Black-Scholes option-pricing model that uses the weighted-average assumptions noted below:
 
Year Ended December 31
 
 
2018

 
2017

 
2016

Dividend yield
2.0
%
 
2.0
%
 
2.3
%
Expected volatility
23.2
%
 
19.7
%
 
23.2
%
Risk-free interest rate
2.7
%
 
2.0
%
 
1.3
%
Expected life
5.7 years

 
5.8 years

 
5.6 years



The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time from grant to exercise date) was estimated using the historical exercise behavior of employees. Expected volatility was calculated as a blend of (a) historical volatility based on daily closing prices over a period equal to the expected life assumption, (b) long-term historical volatility based on daily closing prices over the period from Chubb's initial public trading date through the most recent quarter, and (c) implied volatility derived from Chubb's publicly traded options.

The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars)
Number of Options

 
Weighted-Average Exercise Price

 
Weighted-Average Fair Value

 
Total Intrinsic Value

Options outstanding, December 31, 2015
9,853,496

 
$
78.40

 
 
 
 
Assumed in Chubb Corp Acquisition
339,896

 
$
77.83

 
$
36.07

 
 
Granted
1,929,616

 
$
118.39

 
$
21.52

 
 
Exercised
(1,728,949
)
 
$
66.65

 
 
 
$
99

Forfeited
(213,339
)
 
$
110.01

 
 
 
 
Options outstanding, December 31, 2016
10,180,720

 
$
87.29

 
 
 
 
Granted
2,079,522

 
$
139.00

 
$
22.97

 
 
Exercised
(1,632,629
)
 
$
73.53

 
 
 
$
111

Forfeited
(194,297
)
 
$
119.44

 
 
 
 
Options outstanding, December 31, 2017
10,433,316

 
$
99.20

 
 
 
 
Granted
1,842,690

 
$
143.07

 
$
29.71

 
 
Exercised
(1,065,384
)
 
$
73.57

 
 
 
$
71

Forfeited
(202,900
)
 
$
133.92

 
 
 
 
Options outstanding, December 31, 2018
11,007,722

 
$
108.25

 
 
 
$
274

Options exercisable, December 31, 2018
7,405,354

 
$
93.88

 
 
 
$
268



The weighted-average remaining contractual term was 6.0 years for stock options outstanding and 4.8 years for stock options exercisable at December 31, 2018. Cash received from the exercise of stock options for the year ended December 31, 2018 was $78 million.

Restricted stock and restricted stock units
Grants of restricted stock and restricted stock units awarded under both the 2004 LTIP and 2016 LTIP typically have a 4-year vesting period, subject to vesting as to one-quarter of the award each anniversary of grant. Restricted stock and restricted stock units are granted at market close price on the day of grant. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

In addition, Chubb grants performance-based restricted stock to certain executives that vest based on certain performance criteria as compared to a defined group of peer companies. Performance-based stock awards comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both our tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to our peer group. Premium awards are subject to an additional vesting provision based on total shareholder return (TSR) compared to our peer group. Shares representing target awards and premium awards are issued when the awards are approved and are subject to forfeiture, if applicable performance criteria are not met at the end of the 3-year performance period. Prior to January 2017, performance-based restricted stock awards had a 4-year vesting period with the potential to vest as to a portion each year, and excluded the P&C combined ratio and TSR additional vesting criteria.

Chubb also grants restricted stock awards to non-management directors which vest at the following year's annual general meeting.

Chubb's 2018 share-based compensation expense includes a portion of the cost related to the restricted stock granted in the years 2014 through 2018.

The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 20,784 restricted stock awards, 22,013 restricted stock awards, and 23,812 restricted stock awards that were granted to non-management directors during the years ended December 31, 2018, 2017, and 2016, respectively:
 
Service-based
Restricted Stock Awards and Restricted Stock Units
 
 
Performance-based
Restricted Stock Awards
and Restricted Stock Units
 
 
Number of Shares

 
Weighted-Average Grant-Date Fair Value

 
Number of Shares

 
Weighted-Average Grant-Date Fair Value

Unvested restricted stock, December 31, 2015
3,489,169

 
$
97.01

 
595,210

 
$
101.73

Assumed in Chubb Corp Acquisition
3,706,639

 
$
111.02

 
—

 
$
—

Granted
1,622,065

 
$
118.70

 
517,507

 
$
118.96

Vested
(2,592,622
)
 
$
100.87

 
(181,548
)
 
$
102.43

Forfeited
(420,125
)
 
$
109.42

 
—

 
$
—

Unvested restricted stock, December 31, 2016
5,805,126

 
$
109.39

 
931,169

 
$
111.17

Granted
1,707,094

 
$
139.18

 
267,282

 
$
138.90

Vested
(2,646,084
)
 
$
107.73

 
(222,954
)
 
$
113.30

Forfeited
(156,694
)
 
$
114.54

 
—

 
$
—

Unvested restricted stock, December 31, 2017
4,709,442

 
$
121.16

 
975,497

 
$
118.28

Granted
1,326,979

 
$
142.76

 
180,065

 
$
143.07

Vested
(2,545,090
)
 
$
114.83

 
(244,332
)
 
$
103.03

Forfeited
(196,482
)
 
$
131.06

 
—

 
$
—

Unvested restricted stock, December 31, 2018
3,294,849

 
$
134.17

 
911,230

 
$
127.27



Prior to 2009, legacy ACE granted restricted stock units with a 1-year vesting period to non-management directors. Delivery of Common Shares on account of these restricted stock units to non-management directors is deferred until after the date of the non-management directors' termination from the Board. Legacy Chubb Corp historically allowed directors and certain key employees of Chubb Corp and its subsidiaries to defer a portion of their compensation earned with respect to services performed in the form of deferred stock units. In addition, legacy Chubb Corp provided supplemental retirement benefits for certain employees through its Defined Contribution Excess Benefit Plan in the form of deferred shares of stock. The minimum vesting period under these legacy Chubb Corp deferred plans was 1-year and the maximum was 3-years. Employees and directors had the option to elect to receive their awards at a future specified date or upon their termination of service with Chubb. At December 31, 2018, there were 251,843 deferred restricted stock units.

ESPP
The ESPP gives participating employees the right to purchase Common Shares through payroll deductions during consecutive subscription periods at a purchase price of 85 percent of the fair value of a Common Share on the exercise date (Purchase Price). Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant's compensation or $25,000, whichever is less. The ESPP has two six-month subscription periods each year, the first of which runs between January 1 and June 30 and the second of which runs between July 1 and December 31. Legacy Chubb Corp employees were eligible to participate in the ESPP beginning in the July 1 to December 31 subscription period of 2016. The amounts collected from participants during a subscription period are used on the exercise date to purchase full shares of Common Shares. An exercise date is generally the last trading day of a subscription period. The number of shares purchased is equal to the total amount, at the exercise date, collected from the participants through payroll deductions for that subscription period, divided by the Purchase Price, rounded down to the next full share. Participants may withdraw from an offering before the exercise date and obtain a refund of amounts withheld through payroll deductions. Pursuant to the provisions of the ESPP, during the years ended December 31, 2018, 2017, and 2016, employees paid $37 million, $34 million, and $24 million to purchase 347,116 shares, 271,185 shares, and 211,492 shares, respectively.
v3.10.0.1
Postretirement benefits
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Postretirement benefits
Postretirement benefits

Chubb provides postretirement benefits to eligible employees and their dependents through various defined benefit pension plans, other postretirement benefit plans, and defined contribution plans sponsored by Chubb.

Defined benefit pension plans
We maintain non-contributory defined benefit pension plans that cover certain employees located in the U.S., U.K., Canada, and various other statutorily required countries. We account for pension benefits using the accrual method. Benefits under these plans are based on employees' years of service and compensation during final years of service. All underlying plans are subject to periodic actuarial valuations by qualified actuarial firms using actuarial models to calculate the expense and liability for each plan. We use December 31 as the measurement date for our defined benefit pension plans.

Under the Chubb Corp plans, prior to 2001, benefits were generally based on an employee’s years of service and average compensation during the last five years of employment. Effective January 1, 2001, the formula for providing pension benefits was changed from the final average pay formula to a cash balance formula. Under the cash balance formula, a notional account is established for each employee, which is credited semi-annually with an amount equal to a percentage of eligible compensation based on age and years of service plus interest based on the account balance. Chubb Corp employees hired prior to 2001 will generally be eligible to receive vested benefits based on the higher of the final average pay or cash balance formulas.

Other postretirement benefit plans
Our assumption of Chubb Corp's other postretirement benefit plans, principally healthcare and life insurance, covers retired employees, their beneficiaries, and covered dependents. Healthcare coverage is contributory. Retiree contributions vary based upon the retiree’s age, type of coverage, and years of service requirements. Life insurance coverage is non-contributory. Chubb funds a portion of the healthcare benefits obligation where such funding can be accomplished on a tax-effective basis. Benefits are paid as covered expenses are incurred.

Amendments to U.S. Qualified and Excess Pension Plans and U.S. Retiree Healthcare Plan
On October 31, 2016, we harmonized and amended several of our U.S. retirement programs to create a unified retirement savings program. In 2020, we will transition from a traditional defined benefit pension program that had been in effect for certain employees to a defined contribution program. Additionally, after 2025, we plan to eliminate a subsidized U.S. retiree healthcare and life insurance plan that had been in place for certain employees. Both amendments required a remeasurement of the plan assets and benefit obligations with updated assumptions, including discount rates and the expected return on assets. 

The plan amendments and related remeasurement of the obligation at October 31, 2016 resulted in a net decrease to the benefit obligations of $496 million as follows:

•
The amendment of the pension plan and excess pension plan resulted in a pre-tax curtailment gain of $113 million immediately recognized in income during the fourth quarter of 2016 as it reduced expected years of future service of active plan participants.
•
The amendment of the retiree healthcare plan resulted in a reduction in the obligation of $383 million, of which $410 million will be amortized as a reduction to expense through 2021 as it relates to benefits already accrued. For the years ended December 31, 2018, 2017, and 2016, $80 million, $89 million, and $15 million, respectively, were amortized as a reduction to expense. Additionally, during 2017, the number of involuntary departures due to the Chubb integration met our established threshold for recognition in income. As a result, for the years ended December 31, 2018 and 2017, we recognized $3 million and $39 million, respectively, of accelerated amortization. At December 31, 2018, the remaining curtailment benefit balance was $184 million which will be amortized as a reduction to expense over the next 2.5 years.

Obligations and funded status
The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in Accumulated other comprehensive income at December 31, 2018 and 2017 was as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
 
2018
 
 
2017
 
 
2018

 
2017
 
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Benefit obligation, beginning of year
$
3,285

 
$
1,077

 
$
3,035

 
$
1,025

 
$
137

 
$
165

   Service cost
57

 
12

 
63

 
17

 
1

 
2

   Interest cost
105

 
27

 
105

 
27

 
3

 
4

   Actuarial loss (gain)
(214
)
 
(71
)
 
232

 
(4
)
 
(20
)
 
(2
)
   Benefits paid
(108
)
 
(26
)
 
(132
)
 
(28
)
 
(15
)
 
(14
)
   Amendments
—

 
4

 
—

 
—

 
—

 
(23
)
   Curtailments
—

 
—

 
—

 
(32
)
 
—

 
2

   Settlements
(33
)
 
(27
)
 
(18
)
 
(8
)
 
—

 
—

   Foreign currency revaluation and other
—

 
(54
)
 
—

 
80

 
7

 
3

Benefit obligation, end of year
$
3,092

 
$
942

 
$
3,285

 
$
1,077

 
$
113

 
$
137

Plan assets at fair value, beginning of year
$
3,109

 
$
1,172

 
$
2,765

 
$
962

 
$
157

 
$
159

   Actual return on plan assets
(218
)
 
(63
)
 
441

 
100

 
1

 
6

   Employer contributions
34

 
14

 
53

 
63

 
—

 
6

   Benefits paid
(108
)
 
(26
)
 
(132
)
 
(28
)
 
(15
)
 
(14
)
   Settlements
(33
)
 
(27
)
 
(18
)
 
(8
)
 
—

 
—

   Foreign currency revaluation and other
—

 
(62
)
 
—

 
83

 
—

 
—

Plan assets at fair value, end of year
$
2,784

 
$
1,008

 
$
3,109

 
$
1,172

 
$
143

 
$
157

Funded status at end of year
$
(308
)
 
$
66

 
$
(176
)
 
$
95

 
$
30

 
$
20

Amounts recognized in Accumulated other comprehensive
income, not yet recognized in net periodic cost (benefit):

 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
(15
)
 
$
112

 
$
(227
)
 
$
82

 
$
—

 
$
12

Prior service cost (benefit)
—

 
9

 
—

 
6

 
(200
)
 
(288
)
Total
$
(15
)
 
$
121

 
$
(227
)
 
$
88

 
$
(200
)
 
$
(276
)


For the U.S. pension plans, the $214 million actuarial gain experienced in 2018 was principally driven by the increase in the discount rate from 2017 that was used to determine the projected benefit obligation at December 31, 2018. The $232 million actuarial loss experienced in 2017 was largely driven by the decrease in the discount rate from 2016 that was used to determine the projected benefit obligation at December 31, 2017.
The accumulated benefit obligation for the pension benefit plans was $4.0 billion and $4.3 billion at December 31, 2018 and 2017, respectively. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the pension (projected) benefit obligation in the table above in that the accumulated benefit obligation includes no assumptions regarding future compensation levels.

The net components of the funded status of the pension and other postretirement benefit plans are included in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Chubb’s funding policy is to contribute amounts that meet regulatory requirements plus additional amounts determined based on actuarial valuations, market conditions and other factors. All benefit plans satisfy minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA). 

The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2018 and 2017:
 
2018
 
 
2017
 
 
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

(in millions of U.S. dollars)
 
 
Plans with projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligation
$
3,092

 
$
222

 
$
3,285

 
$
216

Fair value of plan assets
2,784

 
170

 
3,109

 
166

Net funded status
$
(308
)
 
$
(52
)
 
$
(176
)
 
$
(50
)
Plans with accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligation
$
3,066

 
$
115

 
$
3,223

 
$
152

Fair value of plan assets
$
2,784

 
$
86

 
$
3,109

 
$
123



For other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets, the accumulated benefit obligation was $23 million and $21 million at December 31, 2018 and 2017, respectively. These plans have no plan assets.

At December 31, 2018, we estimate that we will contribute $22 million to the pension plans and $1 million to the other postretirement benefits plan in 2019. The estimate is subject to change due to contribution decisions that are affected by various factors including our liquidity, market performance and management discretion.

The weighted-average assumptions used to determine the projected benefit obligation were as follows:
 
Pension Benefit Plans
 
 
 
 
U.S. Plans

 
Non-U.S. Plans

 
Other Postretirement Benefit Plans

 
 
 
December 31, 2018
 
 
 
 
 
Discount rate
4.20
%
 
3.10
%
 
3.78
%
Rate of compensation increase
4.00
%
 
3.37
%
 
N/A

Interest crediting rate
4.10
%
 
 
 
 
December 31, 2017
 
 
 
 
 
Discount rate
3.59
%
 
2.76
%
 
2.77
%
Rate of compensation increase
4.00
%
 
3.46
%
 
N/A

Interest crediting rate
4.10
%
 
 
 
 


The projected benefit cash flows were discounted using the corresponding spot rates derived from a yield curve, which resulted in a single discount rate that would produce the same liability at the respective measurement dates. The same process was applied to service cost cash flows to determine the discount rate associated with the service cost. In general, the discount rates for the non-U.S. plans were developed using a similar methodology by using country-specific yield curves.

The components of net pension and other postretirement benefit costs reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
 
U.S. Plans
 
 
Non-U.S. Plans
 
 
Year Ended December 31
2018

 
2017

 
2016

 
2018

 
2017

 
2016

 
2018

 
2017

 
2016

(in millions of U.S. dollars)
 
 
 
 
 
 
 
Costs reflected in Net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
57

 
$
63

 
$
75

 
$
12

 
$
17

 
$
18

 
$
1

 
$
2

 
$
10

Non-service cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
105

 
105

 
103

 
27

 
27

 
30

 
3

 
4

 
17

Expected return on plan assets
(212
)
 
(189
)
 
(165
)
 
(50
)
 
(42
)
 
(39
)
 
(5
)
 
(5
)
 
(8
)
Amortization of net actuarial loss (gain)
—

 
—

 
—

 
1

 
3

 
2

 
—

 
—

 
(1
)
Amortization of prior service cost
—

 
—

 
—

 
—

 
—

 
(1
)
 
(85
)
 
(89
)
 
(15
)
Curtailments
—

 
—

 
(117
)
 
—

 
(27
)
 
—

 
(2
)
 
(37
)
 
—

Settlements
2

 
—

 
(2
)
 
3

 
—

 
1

 
—

 
—

 
—

Total non-service (benefit) cost
(105
)
 
(84
)
 
(181
)
 
(19
)
 
(39
)
 
(7
)
 
(89
)
 
(127
)
 
(7
)
Net periodic (benefit) cost
$
(48
)
 
$
(21
)
 
$
(106
)
 
$
(7
)
 
$
(22
)
 
$
11

 
$
(88
)
 
$
(125
)
 
$
3

Changes in plan assets and benefit obligations recognized in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
214

 
$
(21
)
 
$
(326
)
 
$
34

 
$
(57
)
 
$
49

 
$
(11
)
 
$
(3
)
 
$
17

Prior service cost (benefit)
—

 
—

 
—

 
3

 
—

 
(8
)
 
—

 
(23
)
 
(395
)
Amortization of net actuarial loss
—

 
—

 
—

 
(1
)
 
(3
)
 
—

 
(1
)
 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
—

 
—

 
—

 
85

 
89

 
—

Curtailments
—

 
—

 
117

 
—

 
(6
)
 
—

 
3

 
39

 
—

Settlements
(2
)
 
1

 
2

 
(3
)
 
—

 
(1
)
 
—

 
—

 
—

Total decrease (increase) in other comprehensive income
$
212

 
$
(20
)
 
$
(207
)
 
$
33

 
$
(66
)
 
$
40

 
$
76

 
$
102

 
$
(378
)


The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows:
 
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
Year Ended December 31
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
(in millions of U.S. dollars)
 
 
 
 
 
 
Service Cost:
 
 
 
 
 
 
 
 
 
 
 
 
Losses and loss expenses
 
$
7

 
$
7

 
$
8

 
$
—

 
$
—

 
$
—

Administrative expenses
 
62

 
73

 
85

 
1

 
2

 
10

Total service cost
 
69

 
80

 
93

 
1

 
2

 
10

Non-Service Cost:
 
 
 
 
 
 
 
 
 
 
 
 
Losses and loss expenses
 
(10
)
 
(8
)
 
(18
)
 
(9
)
 
(13
)
 
—

Administrative expenses
 
(114
)
 
(115
)
 
(170
)
 
(80
)
 
(114
)
 
(7
)
Total non-service (benefit) cost
 
(124
)
 
(123
)
 
(188
)
 
(89
)
 
(127
)
 
(7
)
Net periodic (benefit) cost
 
$
(55
)
 
$
(43
)
 
$
(95
)
 
$
(88
)
 
$
(125
)
 
$
3


The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:
 
Pension Benefit Plans
 
 
 
 
U.S. Plans

 
Non-U.S. Plans

 
Other Postretirement Benefit Plans


Year Ended December 31
 
 
2018
 
 
 
 
 
Discount rate in effect for determining service cost
3.62
%
 
3.97
%
 
2.84
%
Discount rate in effect for determining interest cost
3.27
%
 
2.55
%
 
2.62
%
Rate of compensation increase
4.00
%
 
3.46
%
 
N/A

Expected long-term rate of return on plan assets
7.00
%
 
4.32
%
 
2.59
%
Interest crediting rate
4.10
%
 
 
 
 
2017
 
 
 
 
 
Discount rate in effect for determining service cost
4.20
%
 
3.55
%
 
2.84
%
Discount rate in effect for determining interest cost
3.53
%
 
2.61
%
 
2.44
%
Rate of compensation increase
4.00
%
 
3.57
%
 
N/A

Expected long-term rate of return on plan assets
7.00
%
 
4.23
%
 
3.00
%
Interest crediting rate
4.10
%
 
 
 
 
2016
 
 
 
 
 
Discount rate in effect for determining service cost
4.38
%
 
3.85
%
 
4.32
%
Discount rate in effect for determining interest cost
3.59
%
 
3.44
%
 
4.02
%
Rate of compensation increase
4.00
%
 
3.33
%
 
N/A

Expected long-term rate of return on plan assets
7.00
%
 
4.79
%
 
6.34
%
Interest crediting rate
4.10
%
 
 
 
 


The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:
 
U.S. Plans
 
 
Non-U.S. Plans
 
 
2018

 
2017

 
2016

 
2018

 
2017

 
2016

Healthcare cost trend rate
6.68
%
 
7.01
%
 
7.28
%
 
6.29
%
 
6.61
%
 
6.61
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
Year that the rate reaches the ultimate trend rate
2038

 
2038

 
2038

 
2029

 
2029

 
2029



Plan Assets
The long term objective of the pension plan is to provide sufficient funding to cover expected benefit obligations, while assuming a prudent level of portfolio risk. The assets of the pension plan are invested, either directly or through pooled funds, in a diversified portfolio of predominately equity securities and fixed maturities. We seek to obtain a rate of return that over time equals or exceeds the returns of the broad markets in which the plan assets are invested. The target allocation of plan assets is 55 percent to 65 percent invested in equity securities (including certain other investments measured using NAV), with the remainder primarily invested in fixed maturities. We rebalance our pension assets to the target allocation as market conditions permit. We determined the expected long term rate of return assumption for each asset class based on an analysis of the historical returns and the expectations for future returns. The expected long term rate of return for the portfolio is a weighted aggregation of the expected returns for each asset class.

In order to minimize risk, the Plan maintains a listing of permissible and prohibited investments. In addition, the Plan has certain concentration limits and investment quality requirements imposed on permissible investments options. Investment risk is measured and monitored on an ongoing basis.
The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 3 to the Consolidated financial statements.
December 31, 2018
Pension Benefit Plans
 
(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
10

 
$
74

 
$
—

 
$
84

U.S. Treasury and agency
433

 
82

 
—

 
515

Foreign and corporate bonds
—

 
641

 
—

 
641

Equity securities
1,050

 
—

 
—

 
1,050

Total U.S. Plan assets (1)
$
1,493

 
$
797

 
$
—

 
$
2,290

Non-U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
7

 
$
—

 
$
—

 
$
7

Foreign and corporate bonds
—

 
418

 
—

 
418

Equity securities
103

 
371

 
—

 
474

Total Non-U.S. Plan assets (1)
$
110

 
$
789

 
$
—

 
$
899

(1) 
Excluded from the table above are $494 million and $109 million of other investments measured using NAV as a practical expedient related to the U.S. Plans and Non-U.S. Plans, respectively.
December 31, 2017
Pension Benefit Plans
 
(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
9

 
$
52

 
$
—

 
$
61

U.S. Treasury and agency
446

 
79

 
—

 
525

Foreign and corporate bonds
—

 
692

 
—

 
692

Equity securities
1,154

 
—

 
—

 
1,154

Total U.S. Plan assets (1)
$
1,609

 
$
823

 
$
—

 
$
2,432

Non-U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
5

 
$
—

 
$
—

 
$
5

Foreign and corporate bonds
—

 
456

 
—

 
456

Equity securities
122

 
492

 
—

 
614

Total Non-U.S. Plan assets (1)
$
127

 
$
948

 
$
—

 
$
1,075

(1) 
Excluded from the table above are $677 million and $95 million of other investments measured using NAV as a practical expedient related to the U.S. Plans and Non-U.S. Plans, respectively.

We had other postretirement benefit plan assets of $143 million and $157 million at December 31, 2018 and 2017, respectively, all of which are held in equity securities and categorized as Level 1.
Benefit payments were $209 million and $200 million for the years ended December 31, 2018 and 2017, respectively. Expected future payments are as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans

For the years ending December 31
U.S. Plans

 
Non-U.S. Plans

(in millions of U.S. dollars)
 
2019
$
140

 
$
26

 
$
18

2020
148

 
28

 
19

2021
155

 
27

 
21

2022
162

 
26

 
22

2023
168

 
28

 
18

2024-2028
909

 
155

 
19



Defined contribution plans (including 401(k))
Under these plans, employees' contributions may be supplemented by Chubb matching contributions based on the level of employee contribution. These contributions are invested at the election of each employee in one or more of several investment portfolios offered by a third-party investment advisor. Expenses for these plans totaled $171 million, $166 million, and $150 million for the years ended December 31, 2018, 2017, and 2016, respectively.
v3.10.0.1
Other (income) expense
 12 Months Ended
Dec. 31, 2018
Other Income and Expenses [Abstract]  
Other (income) expense
Other (income) expense
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Equity in net (income) loss of partially-owned entities
$
(514
)
 
$
(418
)
 
$
(264
)
(Gains) losses from fair value changes in separate account assets (1)
38

 
(97
)
 
(11
)
One-time contribution to the Chubb Charitable Foundation
—

 
50

 
—

Federal excise and capital taxes
12

 
35

 
19

Other
30

 
30

 
34

Other (income) expense
$
(434
)
 
$
(400
)
 
$
(222
)

(1)  
Related to (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Other (income) expense includes equity in net (income) loss of partially-owned entities, which includes our share of net (income) loss related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other (income) expense are (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other (income) expense as these are considered capital transactions and are excluded from underwriting results.
v3.10.0.1
Segment information
 12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Segment information
Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.

•
The North America Commercial P&C Insurance segment includes the business written by Chubb divisions that provide property and casualty (P&C) insurance and services to large, middle market and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts, Commercial Insurance, including Small Commercial Insurance; and our wholesale and specialty divisions: Westchester and Chubb Bermuda. These divisions write a variety of coverages, including traditional commercial property, marine, general casualty, workers’ compensation, package policies, and risk management; specialty categories such as professional lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; as well as group accident and health (A&H) insurance. 

•
The North America Personal P&C Insurance segment includes the business written by Chubb Personal Risk Services division, which includes high net worth personal lines business, with operations in the U.S. and Canada. This segment provides affluent and high net worth individuals and families with homeowners, automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, and recreational marine insurance and services.

•
The North America Agricultural Insurance segment includes the business written by Rain and Hail Insurance Service, Inc. in the U.S. and Canada, which provides comprehensive multiple peril crop insurance (MPCI) and crop-hail insurance, and Chubb Agribusiness, which offers farm and ranch property as well as specialty P&C coverages, including commercial agriculture products.

•
The Overseas General Insurance segment includes the business written by two Chubb divisions that provide P&C insurance and services in the 51 countries and territories outside of North America where the company operates. Chubb International provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. Chubb Global Markets (CGM) provides commercial P&C excess and surplus lines and A&H through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction risk, as well as group A&H and traditional and specialty personal lines. 

•
The Global Reinsurance segment primarily includes the reinsurance business written by Chubb Tempest Re. Chubb Tempest Re provides a broad range of traditional and specialty reinsurance coverages to a diverse array of primary P&C companies.

•
The Life Insurance segment includes Chubb's international life operations written by Chubb Life, Chubb Tempest Life Re and the North American supplemental A&H and life business of Combined Insurance.

Corporate primarily includes the results of all run-off asbestos and environmental (A&E) exposures, our run-off Brandywine business, and our Westchester specialty operations for 1996 and prior years, and certain other run-off exposures. In addition, Corporate includes the results of our non-insurance companies including Chubb Limited, Chubb Group Management and Holdings Ltd., and Chubb INA Holdings Inc. Our exposure to A&E claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1999, and the Chubb Corp run-off business in 2016.

In addition, revenue and expenses managed at the corporate level, including realized gains and losses, interest expense, the non-operating income of our partially-owned entities, and income taxes are reported within Corporate. Chubb integration expenses and other merger-related expenses (both included in Chubb integration expenses in the Consolidated statements of operations), and the one-time benefit recorded in 2016 related to the harmonization of our U.S. pension plans, are also reported within Corporate. Chubb integration expenses are one-time costs that are directly attributable to the achievement of the annualized savings, including employee severance, third-party consulting fees, and systems integration expenses. Other merger-related expenses are one-time costs directly attributable to the merger, including rebranding, employee retention costs and other professional and legal fees related to the Chubb Corp acquisition. These items will not be allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income. Therefore, segment income will only include underwriting income, net investment income, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Segment income also includes amortization of purchased intangibles related to business combination intangible assets acquired by the segment and other purchase accounting related intangible assets, including agency relationships, renewal rights, and client lists. The amortization of intangible assets purchased as part of the Chubb Corp acquisition is considered a Corporate cost as these are incurred by the overall company. We determined that this definition of segment income is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income measures.

For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income as the main measures of segment performance. Chubb calculates underwriting income by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate segment income, include Net investment income, Other (income) expense, and Amortization of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income. For example, for the year ended December 31, 2018, underwriting income in our North America Agricultural Insurance segment was $385 million. This amount includes $3 million of realized losses related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below.

For the Life Insurance segment, management includes Net investment income and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income. For example, for the year ended December 31, 2018, Life Insurance underwriting income of $298 million includes Net investment income of $341 million and losses from fair value changes in separate account assets of $38 million. The losses from fair value changes in separate account assets are reported in Other (income) expense in the table below.

The following tables present the Statement of Operations by segment:
For the Year Ended December 31, 2018 (in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

Net premiums written
$
12,485

 
$
4,674

 
$
1,577

 
$
8,902

 
$
671

 
$
2,270

 
$
—

 
$
30,579

Net premiums earned
12,402

 
4,593

 
1,569

 
8,612

 
670

 
2,218

 
—

 
30,064

Losses and loss expenses
8,000

 
3,229

 
1,111

 
4,429

 
479

 
766

 
53

 
18,067

Policy benefits
—

 
—

 
—

 
—

 
—

 
590

 
—

 
590

Policy acquisition costs
1,829

 
939

 
79

 
2,346

 
162

 
557

 
—

 
5,912

Administrative expenses
966

 
269

 
(9
)
 
1,014

 
41

 
310

 
295

 
2,886

Underwriting income (loss)
1,607

 
156

 
388

 
823

 
(12
)
 
(5
)
 
(348
)
 
2,609

Net investment income (loss)
2,033

 
236

 
28

 
619

 
257

 
341

 
(209
)
 
3,305

Other (income) expense
(25
)
 
1

 
2

 
—

 
(32
)
 
26

 
(406
)
 
(434
)
Amortization expense of purchased intangibles
—

 
13

 
28

 
41

 
—

 
2

 
255

 
339

Segment income (loss)
$
3,665

 
$
378

 
$
386

 
$
1,401

 
$
277

 
$
308

 
$
(406
)
 
$
6,009

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(652
)
 
(652
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
641

 
641

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
59

 
59

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
695

 
695

Net income (loss)


 


 


 


 


 


 
$
(2,453
)
 
$
3,962

For the Year Ended December 31, 2017 (in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

Net premiums written
$
12,019

 
$
4,533

 
$
1,516

 
$
8,350

 
$
685

 
$
2,141

 
$
—

 
$
29,244

Net premiums earned
12,191

 
4,399

 
1,508

 
8,131

 
704

 
2,101

 
—

 
29,034

Losses and loss expenses
8,287

 
3,265

 
1,036

 
4,281

 
561

 
739

 
285

 
18,454

Policy benefits
—

 
—

 
—

 
—

 
—

 
676

 
—

 
676

Policy acquisition costs
1,873

 
899

 
81

 
2,221

 
177

 
530

 
—

 
5,781

Administrative expenses
981

 
264

 
(8
)
 
982

 
44

 
303

 
267

 
2,833

Underwriting income (loss)
1,050

 
(29
)
 
399

 
647

 
(78
)
 
(147
)
 
(552
)
 
1,290

Net investment income (loss)
1,961

 
226

 
25

 
610

 
273

 
313

 
(283
)
 
3,125

Other (income) expense
1

 
4

 
2

 
(4
)
 
(1
)
 
(84
)
 
(318
)
 
(400
)
Amortization expense of purchased intangibles
—

 
16

 
29

 
45

 
—

 
2

 
168

 
260

Segment income (loss)
$
3,010

 
$
177

 
$
393

 
$
1,216

 
$
196

 
$
248

 
$
(685
)
 
$
4,555

Net realized gains (losses) including OTTI
 
 


 
 
 
 
 
 
 
 
 
84

 
84

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
607

 
607

Chubb integration expense
 
 
 
 
 
 
 
 
 
 
 
 
310

 
310

Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
(139
)
 
(139
)
Net income (loss)


 


 


 


 


 


 
$
(1,379
)
 
$
3,861


For the Year Ended December 31, 2016 (in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

Net premiums written
$
11,740

 
$
4,153

 
$
1,328

 
$
8,124

 
$
676

 
$
2,124

 
$
—

 
$
28,145

Net premiums earned
12,217

 
4,319

 
1,316

 
8,132

 
710

 
2,055

 
—

 
28,749

Losses and loss expenses
7,439

 
2,558

 
893

 
4,005

 
325

 
663

 
169

 
16,052

Policy benefits
—

 
—

 
—

 
—

 
—

 
588

 
—

 
588

Policy acquisition costs
2,023

 
966

 
83

 
2,136

 
187

 
509

 
—

 
5,904

Administrative expenses
1,125

 
363

 
(6
)
 
1,057

 
52

 
307

 
183

 
3,081

Underwriting income (loss)
1,630

 
432

 
346

 
934

 
146

 
(12
)
 
(352
)
 
3,124

Net investment income (loss)
1,860

 
207

 
20

 
600

 
263

 
283

 
(368
)
 
2,865

Other (income) expense
(2
)
 
6

 
1

 
(11
)
 
(4
)
 
5

 
(217
)
 
(222
)
Amortization expense (benefit) of purchased intangibles
—

 
19

 
29

 
48

 
—

 
3

 
(80
)
 
19

Segment income (loss)
$
3,492

 
$
614

 
$
336

 
$
1,497

 
$
413

 
$
263

 
$
(423
)
 
$
6,192

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(145
)
 
(145
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
605

 
605

Chubb Integration Expense
 
 
 
 
 
 
 
 
 
 
 
 
492

 
492

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
815

 
815

Net income (loss)

 

 

 

 

 

 
$
(2,480
)
 
$
4,135


Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
The following table presents net premiums earned for each segment by line of business:
 
 
 
 
 
 
 
For the Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

North America Commercial P&C Insurance
 
 
 
 
 
Property & other short-tail lines
$
1,861

 
$
1,899

 
$
1,963

Casualty & all other
9,773

 
9,554

 
9,552

A&H
768

 
738

 
702

Total North America Commercial P&C Insurance
12,402

 
12,191

 
12,217

North America Personal P&C Insurance
 
 
 
 
 
Personal automobile
803

 
742

 
699

Personal homeowners
3,127

 
3,014

 
3,007

Personal other
663

 
643

 
613

Total North America Personal P&C Insurance
4,593

 
4,399

 
4,319

North America Agricultural Insurance
1,569

 
1,508

 
1,316

Overseas General Insurance
 
 
 
 
 
Property & other short-tail lines
2,134

 
2,076

 
2,133

Casualty & all other
2,429

 
2,266

 
2,177

Personal lines
1,784

 
1,609

 
1,626

A&H
2,265

 
2,180

 
2,196

Total Overseas General Insurance
8,612

 
8,131

 
8,132

Global Reinsurance
 
 
 
 
 
Property & other short-tail lines
123

 
132

 
118

Property catastrophe
170

 
198

 
185

Casualty & all other
377

 
374

 
407

Total Global Reinsurance
670

 
704

 
710

Life Insurance
 
 
 
 
 
Life
1,022

 
980

 
1,002

A&H
1,196

 
1,121

 
1,053

Total Life Insurance
2,218

 
2,101

 
2,055

Total net premiums earned
$
30,064

 
$
29,034

 
$
28,749



The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:

North America

 
Europe (1)

 
Asia Pacific / Far East

 
Latin America

2018
70
%
 
11
%
 
12
%
 
7
%
2017
70
%
 
11
%
 
12
%
 
7
%
2016
70
%
 
12
%
 
11
%
 
7
%

(1)  
Europe includes Eurasia and Africa regions.
v3.10.0.1
Earnings per share
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings per share
Earnings per share
 
Year Ended December 31
 
(in millions of U.S. dollars, except share and per share data)
2018

 
2017

 
2016

Numerator:
 
 
 
 
 
Net income
$
3,962

 
$
3,861

 
$
4,135

Denominator:
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
Weighted-average shares outstanding
463,629,203

 
467,145,716

 
462,519,789

Denominator for diluted earnings per share:
 
 
 
 
 
Share-based compensation plans
3,173,145

 
4,051,185

 
3,429,610

Weighted-average shares outstanding
      and assumed conversions
466,802,348

 
471,196,901

 
465,949,399

Basic earnings per share
$
8.55

 
$
8.26

 
$
8.94

Diluted earnings per share
$
8.49

 
$
8.19

 
$
8.87

Potential anti-dilutive share conversions
3,543,188

 
1,776,025

 
1,206,828



Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years.
v3.10.0.1
Related party transaction
 12 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
Related party transactions
Related party transactions

Starr Indemnity & Liability Company and its affiliates (collectively, Starr)
We have a number of agency and reinsurance agreements with Starr, the Chairman of which is related to a member of our senior management team. Our Board has reviewed and approved our arrangements with Starr. We have agency, claims services and underwriting services agreements with various Starr subsidiaries. Under the agency agreements, we secure the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranges for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr underwrites insurance policies on our behalf and we agree to reinsure such policies to Starr under one or more quota reinsurance agreements.

Certain agency agreements also contain a profit-sharing arrangement based on loss ratios, triggered if Starr underwrites a minimum of $20 million of annual program business net premiums written on our behalf. No profit share commission has been payable yet under this arrangement. Another agency agreement contains a profit-sharing arrangement based on the earned premiums for the business underwritten by Starr (excluding workers’ compensation) and the reinsurance recoveries associated with excess of loss reinsurance agreements placed by Starr for the business underwritten. No profit share commission under this arrangement has been payable yet. Transactions generated under Starr agreements were as follows:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016
Consolidated statement of operations
 
 
 
 
 
Gross premiums written
$
411

 
$
464

 
$
658

Ceded premiums written
$
188

 
$
175

 
$
208

Commissions paid
$
84

 
$
101

 
$
145

Commissions received
$
42

 
$
37

 
$
56

Losses and loss expenses incurred
$
188

 
$
438

 
$
313

Consolidated balance sheets
 
 
 
 
 
Reinsurance recoverable on losses and loss expenses
$
514

 
$
557

 
 
Ceded reinsurance premium payable
$
75

 
$
44

 
 

ABR Re
We own 11.7 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. and warrants to acquire 0.5 percent of additional equity. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. will be ABR Re’s exclusive investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has entered into an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re.

ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our minority ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissions.

Transactions generated under ABR Re agreements were as follows:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016
Consolidated statement of operations
 
 
 
 
 
Ceded premiums written
$
329

 
$
342

 
$
288

Commissions received
$
96

 
$
94

 
$
66

Consolidated balance sheets
 
 
 
 
 
Reinsurance recoverable on losses and loss expenses
$
557

 
$
365

 
 
Ceded reinsurance premium payable
$
47

 
$
51

 
 
v3.10.0.1
Statutory Financial Information
 12 Months Ended
Dec. 31, 2018
Statutory Financial Information [Abstract]  
Statutory financial information
Statutory financial information

Our subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators. Statutory accounting differs from GAAP in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items. Some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements. In some jurisdictions, we must obtain licenses issued by governmental authorities to conduct local insurance business. These licenses may be subject to reserves and minimum capital and solvency tests. Jurisdictions may impose fines, censure, and/or criminal sanctions for violation of regulatory requirements. The 2018 amounts below are based on estimates.

Chubb's insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. These regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the local insurance regulatory authorities. The amount of dividends available to be paid in 2019 without prior approval totals $6.1 billion.

The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2018, 2017, and 2016. The minimum amounts of statutory capital and surplus necessary to satisfy regulatory requirements was $25.9 billion and $23.9 billion for December 31, 2018 and 2017, respectively. These minimum regulatory capital requirements were significantly lower than the corresponding amounts required by the rating agencies which review Chubb’s insurance and reinsurance subsidiaries.

The following tables present the combined statutory capital and surplus and statutory net income (loss) of our Property and casualty and Life subsidiaries:
 
December 31
 
(in millions of U.S. dollars)
2018

 
2017

Statutory capital and surplus
 
 
 
Property and casualty
$
40,985

 
$
39,927

Life
$
1,310

 
$
1,515

 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Statutory net income (loss)
 
 
 
 
 
Property and casualty
$
7,499

 
$
8,178

 
$
6,903

Life
$
(111
)
 
$
49

 
$
55



Several insurance subsidiaries follow accounting practices prescribed or permitted by the jurisdiction of domicile that differ from the applicable local statutory practice. The application of prescribed or permitted accounting practices does not have a material impact on Chubb's statutory surplus and income. As prescribed by the Restructuring discussed previously in Note 6, certain of our U.S. subsidiaries discount certain A&E liabilities, which increased statutory capital and surplus by approximately $160 million and $169 million at December 31, 2018 and 2017, respectively.

Federal Insurance Company (Federal), a direct subsidiary of Chubb INA Holdings Inc., has a permitted practice granted by the Indiana Department of Insurance that relates to its investments in foreign subsidiaries and affiliates. Under Statement of Statutory Accounting Principles No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, A Replacement of SSAP No. 88, in order for a reporting entity to admit its investments in foreign subsidiaries and affiliates, audited financial statements of the subsidiary or affiliate must be obtained to support the carrying value. Such financial statements must be prepared in accordance with U.S. GAAP, or alternatively, in accordance with the local statutory requirements in the subsidiary’s or affiliate’s country of domicile, with an audited footnote reconciliation of net income and shareholder’s equity as reported to a U.S. GAAP basis. With the explicit permission of the Indiana Department of Insurance, Federal obtains audited financial statements for its admitted foreign subsidiaries and affiliates, which had an aggregate carrying value of approximately $183 million and $156 million at December 31, 2018 and 2017, respectively, prepared in accordance with their respective local statutory requirements and supplemented with a separate unaudited reconciliation of shareholder’s equity as reported to a U.S. GAAP basis.
v3.10.0.1
Information provided in connection with outstanding debt of subsidiaries
 12 Months Ended
Dec. 31, 2018
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Information provided in connection with outstanding debt of subsidiaries
Information provided in connection with outstanding debt of subsidiaries

The following tables present condensed consolidating financial information at December 31, 2018 and December 31, 2017, and for the years ended December 31, 2018, 2017, and 2016 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis.

Condensed Consolidating Balance Sheet at December 31, 2018
(in millions of U.S. dollars)
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$
—

 
$
214

 
$
100,754

 
$
—

 
$
100,968

Cash (1)
1

 
2

 
1,896

 
(652
)
 
1,247

Restricted Cash
—

 
—

 
93

 
—

 
93

Insurance and reinsurance balances receivable
—

 
—

 
11,861

 
(1,786
)
 
10,075

Reinsurance recoverable on losses and loss expenses
—

 
—

 
26,422

 
(10,429
)
 
15,993

Reinsurance recoverable on policy benefits
—

 
—

 
306

 
(104
)
 
202

Value of business acquired
—

 
—

 
295

 
—

 
295

Goodwill and other intangible assets
—

 
—

 
21,414

 
—

 
21,414

Investments in subsidiaries
43,531

 
50,209

 
—

 
(93,740
)
 
—

Due from subsidiaries and affiliates, net
7,074

 
—

 
598

 
(7,672
)
 
—

Other assets
3

 
1,007

 
18,102

 
(1,628
)
 
17,484

Total assets
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
72,857

 
$
(9,897
)
 
$
62,960

Unearned premiums
—

 
—

 
16,611

 
(1,079
)
 
15,532

Future policy benefits
—

 
—

 
5,610

 
(104
)
 
5,506

Due to subsidiaries and affiliates, net
—

 
7,672

 
—

 
(7,672
)
 
—

Affiliated notional cash pooling programs(1)
35

 
617

 
—

 
(652
)
 
—

Repurchase agreements
—

 
—

 
1,418

 
—

 
1,418

Short-term debt
—

 
500

 
9

 
—

 
509

Long-term debt
—

 
12,086

 
1

 
—

 
12,087

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
262

 
2,545

 
19,199

 
(2,867
)
 
19,139

Total liabilities
297

 
23,728

 
115,705

 
(22,271
)
 
117,459

Total shareholders’ equity
50,312

 
27,704

 
66,036

 
(93,740
)
 
50,312

Total liabilities and shareholders’ equity
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771


(1)  
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.







Condensed Consolidating Balance Sheet at December 31, 2017
(in millions of U.S. dollars)
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$
—

 
$
168

 
$
102,276

 
$
—

 
$
102,444

Cash (1)
3

 
1

 
839

 
(115
)
 
728

Restricted Cash
—

 
—

 
123

 
—

 
123

Insurance and reinsurance balances receivable
—

 
—

 
10,820

 
(1,486
)
 
9,334

Reinsurance recoverable on losses and loss expenses
—

 
—

 
27,514

 
(12,480
)
 
15,034

Reinsurance recoverable on policy benefits
—

 
—

 
1,194

 
(1,010
)
 
184

Value of business acquired
—

 
—

 
326

 
—

 
326

Goodwill and other intangible assets
—

 
—

 
22,054

 
—

 
22,054

Investments in subsidiaries
41,909

 
51,165

 
—

 
(93,074
)
 
—

Due from subsidiaries and affiliates, net
9,639

 
—

 
—

 
(9,639
)
 
—

Other assets
3

 
287

 
20,578

 
(4,073
)
 
16,795

Total assets
$
51,554

 
$
51,621

 
$
185,724

 
$
(121,877
)
 
$
167,022

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
74,767

 
$
(11,588
)
 
$
63,179

Unearned premiums
—

 
—

 
18,875

 
(3,659
)
 
15,216

Future policy benefits
—

 
—

 
6,331

 
(1,010
)
 
5,321

Due to subsidiaries and affiliates, net
—

 
9,432

 
207

 
(9,639
)
 
—

Affiliated notional cash pooling programs(1)
—

 
115

 
—

 
(115
)
 
—

Repurchase agreements
—

 
—

 
1,408

 
—

 
1,408

Short-term debt
—

 
1,013

 
—

 
—

 
1,013

Long-term debt
—

 
11,546

 
10

 
—

 
11,556

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
382

 
1,411

 
18,848

 
(2,792
)
 
17,849

Total liabilities
382

 
23,825

 
120,446

 
(28,803
)
 
115,850

Total shareholders’ equity
51,172

 
27,796

 
65,278

 
(93,074
)
 
51,172

Total liabilities and shareholders’ equity
$
51,554

 
$
51,621

 
$
185,724

 
$
(121,877
)
 
$
167,022

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.














Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Year Ended December 31, 2018
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
30,579

 
$
—

 
$
30,579

Net premiums earned
—

 
—

 
30,064

 
—

 
30,064

Net investment income
6

 
13

 
3,286

 
—

 
3,305

Equity in earnings of subsidiaries
3,753

 
2,578

 
—

 
(6,331
)
 
—

Net realized gains (losses) including OTTI
—

 
117

 
(769
)
 
—

 
(652
)
Losses and loss expenses
—

 
—

 
18,067

 
—

 
18,067

Policy benefits
—

 
—

 
590

 
—

 
590

Policy acquisition costs and administrative expenses
87

 
(58
)
 
8,769

 
—

 
8,798

Interest (income) expense
(299
)
 
806

 
134

 
—

 
641

Other (income) expense
(24
)
 
26

 
(436
)
 
—

 
(434
)
Amortization of purchased intangibles
—

 
—

 
339

 
—

 
339

Chubb integration expenses
14

 
1

 
44

 
—

 
59

Income tax expense (benefit)
19

 
(148
)
 
824

 
—

 
695

Net income
$
3,962

 
$
2,081

 
$
4,250

 
$
(6,331
)
 
$
3,962

Comprehensive income (loss)
$
1,242

 
$
(27
)
 
$
1,808

 
$
(1,781
)
 
$
1,242


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2017
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
29,244

 
$
—

 
$
29,244

Net premiums earned
—

 
—

 
29,034

 
—

 
29,034

Net investment income
4

 
14

 
3,107

 
—

 
3,125

Equity in earnings of subsidiaries
3,640

 
2,424

 
—

 
(6,064
)
 
—

Net realized gains (losses) including OTTI
—

 
(25
)
 
109

 
—

 
84

Losses and loss expenses
—

 
—

 
18,454

 
—

 
18,454

Policy benefits
—

 
—

 
676

 
—

 
676

Policy acquisition costs and administrative expenses
75

 
40

 
8,499

 
—

 
8,614

Interest (income) expense
(332
)
 
847

 
92

 
—

 
607

Other (income) expense
(12
)
 
93

 
(481
)
 
—

 
(400
)
Amortization of purchased intangibles
—

 
—

 
260

 
—

 
260

Chubb integration expenses
32

 
69

 
209

 
—

 
310

Income tax expense (benefit)
20

 
(742
)
 
583

 
—

 
(139
)
Net income
$
3,861

 
$
2,106

 
$
3,958

 
$
(6,064
)
 
$
3,861

Comprehensive income
$
4,718

 
$
3,075

 
$
4,430

 
$
(7,505
)
 
$
4,718






Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2016
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
28,145

 
$
—

 
$
28,145

Net premiums earned
—

 
—

 
28,749

 
—

 
28,749

Net investment income
3

 
11

 
2,851

 
—

 
2,865

Equity in earnings of subsidiaries
3,901

 
2,555

 
—

 
(6,456
)
 
—

Net realized gains (losses) including OTTI
—

 
3

 
(148
)
 
—

 
(145
)
Losses and loss expenses
—

 
—

 
16,052

 
—

 
16,052

Policy benefits
—

 
—

 
588

 
—

 
588

Policy acquisition costs and administrative expenses
64

 
82

 
8,839

 
—

 
8,985

Interest (income) expense
(353
)
 
908

 
50

 
—

 
605

Other (income) expense
(25
)
 
35

 
(232
)
 
—

 
(222
)
Amortization of purchased intangibles
—

 
—

 
19

 
—

 
19

Chubb integration expenses
62

 
126

 
304

 
—

 
492

Income tax expense (benefit)
21

 
(416
)
 
1,210

 
—

 
815

Net income
$
4,135

 
$
1,834

 
$
4,622

 
$
(6,456
)
 
$
4,135

Comprehensive income
$
4,556

 
$
2,001

 
$
5,045

 
$
(7,046
)
 
$
4,556




Condensed Consolidating Statement of Cash Flows 
For the Year Ended December 31, 2018
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
256

 
$
4,654

 
$
5,878

 
$
(5,308
)
 
$
5,480

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(38
)
 
(24,697
)
 
—

 
(24,735
)
Purchases of fixed maturities held to maturity
—

 
—

 
(456
)
 
—

 
(456
)
Purchases of equity securities
—

 
—

 
(207
)
 
—

 
(207
)
Sales of fixed maturities available for sale
—

 
11

 
14,019

 
—

 
14,030

Sales of equity securities
—

 
—

 
315

 
—

 
315

Maturities and redemptions of fixed maturities available for sale
—

 
17

 
7,335

 
—

 
7,352

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
1,124

 
—

 
1,124

Net change in short-term investments
—

 
3

 
513

 
—

 
516

Net derivative instruments settlements
—

 
(7
)
 
23

 
—

 
16

Private equity contribution
—

 
—

 
(1,337
)
 
—

 
(1,337
)
Private equity distribution
—

 
—

 
980

 
—

 
980

Capital contribution
(1,475
)
 
(3,550
)
 
—

 
5,025

 
—

Other
—

 
(18
)
 
(515
)
 
—

 
(533
)
Net cash flows used for investing activities
(1,475
)
 
(3,582
)
 
(2,903
)
 
5,025

 
(2,935
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,337
)
 
—

 
—

 
—

 
(1,337
)
Common Shares repurchased
—

 
—

 
(1,044
)
 
—

 
(1,044
)
Proceeds from issuance of long-term debt
—

 
2,171

 
—

 
—

—

2,171

Proceeds from issuance of repurchase agreements
—

 
—

 
2,029

 
—

 
2,029

Repayment of long-term debt
—

 
(2,000
)
 
(1
)
 
—

 
(2,001
)
Repayment of repurchase agreements
—

 
—

 
(2,019
)
 
—

 
(2,019
)
Proceeds from share-based compensation plans
—

 
—

 
115

 
—

 
115

Advances (to) from affiliates
2,519

 
(1,744
)
 
(775
)
 
—

 
—

Dividends to parent company
—

 
—

 
(5,308
)
 
5,308

 
—

Capital contribution
—

 
—

 
5,025

 
(5,025
)
 
—

Net payments to affiliated notional cash pooling programs(1)
35

 
502

 
—

 
(537
)
 
—

Policyholder contract deposits
—

 
—

 
453

 
—

 
453

Policyholder contract withdrawals
—

 
—

 
(358
)
 
—

 
(358
)
Net cash flows from (used for) financing activities
1,217

 
(1,071
)
 
(1,883
)
 
(254
)
 
(1,991
)
Effect of foreign currency rate changes on cash and restricted cash
—

 
—

 
(65
)
 
—

 
(65
)
Net increase (decrease) in cash and restricted cash
(2
)
 
1

 
1,027

 
(537
)
 
489

Cash and restricted cash – beginning of year(1)
3

 
1

 
962

 
(115
)
 
851

Cash and restricted cash – end of year(1)
$
1

 
$
2

 
$
1,989

 
$
(652
)
 
$
1,340

(1) 
Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2017
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
781

 
$
1,648

 
$
4,598

 
$
(2,524
)
 
$
4,503

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(9
)
 
(25,738
)
 
—

 
(25,747
)
Purchases of fixed maturities held to maturity
—

 
—

 
(352
)
 
—

 
(352
)
Purchases of equity securities
—

 
—

 
(173
)
 
—

 
(173
)
Sales of fixed maturities available for sale
—

 
99

 
13,156

 
—

 
13,255

Sales of equity securities
—

 
—

 
187

 
—

 
187

Maturities and redemptions of fixed maturities available for sale
—

 
29

 
10,396

 
—

 
10,425

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
879

 
—

 
879

Net change in short-term investments
—

 
189

 
(726
)
 
—

 
(537
)
Net derivative instruments settlements
—

 
(15
)
 
(250
)
 
—

 
(265
)
Private equity contributions
—

 
—

 
(648
)
 
—

 
(648
)
Private equity distributions
—

 
—

 
1,084

 
—

 
1,084

Other
—

 
(10
)
 
(520
)
 
—

 
(530
)
Net cash flows from (used for) investing activities
—

 
283

 
(2,705
)
 
—

 
(2,422
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,308
)
 
—

 
—

 
—

 
(1,308
)
Common Shares repurchased
—

 
—

 
(801
)
 
—

 
(801
)
Proceeds from issuance of long-term debt
—

 
—

 
—

 
—

 
—

Proceeds from issuance of repurchase agreements
—

 
—

 
2,353

 
—

 
2,353

Repayment of long-term debt
—

 
(500
)
 
(1
)
 
—

 
(501
)
Repayment of repurchase agreements
—

 
—

 
(2,348
)
 
—

 
(2,348
)
Proceeds from share-based compensation plans
—

 
—

 
151

 
—

 
151

Advances (to) from affiliates
892

 
(927
)
 
35

 
—

 
—

Dividends to parent company
—

 
—

 
(2,524
)
 
2,524

 
—

Net payments to affiliated notional cash pooling programs(1)
(363
)
 
(504
)
 
—

 
867

 
—

Policyholder contract deposits
—

 
—

 
442

 
—

 
442

Policyholder contract withdrawals
—

 
—

 
(307
)
 
—

 
(307
)
Net cash flows used for financing activities
(779
)
 
(1,931
)
 
(3,000
)
 
3,391

 
(2,319
)
Effect of foreign currency rate changes on cash and restricted cash
—

 
—

 
1

 
—

 
1

Net increase (decrease) in cash and restricted cash
2

 
—

 
(1,106
)
 
867

 
(237
)
Cash and restricted cash – beginning of year(1)
1

 
1

 
2,068

 
(982
)
 
1,088

Cash and restricted cash – end of year(1)
$
3

 
$
1

 
$
962

 
$
(115
)
 
$
851

(1)
Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2016
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
3,618

 
$
4,305

 
$
5,536

 
$
(8,167
)
 
$
5,292

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(156
)
 
(30,659
)
 
—

 
(30,815
)
Purchases of fixed maturities held to maturity
—

 
—

 
(282
)
 
—

 
(282
)
Purchases of equity securities
—

 
—

 
(146
)
 
—

 
(146
)
Sales of fixed maturities available for sale
—

 
66

 
16,611

 
—

 
16,677

Sales of equity securities
—

 
—

 
1,000

 
—

 
1,000

Maturities and redemptions of fixed maturities available for sale
—

 
66

 
9,283

 
—

 
9,349

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
958

 
—

 
958

Net change in short-term investments
—

 
7,943

 
4,407

 
—

 
12,350

Net derivative instruments settlements
—

 
(9
)
 
(159
)
 
—

 
(168
)
Private equity contributions
—

 
—

 
(553
)
 
—

 
(553
)
Private equity distributions
—

 
—

 
958

 
—

 
958

Acquisition of subsidiaries (net of cash acquired of $71)
—

 
(14,282
)
 
34

 
—

 
(14,248
)
Capital contribution
(2,330
)
 
(215
)
 
(2,330
)
 
4,875

 
—

Other
—

 
(3
)
 
(399
)
 
—

 
(402
)
Net cash flows used for investing activities
(2,330
)
 
(6,590
)
 
(1,277
)
 
4,875

 
(5,322
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,173
)
 
—

 
—

 
—

 
(1,173
)
Proceeds from issuance of repurchase agreements
—

 
—

 
2,310

 
—

 
2,310

Repayment of repurchase agreements
—

 
—

 
(2,311
)
 
—

 
(2,311
)
Proceeds from share-based compensation plans
—

 
—

 
167

 
—

 
167

Advances (to) from affiliates
404

 
(572
)
 
168

 
—

 
—

Dividends to parent company
—

 
—

 
(8,167
)
 
8,167

 
—

Capital contribution
—

 
2,330

 
2,545

 
(4,875
)
 
—

Net proceeds from (payments to) affiliated notional cash pooling programs(1)
(519
)
 
530

 
—

 
(11
)
 
—

Policyholder contract deposits
—

 
—

 
522

 
—

 
522

Policyholder contract withdrawals
—

 
—

 
(253
)
 
—

 
(253
)
Other
—

 
(4
)
 
—

 
—

 
(4
)
Net cash flows (used for) from financing activities
(1,288
)
 
2,284

 
(5,019
)
 
3,281

 
(742
)
Effect of foreign currency rate changes on cash and restricted cash
—

 
—

 
(25
)
 
—

 
(25
)
Net increase (decrease) in cash and restricted cash

—

 
(1
)
 
(785
)
 
(11
)
 
(797
)
Cash and restricted cash – beginning of year(1)
1

 
2

 
2,853

 
(971
)
 
1,885

Cash and restricted cash – end of year(1)
$
1

 
$
1

 
$
2,068

 
$
(982
)
 
$
1,088


(1)
Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.10.0.1
Condensed Unaudited Quarterly Financial Data
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Condensed unaudited quarterly financial data
Condensed unaudited quarterly financial data
 
Three Months Ended
 
 
March 31

 
June 30

 
September 30

 
December 31

(in millions of U.S. dollars, except per share data)
2018

 
2018

 
2018

 
2018

Net premiums earned
$
7,027

 
$
7,664

 
$
7,908

 
$
7,465

Net investment income
806

 
828

 
823

 
848

Net realized gains (losses) including OTTI
(2
)
 
18

 
19

 
(687
)
Total revenues
$
7,831

 
$
8,510

 
$
8,750

 
$
7,626

Losses and loss expenses
$
4,102

 
$
4,487

 
$
4,868

 
$
4,610

Policy benefits
$
151

 
$
150

 
$
127

 
$
162

Net income
$
1,082

 
$
1,294

 
$
1,231

 
$
355

Basic earnings per share
$
2.32

 
$
2.78

 
$
2.66

 
$
0.77

Diluted earnings per share
$
2.30

 
$
2.76

 
$
2.64

 
$
0.76



Net income for the three months ended December 31, 2018 included after-tax catastrophe losses of $506 million.
 
Three Months Ended
 
 
March 31

 
June 30

 
September 30

 
December 31

(in millions of U.S. dollars, except per share data)
2017

 
2017

 
2017

 
2017

Net premiums earned
$
6,772

 
$
7,237

 
$
7,807

 
$
7,218

Net investment income
745

 
770

 
813

 
797

Net realized gains (losses) including OTTI
(7
)
 
101

 
(10
)
 
—

Total revenues
$
7,510

 
$
8,108

 
$
8,610

 
$
8,015

Losses and loss expenses
$
3,789

 
$
4,146

 
$
6,247

 
$
4,272

Policy benefits
$
168

 
$
163

 
$
169

 
$
176

Net income (loss)
$
1,093

 
$
1,305

 
$
(70
)
 
$
1,533

Basic earnings (loss) per share
$
2.33

 
$
2.79

 
$
(0.15
)
 
$
3.29

Diluted earnings (loss) per share
$
2.31

 
$
2.77

 
$
(0.15
)
 
$
3.27



Net income for the three months ended September 30, 2017 included after-tax catastrophe losses of $1.5 billion. Net income for the three months ended December 31, 2017 included a one-time income tax transition benefit of $450 million related to the 2017 Tax Act. Refer to Note 7 for additional information.
v3.10.0.1
Schedule I
 12 Months Ended
Dec. 31, 2018
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I: SUMMARY OF INVESTEMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES
December 31, 2018 (in millions of U.S. dollars)
Cost or
Amortized Cost

 
Fair Value

 
Amount at Which Shown in the Balance Sheet

Fixed maturities available for sale
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
4,145

 
$
4,145

Foreign
21,370

 
21,416

 
21,416

Corporate securities
27,183

 
26,583

 
26,583

Mortgage-backed securities
15,758

 
15,540

 
15,540

States, municipalities, and political subdivisions
10,854

 
10,786

 
10,786

Total fixed maturities available for sale
79,323

 
78,470

 
78,470

Fixed maturities held to maturity
 
 
 
 
 
U.S. Treasury and agency
1,185

 
1,182

 
1,185

Foreign
1,549

 
1,542

 
1,549

Corporate securities
2,601

 
2,508

 
2,601

Mortgage-backed securities
2,524

 
2,486

 
2,524

States, municipalities, and political subdivisions
5,576

 
5,541

 
5,576

Total fixed maturities held to maturity
13,435

 
13,259

 
13,435

Equity securities
 
 
 
 
 
Industrial, miscellaneous, and all other
770

 
770

 
770

Short-term investments
3,016

 
3,016

 
3,016

Other investments (1)
5,153

 
5,153

 
5,153

Total investments - other than investments in related parties
$
101,697

 
$
100,668

 
$
100,844


(1)
Excludes $124 million of related party investments.
v3.10.0.1
Schedule II
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (Parent Company Only)
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Assets
 
 
 
Investments in subsidiaries and affiliates on equity basis
$
43,531

 
$
41,909

Total investments
43,531

 
41,909

Cash
1

 
3

Due from subsidiaries and affiliates, net
7,074

 
9,639

Other assets
3

 
3

Total assets
$
50,609

 
$
51,554

Liabilities
 
 
 
Affiliated notional cash pooling programs (1)
$
35

 
$
—

Accounts payable, accrued expenses, and other liabilities
262

 
382

Total liabilities
297

 
382

Shareholders' equity
 
 
 
Common Shares
11,121

 
11,121

Common Shares in treasury
(2,618
)
 
(1,944
)
Additional paid-in capital
12,557

 
13,978

Retained earnings
31,700

 
27,474

Accumulated other comprehensive income (loss)
(2,448
)
 
543

Total shareholders' equity
50,312

 
51,172

Total liabilities and shareholders' equity
$
50,609

 
$
51,554

(1)
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.


CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF OPERATIONS (Parent Company Only)
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Revenues
 
 
 
 
 
Investment income, including interest income
$
305

 
$
336

 
$
356

Equity in net income of subsidiaries and affiliates
3,753

 
3,640

 
3,901

 
4,058

 
3,976

 
4,257

Expenses
 
 
 
 
 
Administrative and other (income) expense
63

 
63

 
39

Chubb integration expenses
14

 
32

 
62

Income tax expense
19

 
20

 
21

 
96

 
115

 
122

Net income
$
3,962

 
$
3,861

 
$
4,135

Comprehensive income
$
1,242

 
$
4,718

 
$
4,556


The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.


CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF CASH FLOWS (Parent Company Only)
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Net cash flows from operating activities (1)
$
256

 
$
781

 
$
3,618

Cash flows from investing activities
 
 
 
 
 
Capital contribution
(1,475
)
 
—

 
(2,330
)
Net cash flows used for investing activities
(1,475
)
 
—

 
(2,330
)
Cash flows from financing activities
 
 
 
 
 
Dividends paid on Common Shares
(1,337
)
 
(1,308
)
 
(1,173
)
Advances from affiliates
2,519

 
892

 
404

Net proceeds from (payments to) affiliated notional cash pooling programs (2)
35

 
(363
)
 
(519
)
Net cash flows from (used for) financing activities
1,217

 
(779
)
 
(1,288
)
Net increase (decrease) in cash and restricted cash
(2
)
 
2

 
—

Cash and restricted cash – beginning of year
3

 
1

 
1

Cash and restricted cash – end of year
$
1

 
$
3

 
$
1

(1) 
Includes cash dividends received from subsidiaries of $75 million, $450 million, and $3.4 billion in 2018, 2017, and 2016, respectively.
(2) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto.
v3.10.0.1
Schedule IV
 12 Months Ended
Dec. 31, 2018
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
Premiums Earned
 
 
 
 
 
 
 
For the years ended December 31, 2018, 2017, and 2016 (in millions of U.S. dollars, except for percentages)
 
Direct Amount

 
Ceded To Other Companies

 
Assumed From Other Companies

 
Net Amount

 
Percentage of Amount Assumed to Net

2018
 
 
 
 
 
 
 
 
 


Property and Casualty
 
$
28,793

 
$
6,792

 
$
2,812

 
$
24,813

 
11
%
Accident and Health
 
4,409

 
342

 
162

 
4,229

 
4
%
Life
 
906

 
85

 
201

 
1,022

 
20
%
Total
 
$
34,108

 
$
7,219

 
$
3,175

 
$
30,064

 
11
%
2017
 
 
 
 
 
 
 
 
 
 
Property and Casualty
 
$
27,774

 
$
6,650

 
$
2,891

 
$
24,015

 
12
%
Accident and Health
 
4,167

 
349

 
221

 
4,039

 
5
%
Life
 
841

 
81

 
220

 
980

 
22
%
Total
 
$
32,782

 
$
7,080

 
$
3,332

 
$
29,034

 
11
%
2016
 
 
 
 
 
 
 
 
 
 
Property and Casualty
 
$
26,919

 
$
6,407

 
$
3,284

 
$
23,796

 
14
%
Accident and Health
 
4,047

 
315

 
219

 
3,951

 
6
%
Life
 
845

 
84

 
241

 
1,002

 
24
%
Total
 
$
31,811

 
$
6,806

 
$
3,744

 
$
28,749

 
13
%
v3.10.0.1
Schedule VI
 12 Months Ended
Dec. 31, 2018
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
As of and for the years ended December 31, 2018, 2017, and 2016 (in millions of U.S. dollars)
 
 
 
 
 
 
 
 
Deferred Policy Acquisition Costs
 
 
Net Reserves for Unpaid Losses and Loss Expenses

 
Unearned Premiums

 
Net Premiums Earned

 
Net Investment Income

Net Losses and Loss Expenses Incurred Related to
 
 
Amortization of Deferred Policy Acquisition Costs

 
Net Paid Losses and Loss Expenses

 
Net Premiums Written

 
 
 
 
 
 
 
Current Year

 
Prior Year

 
 
 
2018
 
$
3,926
 
 
$
48,271

 
$
15,532

 
$
29,042

 
$
3,047

 
$
19,048

 
$
(981
)
 
$
5,630

 
$
18,340

 
$
29,505

2017
 
$
3,805
 
 
$
49,165

 
$
15,216

 
$
28,054

 
$
2,890

 
$
19,391

 
$
(937
)
 
$
5,519

 
$
17,448

 
$
28,225

2016
 
$
3,537
 
 
$
47,832

 
$
14,779

 
$
27,747

 
$
2,656

 
$
17,256

 
$
(1,204
)
 
$
5,654

 
$
15,715

 
$
27,074
v3.10.0.1
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 14 for additional information.

The accompanying consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated financial statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include:
•
unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves;
•
future policy benefits reserves;
•
amortization of deferred policy acquisition costs and value of business acquired (VOBA);
•
reinsurance recoverable, including a provision for uncollectible reinsurance;
•
the assessment of risk transfer for certain structured insurance and reinsurance contracts;
•
the valuation of the investment portfolio and assessment of other than temporary impairment (OTTI);
•
the valuation of deferred income taxes;
•
the valuation of derivative instruments related to guaranteed living benefits (GLB);
•
the valuation and amortization of purchased intangibles; and
•
the assessment of goodwill for impairment.
Premiums
Premiums
Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term.

For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period. For retrospectively-rated multi-year policies, premiums recognized in the current period are computed using a with-and-without method as the difference between the ceding enterprise's total contract costs before and after the experience under the contract at the reporting date. Accordingly, for retrospectively-rated multi-year policies, additional premiums are generally written and earned when losses are incurred.

Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period. 

Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are matched with income to result in the recognition of profit over the life of the contracts.

Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method as described below in Note 1 k).

Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one to three years.
Deferred policy acquisition costs and value of business acquired
Deferred policy acquisition costs and value of business acquired
Policy acquisition costs consist of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. A VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts in a business combination and represents the present value of estimated net cash flows for the contracts in force at the acquisition date. Acquisition costs and VOBA, collectively policy acquisition costs, are deferred and amortized. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations. Policy acquisition costs on P&C contracts are generally amortized ratably over the period in which premiums are earned. Policy acquisition costs on traditional long-duration contracts are amortized over the estimated life of the contracts, generally in proportion to premium revenue recognized based upon the same assumptions used in estimating the liability for future policy benefits. For non-traditional long-duration contracts, we amortize policy acquisition costs over the expected life of the contracts in proportion to expected gross profits. The effect of changes in estimates of expected gross profits is reflected in the period the estimates are revised. Policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable policy acquisition costs are expensed in the period identified.

Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral, principally related to long-duration A&H business produced by the Overseas General Insurance segment, which are deferred and recognized as a component of Policy acquisition costs. For individual direct-response marketing campaigns that we can demonstrate have specifically resulted in incremental sales to customers and such sales have probable future economic benefits, incremental costs directly related to the marketing campaigns are capitalized as Deferred policy acquisition costs. Deferred policy acquisition costs, including deferred marketing costs, are reviewed regularly for recoverability from future income, including investment income, and amortized in proportion to premium revenue recognized, primarily over a ten-year period, the expected economic future benefit period based upon the same assumptions used in estimating the liability for future policy benefits. The expected future benefit period is evaluated periodically based on historical results and adjusted prospectively. The amount of deferred marketing costs reported in Deferred policy acquisition costs in the Consolidated balance sheets was $255 million and $271 million at December 31, 2018 and 2017, respectively. Amortization expense for deferred marketing costs was $114 million, $116 million, and $92 million for the years ended December 31, 2018, 2017, and 2016, respectively.
Reinsurance
Reinsurance
Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders.

For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements. Deposit accounting requires that consideration received or paid be recorded in the balance sheet as opposed to recording premiums written or losses incurred in the statement of operations. Non-refundable fees on deposit contracts are earned based on the terms of the contract described below in Note 1 k).

Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement.

Reinsurance recoverable is presented net of a provision for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The provision for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this provision includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. The more significant considerations include, but are not necessarily limited to, the following:
•
For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;
•
For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 34 percent, consistent with published statistics of a major rating agency;
•
For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting provision for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the provision for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the provision for uncollectible reinsurance by establishing a default factor pursuant to information received; and
•
For other recoverables, management determines the provision for uncollectible reinsurance based on the specific facts and circumstances.

The methods used to determine the reinsurance recoverable balance and related provision for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified.

Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force.

The value of reinsurance business assumed of $14 million and $18 million at December 31, 2018 and 2017, respectively, included in Other assets in the accompanying Consolidated balance sheets, represents the excess of estimated ultimate value of the liabilities assumed under retroactive reinsurance contracts over consideration received. The value of reinsurance business assumed is amortized and recorded to Losses and loss expenses based on the payment pattern of the losses assumed and ranges between 9 and 40 years. The unamortized value is reviewed regularly to determine if it is recoverable based upon the terms of the contract, estimated losses and loss expenses, and anticipated investment income. Unrecoverable amounts are expensed in the period identified.
Investments
Investments
Fixed maturities, equity securities, and short-term investments
Fixed maturities are classified as either available for sale or held to maturity.
•
Available for sale (AFS) portfolio is reported at fair value with changes in fair value recorded as a separate component of AOCI in Shareholders' equity.
•
Held to maturity (HTM) portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost.

Equity securities are reported at fair value with changes in fair value recorded in net realized gains (losses) on the Consolidated statement of operations. Prior to January 1, 2018, changes in fair value were recorded as a separate component of AOCI in Shareholders' equity.
Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost.

Interest, dividend income, amortization of fixed maturity market premiums and discounts related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statement of operations.

In addition, net investment income includes the amortization of the fair value adjustment related to the acquired invested assets of The Chubb Corporation (Chubb Corp). An adjustment of $1,652 million related to the fair value of Chubb Corp’s fixed maturities securities was recorded (fair value adjustment) at the date of acquisition. At December 31, 2018, the remaining balance of this fair value adjustment was $520 million which is expected to amortize over the next three years; however, the estimate could vary materially based on current market conditions, bond calls, and the duration of the acquired investment portfolio. In addition, sales of these acquired fixed maturities would also reduce the fair value adjustment balance. For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income. 

We regularly review our fixed maturities for other than temporary impairment (OTTI). Refer to Note 2 for additional information. With respect to fixed maturities where the decline in value is determined to be temporary and is not written down, a subsequent decision may be made to sell that security and realize a loss. Subsequent decisions on fixed maturities sales are the result of changing or unforeseen facts and circumstances (i.e., arising from a large insured loss such as a catastrophe), deterioration of the creditworthiness of the issuer or its industry, or changes in regulatory requirements. We believe that subsequent decisions to sell such securities are consistent with the classification of the majority of the portfolio as available for sale.

Other investments
Other investments principally comprise investment funds, limited partnerships, partially-owned investment companies, life insurance policies, policy loans, and non-qualified separate account assets.

Investment funds and limited partnerships
Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence are accounted for as follows. Generally, we own less than three percent of the investee’s shares.
•
Income and expenses from these funds are reported within Net investment income.
•
These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in net realized gains (losses) on the Consolidated statement of operations. Refer to Note 3 for a further discussion on net asset value. Prior to January 1, 2018, changes in fair value were recorded as a separate component of AOCI in Shareholders' equity.
•
As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
•
Sales of these investments are reported within Net realized gains (losses).



Partially-owned investment companies
Partially-owned investment companies where our ownership interest is in excess of three percent are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method.
•
This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense.
•
As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
 
Other
•
Policy loans are carried at outstanding balance and interest income is reflected in Net investment income.
•
Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense.
•
Non-qualified separate account assets are supported by assets that do not qualify for separate accounting reporting under GAAP. The underlying securities are recorded on a trade date basis and carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense.

Investments in partially-owned insurance companies
Investments in partially-owned insurance companies primarily represent direct investments in which Chubb has significant influence and as such, meet the requirements for equity accounting. We report our share of the net income or loss of the partially-owned insurance companies in Other (income) expense.

Derivative instruments
Chubb recognizes all derivatives at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. Changes in fair value are included in Net realized gains (losses) in the Consolidated statements of operations. We did not designate any derivatives as accounting hedges during 2018, 2017, or 2016. We participate in derivative instruments in two principal ways:

(i) To sell protection to customers as an insurance or reinsurance contract that meets the definition of a derivative for accounting purposes. The reinsurance of GLBs was our primary product falling into this category; and
(ii) To mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities held in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency. Refer to Note 9 for additional information.

Securities lending program
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return which is recorded within Net investment income in the Consolidated statement of operations.

Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan.

The fair value of the securities on loan is included in fixed maturities and equity securities in the Consolidated balance sheets. The securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest.

Repurchase agreements
Similar to securities lending arrangements, securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities and equity securities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statement of operations.

Refer to Note 3 for a discussion on the determination of fair value for Chubb's various investment securities.
Cash
Cash
Cash includes cash on hand and deposits with an original maturity of three months or less at time of purchase.

We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Actual cash balances are not physically converted and are not commingled between legal entities. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $300 million in the aggregate). Our syndicated letter of credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool.
Goodwill and other intangible assets
Goodwill and Other intangible assets
Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates less than a 50 percent probability that fair value exceeds carrying value, we quantitatively estimate a reporting unit's fair value. Goodwill recorded in connection with investments in partially-owned insurance companies is recorded in Investments in partially-owned insurance companies and is also measured for impairment annually.

Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally ranging from 1 to 30 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.
Unpaid losses and loss expenses
Unpaid losses and loss expenses
A liability is established for the estimated unpaid losses and loss expenses under the terms of, and with respect to, Chubb's policies and agreements. Similar to premiums that are recognized as revenues over the coverage period of the policy, a liability for unpaid losses and loss expenses is recognized as expense when insured events occur over the coverage period of the policy. This liability includes a provision for both reported claims (case reserves) and incurred but not reported claims (IBNR reserves). IBNR reserve estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The methods of determining such estimates and establishing the resulting liability are reviewed regularly and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses and loss expenses materially greater or less than recorded amounts.

Except for net loss and loss expense reserves of $33 million, net of discount, held at December 31, 2018, representing certain structured settlements for which the timing and amount of future claim payments are reliably determinable and $40 million, net of discount, of certain reserves for unsettled claims that are discounted in statutory filings, Chubb does not discount its P&C loss reserves. This compares with reserves of $36 million for certain structured settlements and $41 million of certain reserves for unsettled claims at December 31, 2017. Structured settlements represent contracts purchased from life insurance companies primarily to settle workers' compensation claims, where payments to the claimant by the life insurance company are expected to be made in the form of an annuity. Chubb retains the liability to the claimant in the event that the life insurance company fails to pay. At December 31, 2018, the liability due to claimants was $581 million, net of discount, and reinsurance recoverables due from the life insurance companies was $548 million, net of discount. For structured settlement contracts where payments are guaranteed regardless of claimant life expectancy, the amounts recoverable from the life insurance companies at December 31, 2018 are included in Other assets in the Consolidated balance sheets, as they do not meet the requirements for reinsurance accounting.

Included in Unpaid losses and loss expenses are liabilities for asbestos and environmental (A&E) claims and expenses. These unpaid losses and loss expenses are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to asbestos products and environmental hazards. The estimation of these liabilities is particularly sensitive to changes in the legal environment including specific settlements that may be used as precedents to settle future claims. However, Chubb does not anticipate future changes in laws and regulations in setting its A&E reserve levels.

Also included in Unpaid losses and loss expenses is the fair value adjustment of $207 million and $309 million at December 31, 2018 and December 31, 2017, respectively, related to Chubb Corp’s historical unpaid losses and loss expenses. The estimated fair value consists of the present value of the expected net unpaid loss and loss adjustment expense payments adjusted for an estimated risk margin. The estimated cash flows are discounted at a risk free rate. The estimated risk margin varies based on the inherent risks associated with each type of reserve. The fair value is amortized through Amortization of purchased intangibles on the consolidated statements of operations through the year 2032, based on the estimated payout patterns of unpaid loss and loss expenses at the acquisition date.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premiums from previous accident years.

For purposes of analysis and disclosure, management views prior period development to be changes in the nominal value of loss estimates from period to period, net of premium and profit commission adjustments on loss sensitive contracts. Prior period development generally excludes changes in loss estimates that do not arise from the emergence of claims, such as those related to uncollectible reinsurance, interest, unallocated loss adjustment expenses, or foreign currency. Accordingly, specific items excluded from prior period development include the following: gains/losses related to foreign currency remeasurement; losses recognized from the early termination or commutation of reinsurance agreements that principally relate to the time value of money; changes in the value of reinsurance business assumed reflected in losses incurred but principally related to the time value of money; and losses that arise from changes in estimates of earned premiums from prior accident years. Except for foreign currency remeasurement, which is included in Net realized gains (losses), these items are included in current year losses.
Future policy benefits
Future policy benefits
The valuation of long-duration contract reserves requires management to make estimates and assumptions regarding expenses, mortality, persistency, and investment yields. Estimates are primarily based on historical experience and information provided by ceding companies and include a margin for adverse deviation. Interest rates used in calculating reserves range from less than 1.0 percent to 11.0 percent and less than 1.0 percent to 8.0 percent at December 31, 2018 and 2017, respectively. Actual results could differ materially from these estimates. Management monitors actual experience and where circumstances warrant, will revise assumptions and the related reserve estimates. Revisions are recorded in the period they are determined.

Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Future policy benefits in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under GAAP are reported in Other income (expense) and the offsetting movements in the liabilities are included in Policy benefits in the Consolidated statements of operations.
Assumed reinsurance programs involving minimum benefit guarantees under annuity contracts
Assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts
Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States. We generally receive a monthly premium during the accumulation phase of the covered annuities (in-force) based on a percentage of either the underlying accumulated account values or the underlying accumulated guaranteed values. Depending on an annuitant's age, the accumulation phase can last many years. To limit our exposure under these programs, all reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible.

The guarantees which are payable on death, referred to as guaranteed minimum death benefits (GMDB), principally cover shortfalls between accumulated account value at the time of an annuitant's death and either i) an annuitant's total deposits; ii) an annuitant's total deposits plus a minimum annual return; or iii) the highest accumulated account value attained at any policy anniversary date. In addition, a death benefit may be based on a formula specified in the variable annuity contract that uses a percentage of the growth of the underlying contract value. Liabilities for GMDBs are based on cumulative assessments or premiums to date multiplied by a benefit ratio that is determined by estimating the present value of benefit payments and related adjustment expenses divided by the present value of cumulative assessment or expected premiums during the contract period.  

Under reinsurance programs covering GLBs, we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. We also assume the risk of guaranteed minimum accumulation benefits (GMAB). However, at December 31, 2018, the risks related to our GMAB programs are minimal given that the majority of these policies are no longer in force. Our GLB reinsurance products meet the definition of a derivative for accounting purposes and are carried at fair value with changes in fair value recognized in Realized gains (losses) in the Consolidated statement of operations. Refer to Notes 4 c) and 9 a) for additional information.
Deposit assets and liabilities
Deposit assets and liabilities
Deposit assets arise from ceded reinsurance contracts purchased that do not transfer significant underwriting or timing risk. Deposit liabilities include reinsurance deposit liabilities and contract holder deposit funds. The reinsurance deposit liabilities arise from contracts sold for which there is not a significant transfer of risk. Contract holder deposit funds represent a liability for investment contracts sold that do not meet the definition of an insurance contract, and certain of these contracts are sold with a guaranteed rate of return. Under deposit accounting, consideration received or paid is recorded as a deposit asset or liability in the balance sheet as opposed to recording premiums and losses in the statement of operations.

Interest income on deposit assets, representing the consideration received or to be received in excess of cash payments related to the deposit contract, is earned based on an effective yield calculation. The calculation of the effective yield is based on the amount and timing of actual cash flows at the balance sheet date and the estimated amount and timing of future cash flows. The effective yield is recalculated periodically to reflect revised estimates of cash flows. When a change in the actual or estimated cash flows occurs, the resulting change to the carrying amount of the deposit asset is reported as income or expense. Deposit assets of $97 million and $89 million at December 31, 2018 and 2017, respectively, are reflected in Other assets in the Consolidated balance sheets and the accretion of deposit assets related to interest pursuant to the effective yield calculation is reflected in Net investment income in the Consolidated statements of operations.

Deposit liabilities include reinsurance deposit liabilities of $97 million and $100 million and contract holder deposit funds of $1.8 billion at both December 31, 2018 and 2017. Deposit liabilities are reflected in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. At contract inception, the deposit liability equals net cash received. An accretion rate is established based on actuarial estimates whereby the deposit liability is increased to the estimated amount payable over the contract term. The deposit accretion rate is the rate of return required to fund expected future payment obligations. We periodically reassess the estimated ultimate liability and related expected rate of return. Changes to the deposit liability are generally reflected through Interest expense to reflect the cumulative effect of the period the contract has been in force, and by an adjustment to the future accretion rate of the liability over the remaining estimated contract term.

The liability for contract holder deposit funds equals accumulated policy account values, which consist of the deposit payments plus credited interest less withdrawals and amounts assessed through the end of the period.
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment
Property and equipment used in operations are capitalized and carried at cost less accumulated depreciation and are reported within Other assets in the Consolidated balance sheets. At December 31, 2018, property and equipment totaled $1.7 billion, consisting principally of capitalized software costs of $970 million incurred to develop or obtain computer software for internal use and company-owned facilities of $277 million. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. For capitalized software, the estimated useful life is generally three to five years, but can be as long as 15 years and for company-owned facilities the estimated useful life is 39 years. At December 31, 2017, property and equipment totaled $1.3 billion. 
Foreign currency remeasurement and translation
Foreign currency remeasurement and translation
The functional currency for each of our foreign operations is generally the currency of the local operating environment. Transactions in currencies other than a foreign operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains and losses are reflected in Net realized gains (losses) in the Consolidated statements of operations. Functional currency assets and liabilities are translated into the reporting currency, U.S. dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of AOCI in Shareholders' equity. Functional statement of operations amounts expressed in functional currencies are translated using average exchange rates.

Administrative expenses
Administrative expenses
Administrative expenses generally include all operating costs other than policy acquisition costs. The North America Commercial P&C Insurance segment manages and uses an in-house third-party claims administrator, ESIS Inc. (ESIS). ESIS performs claims management and risk control services for domestic and international organizations that self-insure P&C exposures as well as internal P&C exposures. The net operating results of ESIS are included within Administrative expenses in the Consolidated statements of operations and were $49 million, $38 million, and $32 million for the years ended December 31, 2018, 2017, and 2016, respectively.
Income taxes
Income taxes
Income taxes have been recorded related to those operations subject to income tax. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of our assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax law or rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to these deferred tax assets will not be realized. The valuation allowance assessment considers tax planning strategies, where appropriate.

We recognize uncertain tax positions deemed more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Earnings per share
Earnings per share
Basic earnings per share is calculated using the weighted-average shares outstanding, including participating securities with non-forfeitable rights to dividends such as unvested restricted stock. All potentially dilutive securities, including stock options are excluded from the basic earnings per share calculation. In calculating diluted earnings per share, the weighted-average shares outstanding is increased to include all potentially dilutive securities. Basic and diluted earnings per share are calculated by dividing net income by the applicable weighted-average number of shares outstanding during the year.
Cash flow information
Cash flow information
Premiums received and losses paid associated with the GLB reinsurance products, which as discussed previously, meet the definition of a derivative instrument for accounting purposes, are included within Cash flows from operating activities. Cash flows, such as settlements and collateral requirements, associated with GLB and all other derivative instruments, are included on a net basis within Cash flows from investing activities. Purchases, sales, and maturities of short-term investments are recorded on a net basis within Cash flows from investing activities.
Share-based compensation
Share-based compensation
Chubb measures and records compensation cost for all share-based payment awards at grant-date fair value. Compensation costs are recognized for vesting of share-based payment awards with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. For retirement-eligible participants, compensation costs for certain share-based payment awards are recognized immediately at the date of grant. Refer to Note 11 for additional information.
Chubb integration expenses
Chubb integration expenses
Direct costs related to the Chubb Corp acquisition were expensed as incurred. Chubb integration expenses were $59 million, $310 million, and $492 million for the years ended December 31, 2018, 2017 and 2016, respectively, and include all internal and external costs directly related to the integration activities of the Chubb Corp acquisition. These expenses principally consisted of personnel-related expenses, consulting fees, and rebranding.

New accounting pronouncements
Adopted in 2018
Revenue from Contracts with Customers
Effective January 2018, we adopted new accounting guidance on "Revenue from Contracts with Customers" on a prospective basis. The standard excludes from its scope the accounting for insurance contracts, leases, financial instruments, and certain other agreements that are governed under other GAAP guidance, but could affect the revenue recognition for certain of our claims management and risk control services. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The adoption of this guidance did not have a material impact on our financial condition or results of operations given that the majority of our business is outside the scope of this guidance.

Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities
Effective January 2018, we adopted new accounting guidance on "Recognition and Measurement of Financial Assets and Financial Liabilities" on a modified-retrospective basis. The guidance requires equity investments, other than those accounted for under the equity method of accounting, to be measured at fair value with changes in fair value recognized through net income. The guidance impacts our public equities and cost-method private equities. As a result, we recorded a cumulative-effect adjustment to increase beginning Retained earnings by $417 million after tax ($454 million pre-tax), representing the unrealized appreciation on our equity investments as of December 31, 2017 with an offsetting adjustment to decrease beginning Accumulated other comprehensive income. All subsequent changes in fair value of our equity investments are recognized within realized gains (losses) on the Consolidated statement of operations. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance.

Income Tax Accounting Implications of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (2017 Tax Act) was enacted in December 2017. Among other things, the 2017 Tax Act reduced the U.S. Federal income tax rate to 21 percent from 35 percent effective in 2018, and instituted a dividends received deduction for foreign earnings with a related tax for the deemed repatriation of unremitted foreign earnings. The 2017 Tax Act also included provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes may be imposed on income of foreign subsidiaries, and for a Base Erosion and Anti-Abuse Tax (BEAT) under which taxes may be imposed on certain payments to affiliated foreign companies.

The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (SAB 118), Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which provided guidance for the application of the 2017 Tax Act and allowed companies up to one year to complete their accounting. In connection with the 2017 Tax Act, we recorded a $450 million income tax provisional benefit in the fourth quarter of 2017. In 2018, we recorded an additional benefit of $25 million as a measurement period adjustment, resulting in a final transition benefit of $475 million. This change reflected the favorable impact of changes to certain tax only accounting methods offset by updates to provisional amounts recorded related to foreign tax credits and withholding taxes as a result of additional guidance issued during 2018. Refer to Note 7 for additional information.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
In February 2018, the FASB issued guidance that allows the optional reclassification from Accumulated other comprehensive income (AOCI) to Retained earnings of the stranded tax effects resulting from the 2017 Tax Act for all items accounted for in AOCI. We adopted the standard in 2018 and elected to reclassify $146 million of stranded tax effects from beginning AOCI to beginning Retained earnings. The stranded tax effects included $121 million of tax expense related to Net unrealized appreciation of investments, $47 million of tax expense related to Postretirement benefit liability, and a tax benefit of $22 million related to Cumulative foreign currency translation losses as of December 31, 2017.

Intra-Entity Transfers of Assets Other than Inventory
Effective January 2018, we adopted new accounting guidance on “Intra-Entity Transfers of Assets Other Than Inventory” on a modified-retrospective basis. Under the new guidance, we will no longer defer taxes on intra-company asset transfers and will recognize any related income tax expense (benefit) immediately through the Consolidated statement of operations. As a result, we recorded a cumulative-effect adjustment to decrease beginning Retained earnings by $7 million, representing the removal of the deferred tax assets for previous intra-company asset transfer transactions not yet recognized through earnings.
Accounting guidance not yet adopted
Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB issued guidance on the amortization period for purchased callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. Under current guidance, premiums generally are amortized over the contracted life of the security. We adopted this guidance on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment which decreased beginning retained earnings by approximately $15 million pre-tax, or $11 million after-tax. Securities held at a discount do not require an accounting change.

Lease Accounting
In February 2016, the FASB issued accounting guidance requiring leases with lease terms of more than 12 months to recognize
a right of use asset and a corresponding lease liability on the balance sheets. We adopted this guidance on January 1, 2019 on a modified retrospective basis and recognized a right of use asset and a corresponding lease liability for our real estate leases of approximately $800 million. The adoption of this guidance did not have a material effect on our results of operations, financial condition or liquidity.

Accounting guidance not yet adopted
Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities and reinsurance recoverables, by applying an approach based on the current expected credit losses (CECL). The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset in order to present the net carrying value at the amount expected to be collected on the financial asset on the Consolidated balance sheet.

The guidance also amends the current debt security other-than-temporary impairment model by requiring an estimate of the expected credit loss (ECL) only when the fair value is below the amortized cost of the asset. The length of time the fair value of an AFS debt security has been below the amortized cost will no longer impact the determination of whether a potential credit loss exists. The AFS debt security model will also require the use of a valuation allowance as compared to the current practice of writing down the asset.

The standard is effective for us in the first quarter of 2020 with early adoption permitted. We will be able to assess the effect of adopting this guidance on our financial condition and results of operations closer to the date of adoption.

Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures.

This standard will be effective for us in the first quarter of 2021 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
v3.10.0.1
Summary of significant accounting policies Summary of Significant Accounting Policies (Tables) (Tables)
 12 Months Ended
Dec. 31, 2018
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents [Table Text Block]

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
 
December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Cash
$
1,247

 
$
728

 
$
985

Restricted cash
93

 
123

 
103

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,340

 
$
851

 
$
1,088
v3.10.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Debt securities Available for sale
December 31, 2018
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—



December 31, 2017
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,701

 
$
32

 
$
(35
)
 
$
3,698

 
$
—

Foreign
20,514

 
622

 
(106
)
 
21,030

 
(1
)
Corporate securities
23,453

 
638

 
(95
)
 
23,996

 
(4
)
Mortgage-backed securities
15,279

 
111

 
(100
)
 
15,290

 
(1
)
States, municipalities, and political subdivisions
14,888

 
125

 
(88
)
 
14,925

 
—

 
$
77,835

 
$
1,528

 
$
(424
)
 
$
78,939

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
908

 
$
12

 
$
(5
)
 
$
915

 
$
—

Foreign
1,738

 
27

 
(8
)
 
1,757

 
—

Corporate securities
3,159

 
67

 
(7
)
 
3,219

 
—

Mortgage-backed securities
2,724

 
23

 
(5
)
 
2,742

 
—

States, municipalities, and political subdivisions
5,806

 
50

 
(15
)
 
5,841

 
—

 
$
14,335

 
$
179

 
$
(40
)
 
$
14,474

 
$
—
Debt Securities Held to Maturity
December 31, 2018
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—



December 31, 2017
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,701

 
$
32

 
$
(35
)
 
$
3,698

 
$
—

Foreign
20,514

 
622

 
(106
)
 
21,030

 
(1
)
Corporate securities
23,453

 
638

 
(95
)
 
23,996

 
(4
)
Mortgage-backed securities
15,279

 
111

 
(100
)
 
15,290

 
(1
)
States, municipalities, and political subdivisions
14,888

 
125

 
(88
)
 
14,925

 
—

 
$
77,835

 
$
1,528

 
$
(424
)
 
$
78,939

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
908

 
$
12

 
$
(5
)
 
$
915

 
$
—

Foreign
1,738

 
27

 
(8
)
 
1,757

 
—

Corporate securities
3,159

 
67

 
(7
)
 
3,219

 
—

Mortgage-backed securities
2,724

 
23

 
(5
)
 
2,742

 
—

States, municipalities, and political subdivisions
5,806

 
50

 
(15
)
 
5,841

 
—

 
$
14,335

 
$
179

 
$
(40
)
 
$
14,474

 
$
—
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 
December 31
 
 
December 31
 
 
 
 
2018

 
 
 
2017

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,569

 
$
3,568

 
$
3,164

 
$
3,182

Due after 1 year through 5 years
27,134

 
27,005

 
24,749

 
25,068

Due after 5 years through 10 years
24,095

 
23,543

 
25,388

 
25,704

Due after 10 years
8,767

 
8,814

 
9,255

 
9,695

 
63,565

 
62,930

 
62,556

 
63,649

Mortgage-backed securities
15,758

 
15,540

 
15,279

 
15,290

 
$
79,323

 
$
78,470

 
$
77,835

 
$
78,939

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
536

 
$
537

 
$
743

 
$
746

Due after 1 year through 5 years
3,122

 
3,106

 
2,669

 
2,688

Due after 5 years through 10 years
4,468

 
4,407

 
4,744

 
4,756

Due after 10 years
2,785

 
2,723

 
3,455

 
3,542

 
10,911

 
10,773

 
11,611

 
11,732

Mortgage-backed securities
2,524

 
2,486

 
2,724

 
2,742

 
$
13,435

 
$
13,259

 
$
14,335

 
$
14,474
Gain (Loss) on Securities [Table Text Block]
) Equity securities and Other investments
Effective January 1, 2018, we adopted new accounting guidance that requires any changes in fair value of equity securities and other investments that are accounted for under the cost-method to be recognized immediately in realized gains and losses in net income. As a result, beginning on January 1, 2018, realized gains and losses from these investments include both sales of securities and unrealized gains and losses as follows:
 
Year Ended December 31, 2018
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

Net losses recognized during the period
$
(59
)
 
$
(5
)
 
$
(64
)
Less: Net gains recognized from sales of securities
70

 
121

 
191

Unrealized losses recognized for securities still held at reporting date
$
(129
)
 
$
(126
)
 
$
(255
)
Schedule Of Default Assumptions By Moody's Rating Category
The following table presents default assumptions by Moody's rating category (historical mean default rate provided for comparison):
Moody's Rating Category
1-in-100 Year Default Rate

 
Historical Mean Default Rate

Investment Grade:
 
 
 
Aaa-Baa
0.0 - 1.3%

 
0.0 - 0.3%

Below Investment Grade:
 
 
 
Ba
4.8
%
 
1.0
%
B
12.0
%
 
3.2
%
Caa-C
36.6
%
 
10.5
%
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
The following table presents the components of Net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Fixed maturities:
 
 
 
 
 
OTTI on fixed maturities, gross
$
(52
)
 
$
(24
)
 
$
(89
)
OTTI on fixed maturities recognized in OCI (pre-tax)
3

 
1

 
8

OTTI on fixed maturities, net
(49
)
 
(23
)
 
(81
)
Gross realized gains excluding OTTI
334

 
149

 
183

Gross realized losses excluding OTTI
(587
)
 
(157
)
 
(265
)
Total fixed maturities
(302
)
 
(31
)
 
(163
)
Equity securities:
 
 
 
 
 
OTTI on equity securities
—

 
(10
)
 
(8
)
Gross realized gains excluding OTTI
74

 
28

 
65

Gross realized losses excluding OTTI
(133
)
 
(2
)
 
(13
)
Total equity securities
(59
)
 
16

 
44

OTTI on other investments
—

 
(12
)
 
(14
)
Other investments
(5
)
 
—

 
—

Foreign exchange gains
131

 
36

 
118

Investment and embedded derivative instruments
(75
)
 
(11
)
 
(33
)
Fair value adjustments on insurance derivative
(248
)
 
364

 
53

S&P put options and futures
(4
)
 
(261
)
 
(136
)
Other derivative instruments
(3
)
 
(5
)
 
(10
)
Other
(87
)
 
(12
)
 
(4
)
Net realized gains (losses) (pre-tax)
$
(652
)
 
$
84

 
$
(145
)
 
 
 
 
 
 
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
 
 
 
 
 
Fixed maturities available for sale
$
(1,958
)
 
$
519

 
$
142

Fixed maturities held to maturity
(38
)
 
18

 
(59
)
Equity securities
—

 
88

 
52

Other
—

 
8

 
(51
)
Income tax (expense) benefit
297

 
(241
)
 
100

Change in net unrealized appreciation (depreciation) on investments (after-tax)
$
(1,699
)
 
$
392

 
$
184
Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI
The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Balance of credit losses related to securities still held – beginning of year
$
22

 
$
35

 
$
53

Additions where no OTTI was previously recorded
20

 
4

 
17

Additions where an OTTI was previously recorded
5

 
2

 
14

Reductions for securities sold during the period
(13
)
 
(19
)
 
(49
)
Balance of credit losses related to securities still held – end of year
$
34

 
$
22

 
$
35
Schedule Of Other Investments
 
 
 
December 31

 
 
 
December 31

 
 
 
2018

 
 
 
2017

(in millions of U.S. dollars)
Fair Value

 
Cost

 
Fair Value

 
Cost

Partially-owned investment companies
$
3,623

 
$
3,623

 
$
2,803

 
$
2,803

Limited partnerships
538

 
538

 
549

 
441

Investment funds
83

 
83

 
270

 
123

Other
 
 
 
 
 
 
 
Life insurance policies
304

 
304

 
305

 
305

Policy loans
243

 
243

 
244

 
244

Non-qualified separate account assets
252

 
252

 
333

 
333

Other
234

 
234

 
168

 
168

Total
$
5,277

 
$
5,277

 
$
4,672

 
$
4,417
Schedule Of Partially Owned Insurance Companies
 
December 31, 2018
 
 
December 31, 2017
 
 
 
(in millions of U.S. dollars, except for percentages)
Carrying Value

 
Issued
 Share
Capital

 
Ownership Percentage

 
Carrying Value

 
Issued Share Capital

 
Ownership Percentage

 
Domicile
Huatai Group
$
452

 
$
587

 
20
%
 
$
438

 
$
616

 
20
%
 
China
Huatai Life Insurance Company
106

 
472

 
20
%
 
105

 
495

 
20
%
 
China
Freisenbruch-Meyer
9

 
—

 
40
%
 
9

 
—

 
40
%
 
Bermuda
Chubb Arabia Cooperative Insurance Company
18

 
27

 
30
%
 
15

 
27

 
30
%
 
Saudi Arabia
Russian Reinsurance Company
2

 
4

 
23
%
 
2

 
4

 
23
%
 
Russia
ABR Reinsurance Ltd.
91

 
774

 
12
%
 
93

 
800

 
11
%
 
Bermuda
Total
$
678

 
$
1,864

 
 
 
$
662

 
$
1,942

 
 
 
 
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2018
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
523

 
$
(4
)
 
$
2,859

 
$
(50
)
 
$
3,382

 
$
(54
)
Foreign
6,764

 
(208
)
 
5,349

 
(159
)
 
12,113

 
(367
)
Corporate securities
16,538

 
(599
)
 
4,873

 
(255
)
 
21,411

 
(854
)
Mortgage-backed securities
6,103

 
(98
)
 
6,913

 
(229
)
 
13,016

 
(327
)
States, municipalities, and political subdivisions
5,024

 
(44
)
 
7,768

 
(124
)
 
12,792

 
(168
)
Total fixed maturities
$
34,952

 
$
(953
)
 
$
27,762

 
$
(817
)
 
$
62,714

 
$
(1,770
)
 
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2017
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
2,172

 
$
(14
)
 
$
1,249

 
$
(26
)
 
$
3,421

 
$
(40
)
Foreign
5,657

 
(65
)
 
1,693

 
(49
)
 
7,350

 
(114
)
Corporate securities
5,210

 
(56
)
 
1,332

 
(46
)
 
6,542

 
(102
)
Mortgage-backed securities
6,194

 
(31
)
 
3,209

 
(74
)
 
9,403

 
(105
)
States, municipalities, and political subdivisions
9,259

 
(71
)
 
1,402

 
(32
)
 
10,661

 
(103
)
Total fixed maturities
28,492

 
(237
)
 
8,885

 
(227
)
 
37,377

 
(464
)
Equity securities
115

 
(12
)
 
—

 
—

 
115

 
(12
)
Other investments
78

 
(8
)
 
—

 
—

 
78

 
(8
)
Total
$
28,685

 
$
(257
)
 
$
8,885

 
$
(227
)
 
$
37,570

 
$
(484
)
Schedule Of Sources Of Net Investment Income
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Fixed maturities
$
3,128

 
$
2,987

 
$
2,779

Short-term investments
90

 
56

 
58

Other interest income
118

 
75

 
35

Equity securities
33

 
38

 
36

Other investments
104

 
133

 
98

Gross investment income (1)
3,473

 
3,289

 
3,006

Investment expenses
(168
)
 
(164
)
 
(141
)
Net investment income (1)
$
3,305

 
$
3,125

 
$
2,865

(1) Includes amortization expense related to fair value adjustment of acquired invested assets
    related to the Chub Corp acquisition

$
(248
)
 
$
(332
)
 
$
(393
)
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets: 
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Trust funds
$
13,988

 
$
17,011

Deposits with U.S. regulatory authorities
2,405

 
2,345

Deposits with non-U.S. regulatory authorities
2,531

 
2,250

Assets pledged under repurchase agreements
1,468

 
1,434

Other pledged assets
692

 
414

Total
$
21,084

 
$
23,454
v3.10.0.1
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
GMIB Annuitization Experience [Table Text Block]
The level of annuitization assumptions at December 31, 2018 are as follows:
% of total GMIB guaranteed value
Policyholder age
Maximum annuitization rate(s) (per year)
19%
Under 65 years old
1% - 21%
81%
Over 65 years old
3% - 42%
Financial Instruments Measured At Fair Value On A Recurring Basis
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy 
December 31, 2018
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,400

 
$
745

 
$
—

 
$
4,145

Foreign
—

 
21,071

 
345

 
21,416

Corporate securities
—

 
25,284

 
1,299

 
26,583

Mortgage-backed securities
—

 
15,479

 
61

 
15,540

States, municipalities, and political subdivisions
—

 
10,786

 
—

 
10,786

 
3,400

 
73,365

 
1,705

 
78,470

Equity securities
713

 
—

 
57

 
770

Short-term investments
1,575

 
1,440

 
1

 
3,016

Other investments (1)
381

 
303

 
11

 
695

Securities lending collateral
—

 
1,926

 
—

 
1,926

Investment derivative instruments
28

 
—

 
—

 
28

Other derivative instruments
25

 
—

 
—

 
25

Separate account assets
2,686

 
137

 
—

 
2,823

Total assets measured at fair value (1)
$
8,808

 
$
77,171

 
$
1,774

 
$
87,753

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
38

 
$
115

 
$
—

 
$
153

GLB (2)
—

 
—

 
452

 
452

Total liabilities measured at fair value
$
38

 
$
115

 
$
452

 
$
605

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.


 
December 31, 2017
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,129

 
$
569

 
$
—

 
$
3,698

Foreign
—

 
20,937

 
93

 
21,030

Corporate securities
—

 
22,959

 
1,037

 
23,996

Mortgage-backed securities
—

 
15,212

 
78

 
15,290

States, municipalities, and political subdivisions
—

 
14,925

 
—

 
14,925

 
3,129

 
74,602

 
1,208

 
78,939

Equity securities
893

 
—

 
44

 
937

Short-term investments
2,309

 
1,252

 
—

 
3,561

Other investments (1)
466

 
305

 
263

 
1,034

Securities lending collateral
—

 
1,737

 
—

 
1,737

Investment derivative instruments
18

 
—

 
—

 
18

Other derivative instruments
1

 
—

 
—

 
1

Separate account assets
2,635

 
99

 
—

 
2,734

Total assets measured at fair value (1)
$
9,451

 
$
77,995

 
$
1,515

 
$
88,961

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
30

 
$
—

 
$
—

 
$
30

Other derivative instruments
21

 
—

 
2

 
23

GLB (2)
—

 
—

 
204

 
204

Total liabilities measured at fair value
$
51

 
$
—

 
$
206

 
$
257

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,623 million and other investments of $15 million at December 31, 2017 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
Fair Value And Maximum Future Funding Commitments Related To Investments
The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: 
 
 
 
December 31
 
 
December 31
 
 
 
 
2018
 
 
2017
 
(in millions of U.S. dollars)
Expected Liquidation
Period of Underlying Assets
 
Fair Value

 
Maximum
Future Funding
Commitments

 
Fair Value

 
Maximum
Future Funding
Commitments

Financial
2 to 9 Years
 
$
596

 
$
193

 
$
540

 
$
330

Real Assets
2 to 11 Years
 
704

 
362

 
651

 
114

Distressed
2 to 7 Years
 
296

 
105

 
289

 
141

Private Credit
3 to 8 Years
 
147

 
310

 
187

 
327

Traditional
2 to 14 Years
 
2,362

 
2,735

 
1,656

 
3,149

Vintage
1 to 2 Years
 
56

 
—

 
30

 
—

Investment funds
Not Applicable
 
83

 
—

 
270

 
—

 
 
 
$
4,244

 
$
3,705

 
$
3,623

 
$
4,061
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)
Fair Value at December 31, 2018

 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
GLB(1)
$
452

 
Actuarial model
 
Lapse rate
 
3% – 32%
 
 
 
 
 
Annuitization rate
 
0% – 42%
(1) 
Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): 
 
 
 
 
 
 
 
 
 
 
 
Assets

 
 
 
Liabilities

 
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB (1)

Year Ended December 31, 2018
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance, beginning of year
$
93

 
$
1,037

 
$
78

 
$
44

 
$
—

 
$
263

 
$
2

 
$
204

Transfers into Level 3
13

 
24

 
1

 
—

 
5

 
—

 
—

 
—

Transfers out of Level 3
(2
)
 
(31
)
 
(3
)
 
—

 
—

 
(252
)
 
—

 
—

Change in Net Unrealized Gains/Losses included in OCI
(12
)
 
(4
)
 
—

 
(2
)
 
—

 
(2
)
 
—

 
—

Net Realized Gains/Losses
(3
)
 
(5
)
 
—

 
6

 
—

 
1

 
(2
)
 
248

Purchases
334

 
672

 
5

 
37

 
9

 
50

 
—

 
—

Sales
(69
)
 
(164
)
 
—

 
(28
)
 
—

 
—

 
—

 
—

Settlements
(9
)
 
(230
)
 
(20
)
 
—

 
(13
)
 
(49
)
 
—

 
—

Balance, end of year
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
—

 
$
452

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(1
)
 
$
(7
)
 
$
—

 
$
(1
)
 
$
—

 
$
1

 
$
—

 
$
248


(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
 
Assets
 
 
 
 
Liabilities

 
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
 Other derivative instruments

 
GLB (2)

Year Ended December 31, 2017
Foreign

 
Corporate
securities (1)

 
MBS

 
(in millions of U.S. dollars)
 
 
 
 
 
 
Balance, beginning of year
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225


$
13

 
$
559

Transfers into Level 3
—

 
231

 
50

 
—

 
—

 
—


—

 
9

Transfers out of Level 3
(3
)
 
(93
)
 
—

 
—

 
—

 
—

 
(9
)
 
—

Change in Net Unrealized Gains/Losses included in OCI
3

 
(12
)
 
—

 
(1
)
 
—

 
6

 
—

 
—

Net Realized Gains/Losses
—

 
—

 
—

 
2

 
—

 
—

 
(2
)
 
(364
)
Purchases 
84

 
521

 
8

 
24

 
16

 
56

 
—

 
—

Sales
(59
)
 
(111
)
 
(1
)
 
(22
)
 
—

 
—

 
—

 
—

Settlements
(6
)
 
(180
)
 
(24
)
 
—

 
(41
)
 
(24
)
 
—

 
—

Balance, end of year
$
93

 
$
1,037

 
$
78

 
$
44

 
$
—

 
$
263

 
$
2

 
$
204

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(1
)
 
$
(2
)
 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
(2
)
 
$
(364
)
(1) 
Transfers into and Purchases in Level 3 primarily consist of privately-placed fixed income securities.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $550 million at December 31, 2017 and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $204 million and $559 million, respectively. 

 
Assets
 
 
Liabilities
 
 
Available-for-Sale Debt Securities
 
 
 
 
Short-term investments

 
 
 
Other
derivative
instruments

 
GLB(1)

Year Ended December 31, 2016
Foreign

 
Corporate
securities

 
MBS

 
Equity
securities

 
 
Other
investments

(in millions of U.S. dollars)
 
 
 
 
 
Balance, beginning of year
$
57

 
$
174

 
$
53

 
$
16

 
$
—

 
$
212

 
$
6

 
$
609

Transfers into Level 3
9

 
53

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(24
)
 
(10
)
 
—

 
—

 
(50
)
 
—

 
—

 
—

Change in Net Unrealized Gains/Losses included in OCI
1

 
15

 
(1
)
 
2

 
—

 
(2
)
 
—

 
—

Net Realized Gains/Losses
(6
)
 
(13
)
 
—

 
1

 
—

 
1

 
5

 
(50
)
Purchases (2)
70

 
566

 
1

 
27

 
75

 
33

 
2

 
—

Sales
(17
)
 
(59
)
 
(8
)
 
(5
)
 
—

 
—

 
—

 
—

Settlements
(16
)
 
(45
)
 
—

 
—

 
—

 
(19
)
 
—

 
—

Balance, end of year
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225

 
$
13

 
$
559

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(5
)
 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
1

 
$
5

 
$
(50
)
(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $853 million at December 31, 2016 and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $559 million and $609 million, respectively. 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
Assets

 
 
 
Liabilities

 
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB (1)

Year Ended December 31, 2018
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance, beginning of year
$
93

 
$
1,037

 
$
78

 
$
44

 
$
—

 
$
263

 
$
2

 
$
204

Transfers into Level 3
13

 
24

 
1

 
—

 
5

 
—

 
—

 
—

Transfers out of Level 3
(2
)
 
(31
)
 
(3
)
 
—

 
—

 
(252
)
 
—

 
—

Change in Net Unrealized Gains/Losses included in OCI
(12
)
 
(4
)
 
—

 
(2
)
 
—

 
(2
)
 
—

 
—

Net Realized Gains/Losses
(3
)
 
(5
)
 
—

 
6

 
—

 
1

 
(2
)
 
248

Purchases
334

 
672

 
5

 
37

 
9

 
50

 
—

 
—

Sales
(69
)
 
(164
)
 
—

 
(28
)
 
—

 
—

 
—

 
—

Settlements
(9
)
 
(230
)
 
(20
)
 
—

 
(13
)
 
(49
)
 
—

 
—

Balance, end of year
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
—

 
$
452

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(1
)
 
$
(7
)
 
$
—

 
$
(1
)
 
$
—

 
$
1

 
$
—

 
$
248


(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
 
Assets
 
 
 
 
Liabilities

 
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
 Other derivative instruments

 
GLB (2)

Year Ended December 31, 2017
Foreign

 
Corporate
securities (1)

 
MBS

 
(in millions of U.S. dollars)
 
 
 
 
 
 
Balance, beginning of year
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225


$
13

 
$
559

Transfers into Level 3
—

 
231

 
50

 
—

 
—

 
—


—

 
9

Transfers out of Level 3
(3
)
 
(93
)
 
—

 
—

 
—

 
—

 
(9
)
 
—

Change in Net Unrealized Gains/Losses included in OCI
3

 
(12
)
 
—

 
(1
)
 
—

 
6

 
—

 
—

Net Realized Gains/Losses
—

 
—

 
—

 
2

 
—

 
—

 
(2
)
 
(364
)
Purchases 
84

 
521

 
8

 
24

 
16

 
56

 
—

 
—

Sales
(59
)
 
(111
)
 
(1
)
 
(22
)
 
—

 
—

 
—

 
—

Settlements
(6
)
 
(180
)
 
(24
)
 
—

 
(41
)
 
(24
)
 
—

 
—

Balance, end of year
$
93

 
$
1,037

 
$
78

 
$
44

 
$
—

 
$
263

 
$
2

 
$
204

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(1
)
 
$
(2
)
 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
(2
)
 
$
(364
)
(1) 
Transfers into and Purchases in Level 3 primarily consist of privately-placed fixed income securities.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $550 million at December 31, 2017 and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $204 million and $559 million, respectively. 

 
Assets
 
 
Liabilities
 
 
Available-for-Sale Debt Securities
 
 
 
 
Short-term investments

 
 
 
Other
derivative
instruments

 
GLB(1)

Year Ended December 31, 2016
Foreign

 
Corporate
securities

 
MBS

 
Equity
securities

 
 
Other
investments

(in millions of U.S. dollars)
 
 
 
 
 
Balance, beginning of year
$
57

 
$
174

 
$
53

 
$
16

 
$
—

 
$
212

 
$
6

 
$
609

Transfers into Level 3
9

 
53

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(24
)
 
(10
)
 
—

 
—

 
(50
)
 
—

 
—

 
—

Change in Net Unrealized Gains/Losses included in OCI
1

 
15

 
(1
)
 
2

 
—

 
(2
)
 
—

 
—

Net Realized Gains/Losses
(6
)
 
(13
)
 
—

 
1

 
—

 
1

 
5

 
(50
)
Purchases (2)
70

 
566

 
1

 
27

 
75

 
33

 
2

 
—

Sales
(17
)
 
(59
)
 
(8
)
 
(5
)
 
—

 
—

 
—

 
—

Settlements
(16
)
 
(45
)
 
—

 
—

 
—

 
(19
)
 
—

 
—

Balance, end of year
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225

 
$
13

 
$
559

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(5
)
 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
1

 
$
5

 
$
(50
)
(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $853 million at December 31, 2016 and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $559 million and $609 million, respectively. 
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
December 31, 2018
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,128

 
$
54

 
$
—

 
$
1,182

 
$
1,185

Foreign
—

 
1,542

 
—

 
1,542

 
1,549

Corporate securities
—

 
2,477

 
31

 
2,508

 
2,601

Mortgage-backed securities
—

 
2,486

 
—

 
2,486

 
2,524

States, municipalities, and political subdivisions
—

 
5,541

 
—

 
5,541

 
5,576

Total assets
$
1,128

 
$
12,100

 
$
31

 
$
13,259

 
$
13,435

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,418

 
$
—

 
$
1,418

 
$
1,418

Short-term debt
—

 
516

 
—

 
516

 
509

Long-term debt
—

 
12,181

 
—

 
12,181

 
12,087

Trust preferred securities
—

 
409

 
—

 
409

 
308

Total liabilities
$
—

 
$
14,524

 
$
—

 
$
14,524

 
$
14,322



December 31, 2017
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
857

 
$
58

 
$
—

 
$
915

 
$
908

Foreign
—

 
1,757

 
—

 
1,757

 
1,738

Corporate securities
—

 
3,184

 
35

 
3,219

 
3,159

Mortgage-backed securities
—

 
2,742

 
—

 
2,742

 
2,724

States, municipalities, and political subdivisions
—

 
5,841

 
—

 
5,841

 
5,806

Total assets
$
857

 
$
13,582

 
$
35

 
$
14,474

 
$
14,335

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,408

 
$
—

 
$
1,408

 
$
1,408

Short-term debt
—

 
1,013

 
—

 
1,013

 
1,013

Long-term debt
—

 
12,332

 
—

 
12,332

 
11,556

Trust preferred securities
—

 
468

 
—

 
468

 
308

Total liabilities
$
—

 
$
15,221

 
$
—

 
$
15,221

 
$
14,285
v3.10.0.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2018
Reinsurance Disclosures [Abstract]  
Schedule of direct, assumed and ceded premiums
The following table presents direct, assumed, and ceded premiums:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Premiums written
 
 
 
 
Direct
$
34,782

 
$
33,137

 
$
31,543

Assumed
3,186

 
3,239

 
3,440

Ceded
(7,389
)
 
(7,132
)
 
(6,838
)
Net
$
30,579

 
$
29,244

 
$
28,145

Premiums earned
 
 

 

Direct
$
34,108

 
$
32,782

 
$
31,811

Assumed
3,175

 
3,332

 
3,744

Ceded
(7,219
)
 
(7,080
)
 
(6,806
)
Net
$
30,064

 
$
29,034

 
$
28,749
Schedule of Reinsurance Recoverable on Ceded Insurance [Table Text Block]
b) Reinsurance recoverable on ceded reinsurance
 
 
December 31, 2018
 
 
December 31, 2017
 
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)

 
Provision for Uncollectible

 
Net Reinsurance Recoverable (1)

 
Provision for Uncollectible

Reinsurance recoverable on unpaid losses and loss expenses
$
14,689

 
$
251

 
$
14,014

 
$
247

Reinsurance recoverable on paid losses and loss expenses
1,304

 
72

 
1,020

 
74

Reinsurance recoverable on losses and loss expenses
$
15,993

 
$
323

 
$
15,034

 
$
321

Reinsurance recoverable on policy benefits
$
202

 
$
4

 
$
184

 
$
4
Schedule of reinsurance recoverable and provision by category of reinsurer
December 31, 2018
Gross Reinsurance Recoverable on Loss and Loss Expenses

 
Provision for Uncollectible Reinsurance

 
% of Gross Reinsurance Recoverable

(in millions of U.S. dollars, except for percentages)
 
 
Categories
 
Largest reinsurers
$
6,578

 
$
70

 
1.1
%
Other reinsurers rated A- or better
5,339

 
63

 
1.2
%
Other reinsurers with ratings lower than A- or not rated
558

 
68

 
12.2
%
Pools
429

 
16

 
3.7
%
Structured settlements
548

 
18

 
3.3
%
Captives
2,590

 
16

 
0.6
%
Other
274

 
72

 
26.3
%
Total
$
16,316

 
$
323

 
2.0
%
Schedule of income and expenses relating to GMDB and GLB reinsurance
The following table presents income and expenses relating to GMDB and GLB reinsurance. GLBs include GMIBs.
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

GMDB
 
 
 
 
 
Net premiums earned
$
47

 
$
49

 
$
55

Policy benefits and other reserve adjustments
$
20

 
$
40

 
$
45

GLB
 
 
 
 
 
Net premiums earned
$
96

 
$
110

 
$
118

Policy benefits and other reserve adjustments
110

 
105

 
52

Net realized gains (losses)
(250
)
 
363

 
48

Gain (loss) recognized in Net income
$
(264
)
 
$
368

 
$
114

Net cash received and other
47

 
65

 
79

Net decrease (increase) in liability
$
(311
)
 
$
303

 
$
35
Schedule of Net Amount of Risk and 100 Percent Mortality [Table Text Block]
(in millions of U.S. dollars, except for percentages)
 
Net amount at risk
 
 
 


Reinsurance covering
 
December 31 2018

December 31 2017

2018 Future claims discount rate
Other assumptions
Total claims at
100% mortality at
December 31, 2018(1)

GMDB Risk Only
 
$
408

$
279

3.3% - 3.5%
No lapses or withdrawals
$
177

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
GLB Risk Only
 
$
1,233

$
691

4.0% - 4.3%
No deaths, lapses or withdrawals
N/A

 
 
 
 
 
Annuitization at a frequency most disadvantageous to Chubb(2)
 
 
 
 
 
 
Claim calculated using interest rates in line with rates used to calculate reserve
 
Both Risks: (3)
GMDB
$
103

$
81

4.0% - 4.3%
No lapses or withdrawals
$
18

 
 
 
 
 
Mortality according to 100% of the Annuity 2000 mortality table
 
 
GLB
$
517

$
392

4.0% - 4.3%
Annuitization at a frequency most disadvantageous to Chubb(2)
N/A

 
 
 
 
 
Claim calculated using interest rates in line with rates used to calculate reserve
 
(1)
Takes into account all applicable reinsurance treaty claim limits.
(2)
Annuitization at a level that maximizes claims taking into account the treaty limits.
(3)
Covering both the GMDB and GLB risks on the same underlying policyholders.
v3.10.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill roll-forward by business segment
The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global Reinsurance

 
Life Insurance

 
Chubb Consolidated

Balance at December 31, 2016
$
6,961

 
$
2,235

 
$
134

 
$
4,817

 
$
365

 
$
820

 
$
15,332

Foreign exchange revaluation and other
15

 
5

 
—

 
187

 
—

 
2

 
209

Balance at December 31, 2017
$
6,976

 
$
2,240

 
$
134


$
5,004

 
$
365

 
$
822

 
$
15,541

Foreign exchange revaluation and other
(30
)
 
(10
)
 
—

 
(234
)
 
6

 
(2
)
 
(270
)
Balance at December 31, 2018
$
6,946

 
$
2,230

 
$
134

 
$
4,770

 
$
371

 
$
820

 
$
15,271
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
 
Associated with the Chubb Corp Acquisition
 
 
 
 
 
For the Year Ending December 31 (in millions of U.S. dollars)
Agency distribution relationships and renewal rights

 
Fair value adjustment on Unpaid losses and loss expense (1)

 
Total

 
Other
intangible assets

 
Total Amortization of purchased intangibles

2019
$
280

 
$
(62
)
 
$
218

 
$
80

 
$
298

2020
239

 
(35
)
 
204

 
76

 
280

2021
216

 
(20
)
 
196

 
70

 
266

2022
196

 
(14
)
 
182

 
64

 
246

2023
177

 
(7
)
 
170

 
62

 
232

Total
$
1,108

 
$
(138
)
 
$
970

 
$
352

 
$
1,322


(1) 
In connection with the Chubb Corp acquisition, we recorded an increase to Unpaid losses and loss expenses acquired to adjust the carrying value of Chubb Corp's historical Unpaid losses and loss expenses to fair value as of the acquisition date. This fair value adjustment amortizes through Amortization of purchased intangibles on the Consolidated statements of operations through the year 2032. The balance of the fair value adjustment on Unpaid losses and loss expense was $207 million and $309 million at December 31, 2018 and 2017, respectively. Refer to Note 1(h) for additional information.
VOBA
The following table presents a roll-forward of VOBA:
(in millions of U.S. dollars)
2018

 
2017

 
2016

Balance, beginning of year
$
326

 
$
355

 
$
395

Amortization of VOBA (1)
(25
)
 
(35
)
 
(41
)
Foreign exchange revaluation
(6
)
 
6

 
1

Balance, end of year
$
295

 
$
326

 
$
355

(1) 
Recognized in Policy acquisition costs in the Consolidated statements of operations.

The following table presents, as of December 31, 2018, the expected estimated pre-tax amortization expense related to VOBA for the next five years:
For the Year Ending December 31
VOBA

(in millions of U.S. dollars)
2019
$
26

2020
24

2021
22

2022
20

2023
18

Total
$
110
v3.10.0.1
Unpaid losses and loss expenses (Tables)
 12 Months Ended
Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Abstract]  
Schedule Of Unpaid Losses And Loss Expenses Roll Forward
Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2018 are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Gross unpaid losses and loss expenses, beginning of year
$
63,179

 
$
60,540

 
$
37,303

Reinsurance recoverable on unpaid losses (1)
(14,014
)
 
(12,708
)
 
(10,741
)
Net unpaid losses and loss expenses, beginning of year
49,165

 
47,832

 
26,562

Acquisition of subsidiaries
—

 
—

 
21,402

Total
49,165

 
47,832

 
47,964

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
 
 
Current year
19,048

 
19,391

 
17,256

Prior years (2)
(981
)
 
(937
)
 
(1,204
)
Total
18,067

 
18,454

 
16,052

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
 
 
Current year
7,544

 
6,575

 
5,899

Prior years
10,796

 
10,873

 
9,816

Total
18,340

 
17,448

 
15,715

Foreign currency revaluation and other
(621
)
 
327

 
(469
)
Net unpaid losses and loss expenses, end of year
48,271

 
49,165

 
47,832

Reinsurance recoverable on unpaid losses (1)
14,689

 
14,014

 
12,708

Gross unpaid losses and loss expenses, end of year
$
62,960

 
$
63,179

 
$
60,540

(1)
Net of provision for uncollectible reinsurance.
(2) 
Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $85 million, $108 million and $69 million for 2018, 2017, and 2016, respectively.
Reconciliation of Claims Development to Liability [Table Text Block]
The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:
Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)
 
December 31, 2018

Presented in the loss development tables:
 
 
  North America Commercial P&C Insurance — Workers' Compensation
 
$
9,183

  North America Commercial P&C Insurance — Liability
 
16,485

  North America Commercial P&C Insurance — Other Casualty
 
1,884

  North America Commercial P&C Insurance — Non-Casualty
 
1,871

  North America Personal P&C Insurance
 
2,319

  Overseas General Insurance — Casualty
 
5,833

  Overseas General Insurance — Non-Casualty
 
2,265

  Global Reinsurance — Casualty
 
1,218

  Global Reinsurance — Non-Casualty
 
390

Excluded from the loss development tables:
 
 
  Other
 
4,399

Net unpaid loss and allocated loss adjustment expense
 
45,847

Ceded unpaid loss and allocated loss adjustment expense:
 
 
  North America Commercial P&C Insurance — Workers' Compensation
 
$
1,766

  North America Commercial P&C Insurance — Liability
 
4,812

  North America Commercial P&C Insurance — Other Casualty
 
544

  North America Commercial P&C Insurance — Non-Casualty
 
1,531

  North America Personal P&C Insurance
 
895

  Overseas General Insurance — Casualty
 
2,070

  Overseas General Insurance — Non-Casualty
 
1,208

  Global Reinsurance — Casualty
 
58

  Global Reinsurance — Non-Casualty
 
99

  Other
 
1,874

Ceded unpaid loss and allocated loss adjustment expense
 
14,857

Unpaid loss and loss expense on other than short-duration contracts (1)
 
831

Unpaid unallocated loss adjustment expenses
 
1,425

Unpaid losses and loss expenses
 
$
62,960

(1)
Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves.
Claims Development tables [Table Text Block]
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation. There is also a small portion of commercial multi-peril (CMP) business in accident years 2014 and prior. The paid and reported data are impacted by some catastrophe loss activity primarily on the CMP exposures just noted.
North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)

Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
599

 
$
589

 
$
555

 
$
535

 
$
492

 
$
458

 
$
452

 
$
450

 
$
445

 
$
452

 
$
12

2010
 
 
613

 
607

 
600

 
545

 
506

 
478

 
480

 
492

 
483

 
8

2011
 
 
 
 
580

 
589

 
580

 
548

 
532

 
524

 
516

 
510

 
17

2012
 
 
 
 
 
 
633

 
605

 
576

 
560

 
519

 
518

 
508

 
17

2013
 
 
 
 
 
 
 
 
526

 
530

 
522

 
515

 
468

 
461

 
27

2014
 
 
 
 
 
 
 
 
 
 
594

 
582

 
580

 
596

 
554

 
68

2015
 
 
 
 
 
 
 
 
 
 
 
 
486

 
469

 
501

 
514

 
148

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
503

 
501

 
527

 
196

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
531

 
565

 
265

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
535

 
383

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,109

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
70

 
$
206

 
$
287

 
$
336

 
$
373

 
$
401

 
$
413

 
$
422

 
$
427

 
$
431

 
15

2010
 
 
97

 
236

 
321

 
363

 
392

 
433

 
443

 
448

 
452

 
15

2011
 
 
 
 
86

 
235

 
341

 
400

 
436

 
460

 
465

 
479

 
16

2012
 
 
 
 
 
 
69

 
222

 
319

 
386

 
435

 
470

 
486

 
16

2013
 
 
 
 
 
 
 
 
68

 
196

 
270

 
348

 
385

 
411

 
18

2014
 
 
 
 
 
 
 
 
 
 
80

 
220

 
317

 
391

 
454

 
17

2015
 
 
 
 
 
 
 
 
 
 
 
 
47

 
137

 
214

 
304

 
15

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52

 
145

 
246

 
15

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66

 
175

 
16

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74

 
14

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
3,512

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
287

All Accident years
 
$
1,884

This product line is comprised of D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 45 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprised of a mix of primary and excess businesses.
Overseas General Insurance — Casualty — Long-tail (continued)

 
 
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,231

 
$
1,367

 
$
1,414

 
$
1,421

 
$
1,422

 
$
1,309

 
$
1,205

 
$
1,204

 
$
1,152

 
$
1,138

 
$
29

2010
 
 
1,180

 
1,259

 
1,304

 
1,375

 
1,312

 
1,260

 
1,138

 
1,134

 
1,139

 
83

2011
 
 
 
 
1,210

 
1,216

 
1,209

 
1,199

 
1,116

 
1,052

 
1,038

 
988

 
62

2012
 
 
 
 
 
 
1,252

 
1,220

 
1,283

 
1,301

 
1,297

 
1,278

 
1,258

 
166

2013
 
 
 
 
 
 
 
 
1,247

 
1,243

 
1,240

 
1,283

 
1,227

 
1,192

 
221

2014
 
 
 
 
 
 
 
 
 
 
1,248

 
1,318

 
1,327

 
1,337

 
1,253

 
333

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,170

 
1,267

 
1,293

 
1,314

 
387

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,179

 
1,278

 
1,345

 
555

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,186

 
1,287

 
676

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,287

 
989

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
12,201

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
117

 
$
327

 
$
502

 
$
641

 
$
733

 
$
791

 
$
861

 
$
952

 
$
978

 
$
1,007

 
38

2010
 
 
102

 
264

 
461

 
603

 
709

 
797

 
847

 
899

 
942

 
40

2011
 
 
 
 
87

 
239

 
382

 
511

 
610

 
688

 
760

 
811

 
41

2012
 
 
 
 
 
 
73

 
244

 
424

 
572

 
683

 
818

 
888

 
43

2013
 
 
 
 
 
 
 
 
85

 
260

 
414

 
559

 
695

 
796

 
44

2014
 
 
 
 
 
 
 
 
 
 
112

 
287

 
462

 
591

 
704

 
44

2015
 
 
 
 
 
 
 
 
 
 
 
 
86

 
282

 
482

 
659

 
46

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
123

 
316

 
521

 
46

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
96

 
314

 
44

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
109

 
32

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
6,751

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
383

All Accident years
 
$
5,833

This product line includes property, property catastrophe, marine, credit/surety, A&H and energy. This product line is impacted by natural catastrophes, particularly in the 2011, 2017 and 2018 accident years. Of the non-catastrophe book, the mixture of business varies by year with approximately 69 percent of loss on proportional treaties in treaty year 2009 and after. This percentage has increased over time with the proportion being approximately 54 percent for treaty years 2009 to 2012 growing to an average of 80 percent for treaty years 2013 to 2018, with the remainder being written on an excess of loss basis.
Global Reinsurance — Non-Casualty — Short-tail (continued)

 
 
Net Incurred Loss and Allocated Loss Adjustment Expenses

 
 
 
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
139

 
$
170

 
$
150

 
$
149

 
$
142

 
$
140

 
$
138

 
$
138

 
$
138

 
$
137

 
$
3

2010
 
 
197

 
232

 
221

 
215

 
219

 
221

 
222

 
223

 
222

 
6

2011
 
 
 
 
271

 
272

 
270

 
260

 
261

 
262

 
261

 
261

 
2

2012
 
 
 
 
 
 
230

 
210

 
200

 
190

 
189

 
187

 
184

 
1

2013
 
 
 
 
 
 
 
 
160

 
158

 
146

 
141

 
142

 
140

 
1

2014
 
 
 
 
 
 
 
 
 
 
162

 
178

 
178

 
181

 
180

 
6

2015
 
 
 
 
 
 
 
 
 
 
 
 
145

 
153

 
160

 
160

 
8

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
179

 
185

 
187

 
13

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
396

 
422

 
32

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
283

 
93

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,176

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses



 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
52

 
$
105

 
$
121

 
$
128

 
$
130

 
$
132

 
$
133

 
$
133

 
$
133

 
$
133

 
0.113

2010
 
 
56

 
160

 
186

 
197

 
203

 
213

 
211

 
214

 
214

 
0.102

2011
 
 
 
 
85

 
174

 
205

 
230

 
248

 
253

 
255

 
257

 
0.131

2012
 
 
 
 
 
 
44

 
129

 
155

 
165

 
171

 
176

 
179

 
0.112

2013
 
 
 
 
 
 
 
 
46

 
102

 
119

 
129

 
132

 
134

 
0.119

2014
 
 
 
 
 
 
 
 
 
 
64

 
128

 
151

 
161

 
167

 
0.100

2015
 
 
 
 
 
 
 
 
 
 
 
 
56

 
103

 
132

 
142

 
0.114

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
56

 
130

 
157

 
0.177

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
191

 
322

 
0.290

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94

 
0.151

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,799

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
13

All Accident years
 
$
390

This product line is comprised of commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, Asia Pacific and Japan), personal cell phones, personal residential (including high net worth), energy and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes mainly in the 2010, 2011, 2017, and 2018 accident years. Latin America and Europe each make up about 30 percent of the Chubb Overseas General non-casualty book.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,492

 
$
1,464

 
$
1,380

 
$
1,350

 
$
1,331

 
$
1,313

 
$
1,313

 
$
1,302

 
$
1,301

 
$
1,303

 
$
—

2010
 
 
1,638

 
1,660

 
1,635

 
1,623

 
1,617

 
1,603

 
1,590

 
1,573

 
1,575

 
13

2011
 
 
 
 
1,861

 
1,951

 
1,894

 
1,855

 
1,838

 
1,826

 
1,818

 
1,808

 
2

2012
 
 
 
 
 
 
1,694

 
1,683

 
1,644

 
1,590

 
1,583

 
1,572

 
1,557

 
15

2013
 
 
 
 
 
 
 
 
1,780

 
1,773

 
1,705

 
1,659

 
1,649

 
1,619

 
42

2014
 
 
 
 
 
 
 
 
 
 
1,868

 
1,938

 
1,879

 
1,852

 
1,814

 
29

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,992

 
2,117

 
2,071

 
2,036

 
63

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,032

 
2,009

 
1,998

 
24

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,199

 
2,236

 
29

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,161

 
437

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
18,107

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
572

 
$
1,043

 
$
1,177

 
$
1,241

 
$
1,265

 
$
1,275

 
$
1,281

 
$
1,284

 
$
1,283

 
$
1,287

 
516

2010
 
 
664

 
1,218

 
1,415

 
1,477

 
1,515

 
1,528

 
1,534

 
1,535

 
1,541

 
560

2011
 
 
 
 
753

 
1,453

 
1,654

 
1,709

 
1,739

 
1,754

 
1,762

 
1,766

 
578

2012
 
 
 
 
 
 
676

 
1,220

 
1,407

 
1,465

 
1,488

 
1,497

 
1,509

 
599

2013
 
 
 
 
 
 
 
 
695

 
1,271

 
1,464

 
1,495

 
1,531

 
1,550

 
620

2014
 
 
 
 
 
 
 
 
 
 
755

 
1,421

 
1,630

 
1,693

 
1,724

 
591

2015
 
 
 
 
 
 
 
 
 
 
 
 
850

 
1,548

 
1,772

 
1,853

 
621

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,016

 
1,654

 
1,851

 
619

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,040

 
1,822

 
659

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
987

 
627

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
15,890

 
 
Overseas General Insurance — Non-Casualty — Short-tail (continued)
 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses


(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
48

All Accident years
 
$
2,265



Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(11
)
All Accident years
 
$
(109
)

This line consists of primary and excess liability exposures, including medical liability and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
3,791

 
$
3,777

 
$
3,764

 
$
3,737

 
$
3,636

 
$
3,386

 
$
3,309

 
$
3,237

 
$
3,096

 
$
3,082

 
$
221

2010
 
 
3,571

 
3,576

 
3,594

 
3,554

 
3,413

 
3,245

 
3,123

 
3,103

 
2,991

 
234

2011
 
 
 
 
3,494

 
3,579

 
3,623

 
3,658

 
3,588

 
3,492

 
3,377

 
3,309

 
473

2012
 
 
 
 
 
 
3,546

 
3,622

 
3,606

 
3,557

 
3,517

 
3,419

 
3,323

 
626

2013
 
 
 
 
 
 
 
 
3,541

 
3,536

 
3,536

 
3,526

 
3,423

 
3,209

 
748

2014
 
 
 
 
 
 
 
 
 
 
3,529

 
3,580

 
3,668

 
3,711

 
3,649

 
1,148

2015
 
 
 
 
 
 
 
 
 
 
 
 
3,553

 
3,702

 
3,812

 
3,968

 
1,570

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,528

 
3,589

 
3,686

 
1,726

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,317

 
3,492

 
2,442

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,369

 
2,950

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
34,078

 
 
North America Commercial P&C Insurance — Liability — Long-tail (continued)

Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
134

 
$
587

 
$
1,159

 
$
1,670

 
$
2,017

 
$
2,354

 
$
2,541

 
$
2,673

 
$
2,725

 
$
2,766

 
20

2010
 
 
126

 
611

 
1,107

 
1,557

 
1,891

 
2,257

 
2,423

 
2,523

 
2,658

 
19

2011
 
 
 
 
160

 
651

 
1,207

 
1,802

 
2,211

 
2,473

 
2,655

 
2,736

 
20

2012
 
 
 
 
 
 
166

 
654

 
1,170

 
1,677

 
2,089

 
2,322

 
2,497

 
20

2013
 
 
 
 
 
 
 
 
129

 
547

 
1,190

 
1,594

 
2,004

 
2,229

 
19

2014
 
 
 
 
 
 
 
 
 
 
164

 
679

 
1,249

 
1,802

 
2,200

 
19

2015
 
 
 
 
 
 
 
 
 
 
 
 
138

 
604

 
1,204

 
1,853

 
21

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171

 
662

 
1,335

 
21

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
161

 
616

 
21

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
189

 
24

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
19,079

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
1,486

All Accident years
 
$
16,485

North America Personal P&C Insurance — Short-tail
Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. A portfolio acquired from Fireman’s Fund is presented on a prospective basis beginning in May of accident year 2015. Reserves associated with prior accident periods were acquired through a loss portfolio transfer, which does not allow for a retrospective presentation. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in 2012, 2017 and 2018 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
 
Years Ended December 31
 
 
December 31 2018
 
(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves
 
Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018
 
2009
$
1,606

 
$
1,593

 
$
1,563

 
$
1,549

 
$
1,541

 
$
1,534

 
$
1,534

 
$
1,530

 
$
1,529

 
$
1,527

 
$
5

 
2010
 
 
1,866

 
1,875

 
1,852

 
1,834

 
1,830

 
1,827

 
1,821

 
1,819

 
1,820

 
8

 
2011
 
 
 
 
2,203

 
2,205

 
2,181

 
2,169

 
2,160

 
2,156

 
2,155

 
2,154

 
9

 
2012
 
 
 
 
 
 
2,181

 
2,179

 
2,179

 
2,187

 
2,182

 
2,182

 
2,185

 
10

 
2013
 
 
 
 
 
 
 
 
1,851

 
1,879

 
1,887

 
1,890

 
1,915

 
1,927

 
16

 
2014
 
 
 
 
 
 
 
 
 
 
2,199

 
2,201

 
2,187

 
2,140

 
2,154

 
35

 
2015
 
 
 
 
 
 
 
 
 
 
 
 
2,489

 
2,544

 
2,555

 
2,538

 
48

 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,434

 
2,530

 
2,539

 
190

 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,029

 
3,064

 
291

 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,003

 
428

(1 
) 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
22,911

 
 
 
(1)
At December 31, 2018, ceded reinsurance recoveries on aggregate catastrophe treaties of approximately $200 million on reported losses have been reflected as a reduction to net IBNR.


North America Personal P&C Insurance — Short-tail (continued)
 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
884

 
$
1,233

 
$
1,343

 
$
1,435

 
$
1,482

 
$
1,499

 
$
1,509

 
$
1,517

 
$
1,519

 
$
1,520

 
125

2010
 
 
1,151

 
1,519

 
1,667

 
1,726

 
1,768

 
1,790

 
1,801

 
1,807

 
1,809

 
149

2011
 
 
 
 
1,357

 
1,831

 
1,968

 
2,048

 
2,101

 
2,125

 
2,134

 
2,141

 
168

2012
 
 
 
 
 
 
1,174

 
1,803

 
1,954

 
2,059

 
2,113

 
2,146

 
2,160

 
173

2013
 
 
 
 
 
 
 
 
1,038

 
1,496

 
1,679

 
1,778

 
1,834

 
1,876

 
126

2014
 
 
 
 
 
 
 
 
 
 
1,307

 
1,760

 
1,921

 
2,029

 
2,074

 
135

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,495

 
2,079

 
2,266

 
2,386

 
139

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,450

 
2,047

 
2,206

 
140

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,694

 
2,515

 
144

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,923

(1) 
129

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
20,610

 
 
(1)
At December 31, 2018, ceded reinsurance recoveries on aggregate catastrophe treaties of approximately $200 million on reported losses have been reflected as a reduction to net IBNR.

Net Liabilities for Loss and Allocated Loss Adjustment Expenses
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
18

All Accident years
 
$
2,319

This product line has a substantial geographic spread and a broad mix across industries. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-61.

North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,029

 
$
998

 
$
997

 
$
990

 
$
980

 
$
977

 
$
966

 
$
972

 
$
965

 
$
964

 
$
218

2010
 
 
1,049

 
1,037

 
1,050

 
1,065

 
1,064

 
1,052

 
1,028

 
1,020

 
1,018

 
248

2011
 
 
 
 
1,037

 
1,030

 
1,046

 
1,049

 
1,053

 
1,022

 
1,012

 
1,008

 
271

2012
 
 
 
 
 
 
1,050

 
1,011

 
1,030

 
1,040

 
1,011

 
989

 
986

 
292

2013
 
 
 
 
 
 
 
 
1,109

 
1,108

 
1,122

 
1,127

 
1,086

 
1,073

 
358

2014
 
 
 
 
 
 
 
 
 
 
1,207

 
1,201

 
1,217

 
1,215

 
1,163

 
465

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,282

 
1,259

 
1,276

 
1,279

 
594

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,366

 
1,361

 
1,383

 
743

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,412

 
1,380

 
831

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,359

 
995

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
11,613

 
 

Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
107

 
$
258

 
$
348

 
$
416

 
$
475

 
$
519

 
$
550

 
$
597

 
$
617

 
$
633

 
282

2010
 
 
123

 
300

 
411

 
493

 
551

 
592

 
617

 
641

 
666

 
303

2011
 
 
 
 
119

 
294

 
411

 
484

 
533

 
567

 
595

 
616

 
286

2012
 
 
 
 
 
 
111

 
271

 
365

 
436

 
486

 
532

 
574

 
287

2013
 
 
 
 
 
 
 
 
107

 
286

 
422

 
506

 
553

 
587

 
299

2014
 
 
 
 
 
 
 
 
 
 
113

 
295

 
410

 
484

 
532

 
336

2015
 
 
 
 
 
 
 
 
 
 
 
 
116

 
301

 
418

 
501

 
334

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
122

 
326

 
452

 
304

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120

 
313

 
338

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
130

 
321

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,004

 
 

Net Liabilities for Loss and Allocated Loss Adjustment Expenses
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
2,574

All Accident years
 
$
9,183

This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, workers' compensation and aviation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular general casualty reinsurance and excess coverages are long-tailed and can be very volatile.

Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
316

 
$
348

 
$
360

 
$
367

 
$
363

 
$
344

 
$
328

 
$
318

 
$
313

 
$
303

 
$
11

2010
 
 
398

 
418

 
429

 
440

 
429

 
423

 
413

 
399

 
386

 
39

2011
 
 
 
 
404

 
411

 
426

 
430

 
425

 
416

 
412

 
406

 
34

2012
 
 
 
 
 
 
383

 
380

 
388

 
391

 
376

 
369

 
368

 
15

2013
 
 
 
 
 
 
 
 
318

 
324

 
327

 
327

 
328

 
321

 
30

2014
 
 
 
 
 
 
 
 
 
 
330

 
331

 
336

 
339

 
341

 
36

2015
 
 
 
 
 
 
 
 
 
 
 
 
281

 
286

 
296

 
297

 
30

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
219

 
223

 
231

 
38

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
210

 
211

 
65

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
239

 
139

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
3,103

 
 
Global Reinsurance — Casualty — Long-tail (continued)

Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
34

 
$
79

 
$
116

 
$
154

 
$
187

 
$
208

 
$
226

 
$
239

 
$
255

 
$
262

 
0.864

2010
 
 
56

 
124

 
179

 
220

 
249

 
273

 
291

 
306

 
314

 
0.796

2011
 
 
 
 
70

 
145

 
195

 
235

 
266

 
290

 
310

 
323

 
0.668

2012
 
 
 
 
 
 
76

 
166

 
220

 
259

 
290

 
306

 
321

 
0.464

2013
 
 
 
 
 
 
 
 
64

 
142

 
185

 
221

 
240

 
258

 
0.342

2014
 
 
 
 
 
 
 
 
 
 
91

 
183

 
216

 
247

 
263

 
0.389

2015
 
 
 
 
 
 
 
 
 
 
 
 
89

 
157

 
190

 
215

 
0.316

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57

 
111

 
141

 
0.324

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46

 
99

 
0.401

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40

 
0.196

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,236

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses


(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
351

All Accident years
 
$
1,218

This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was also impacted by natural catastrophes mainly in the 2012, 2017, and 2018 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Net IBNR Reserves

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
1,302

 
$
1,298

 
$
1,243

 
$
1,213

 
$
1,196

 
$
1,189

 
$
1,189

 
$
1,186

 
$
1,185

 
$
1,183

 
$
1

2010
 
 
1,500

 
1,535

 
1,459

 
1,423

 
1,421

 
1,413

 
1,409

 
1,403

 
1,393

 
—

2011
 
 
 
 
1,956

 
1,930

 
1,873

 
1,852

 
1,831

 
1,835

 
1,831

 
1,831

 
11

2012
 
 
 
 
 
 
2,029

 
1,911

 
1,878

 
1,860

 
1,854

 
1,842

 
1,840

 
10

2013
 
 
 
 
 
 
 
 
1,428

 
1,418

 
1,331

 
1,354

 
1,335

 
1,334

 
13

2014
 
 
 
 
 
 
 
 
 
 
1,640

 
1,656

 
1,574

 
1,554

 
1,544

 
20

2015
 
 
 
 
 
 
 
 
 
 
 
 
1,732

 
1,741

 
1,646

 
1,634

 
39

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,906

 
1,885

 
1,795

 
68

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,700

 
2,604

 
207

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,048

 
474

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
17,206

 
 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
 
 
 
Years Ended December 31
 
 
December 31 2018

(in millions of U.S. dollars)
Unaudited
 
 
 
 
Reported Claims  
(in thousands)

Accident Year
2009

 
2010

 
2011

 
2012

 
2013

 
2014

 
2015

 
2016

 
2017

 
2018

 
2018

2009
$
618

 
$
1,032

 
$
1,122

 
$
1,146

 
$
1,160

 
$
1,168

 
$
1,176

 
$
1,178

 
$
1,178

 
$
1,178

 
1,124

2010
 
 
722

 
1,221

 
1,319

 
1,356

 
1,381

 
1,389

 
1,393

 
1,393

 
1,390

 
1,058

2011
 
 
 
 
938

 
1,570

 
1,714

 
1,773

 
1,783

 
1,807

 
1,812

 
1,817

 
1,052

2012
 
 
 
 
 
 
713

 
1,573

 
1,694

 
1,762

 
1,790

 
1,817

 
1,812

 
1,036

2013
 
 
 
 
 
 
 
 
648

 
1,134

 
1,233

 
1,280

 
1,306

 
1,319

 
1,073

2014
 
 
 
 
 
 
 
 
 
 
817

 
1,369

 
1,479

 
1,501

 
1,527

 
1,101

2015
 
 
 
 
 
 
 
 
 
 
 
 
725

 
1,340

 
1,485

 
1,553

 
1,170

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
844

 
1,500

 
1,651

 
1,291

2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
977

 
2,084

 
1,372

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,026

 
1,326

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
15,357

 
 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)

 
 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses

 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
22

All Accident years
 
$
1,871
Supplementary PPD [Table Text Block]
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(55
)
All Accident years
 
$
(64
)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(2
)
All Accident years
 
$
18

Supplementary Information: (Favorable)/ Adverse Prior Period Development
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(1
)
All Accident years
 
$
(224
)
Supplementary Information: (Favorable)/ Adverse Prior Period Development

(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
14

All Accident years
 
$
20

Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(11
)
All Accident years
 
$
(109
)
Supplementary Information: (Favorable)/ Adverse Prior Period Development


(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(3
)
All Accident years
 
$
(141
)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
 
 
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(73
)
All Accident years
 
$
(155
)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(7
)
All Accident years
 
$
47

Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)
 
December 31, 2018

Accident years prior to 2009
 
$
(48
)
All Accident years
 
$
(73
)
Schedule of Historical Claims [Table Text Block]
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
47
%
 
38
%
 
8
%
 
3
%
 
1
%
 
1
%
 
—
%
 
—
%
 
—
 %
 
—
 %
Global Reinsurance — Non-Casualty — Short-tail (continued)

Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
34
%
 
37
%
 
13
%
 
7
%
 
4
%
 
3
%
 
1
%
 
1
%
 
—
 %
 
—
%


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
59
%
 
24
%
 
7
%
 
5
%
 
3
%
 
1
%
 
1
%
 
—
%
 
—
%
 
—
%

Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
5
%
 
14
%
 
17
%
 
16
%
 
12
%
 
9
%
 
6
%
 
3
%
 
3
%
 
1
%
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
10
%
 
16
%
 
10
%
 
7
%
 
5
%
 
4
%
 
3
%
 
3
%
 
2
%
 
2
%
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
20
%
 
22
%
 
13
%
 
10
%
 
7
%
 
6
%
 
5
%
 
4
%
 
3
%
 
3
%
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
8
%
 
15
%
 
15
%
 
12
%
 
9
%
 
8
%
 
6
%
 
6
%
 
3
%
 
3
%


North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)

Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
14
%
 
25
%
 
18
%
 
13
%
 
8
%
 
6
%
 
2
%
 
2
%
 
1
%
 
1
%
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2018
Age in Years
1

 
2

 
3

 
4

 
5

 
6

 
7

 
8

 
9

 
10

Percentage
44
%
 
35
%
 
11
%
 
4
%
 
2
%
 
1
%
 
1
%
 
—
%
 
—
%
 
—
%
Supplementary PPD Reconciliation [Table Text Block]
The following table presents a reconciliation of the loss development triangles above to prior period development:
 
Components of PPD
 
Year Ended December 31, 2018                                                  (in millions of U.S. dollars)
(favorable)/unfavorable
2009 - 2017 accident years (implied PPD per loss triangles)

 
Accident years prior to 2009

 
Other (1)

 
PPD on loss reserves

 
RIPs, Expense adjustments, and earned premiums

 
Total

North America Commercial P&C Insurance
 
 
 
 
 
 


 
 
 


Long-tail
$
(214
)
 
$
(62
)
 
$
(149
)
 
$
(425
)
 
$
30

 
$
(395
)
Short-tail
(223
)
 
(1
)
 
(4
)
 
(228
)
 
13

 
(215
)
 
(437
)
 
(63
)
 
(153
)
(2) 
(653
)
 
43

 
(610
)
North America Personal P&C Insurance (Short-tail)
54

 
(7
)
 
(7
)
 
40

 
1

 
41

Overseas General Insurance
 
 
 
 
 
 


 
 
 


Long-tail
(9
)
 
(55
)
 
(3
)
 
(67
)
 
—

 
(67
)
Short-tail
(98
)
 
(11
)
 
(40
)
 
(149
)
 
4

 
(145
)
 
(107
)
 
(66
)
 
(43
)
(3) 
(216
)
 
4

 
(212
)
Global Reinsurance
 
 
 
 
 
 


 
 
 


Long-tail
(25
)
 
(48
)
 
(1
)
 
(74
)
 
5

 
(69
)
Short-tail
20

 
(2
)
 
(1
)
 
17

 
2

 
19

 
(5
)
 
(50
)
 
(2
)
 
(57
)
 
7

 
(50
)
Subtotal
$
(495
)
 
$
(186
)
 
$
(205
)
 
$
(886
)
 
$
55

 
$
(831
)
North America Agricultural Insurance (Short-tail)
 
 
 
 
 
 
$
(140
)
 
$
30

 
$
(110
)
Corporate (Long-tail)
 
 
 
 
 
 
45

 
—

 
45

Consolidated PPD


 


 


 
$
(981
)
 
$
85

 
$
(896
)
(1)  
Other includes the impact of foreign exchange.
(2)  
Includes favorable development of $81 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $42 million in unfavorable development in the workers' compensation line associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
(3)  
Includes favorable development of $31 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.
Prior Period Development, by Segment [Table Text Block]
Years Ended December 31
(in millions of U.S. dollars, except for percentages)
Long-tail    

 
Short-tail    

 
Total

 
% of beginning net unpaid reserves (1)

2018
 
 
 
 
 
 
 
North America Commercial P&C Insurance
$
(395
)
 
$
(215
)
 
$
(610
)
 
1.2
%
North America Personal P&C Insurance
—

 
41

 
41

 
0.1
%
North America Agricultural Insurance
—

 
(110
)
 
(110
)
 
0.2
%
Overseas General Insurance
(67
)
 
(145
)
 
(212
)
 
0.4
%
Global Reinsurance
(69
)
 
19

 
(50
)
 
0.1
%
Corporate
45

 
—

 
45

 
0.1
%
Total
$
(486
)
 
$
(410
)
 
$
(896
)
 
1.8
%
2017
 
 
 
 
 
 
 
North America Commercial P&C Insurance
$
(562
)
 
$
(184
)
 
$
(746
)
 
1.6
%
North America Personal P&C Insurance
—

 
69

 
69

 
0.1
%
North America Agricultural Insurance
—

 
(119
)
 
(119
)
 
0.2
%
Overseas General Insurance
(71
)
 
(181
)
 
(252
)
 
0.5
%
Global Reinsurance
(68
)
 
9

 
(59
)
 
0.1
%
Corporate
278

 
—

 
278

 
0.6
%
Total
$
(423
)
 
$
(406
)
 
$
(829
)
 
1.7
%
2016
 
 
 
 
 
 
 
North America Commercial P&C Insurance
$
(693
)
 
$
(85
)
 
$
(778
)
 
1.6
%
North America Personal P&C Insurance
—

 
27

 
27

 
0.1
%
North America Agricultural Insurance
—

 
(72
)
 
(72
)
 
0.2
%
Overseas General Insurance
(236
)
 
(187
)
 
(423
)
 
0.9
%
Global Reinsurance
(77
)
 
(1
)
 
(78
)
 
0.2
%
Corporate
189

 
—

 
189

 
0.4
%
Total
$
(817
)
 
$
(318
)
 
$
(1,135
)
 
2.4
%
(1)
Calculated based on the beginning of period consolidated net unpaid losses and loss expenses. For 2016, the percent of beginning net unpaid reserves is calculated inclusive of the net unpaid losses and loss expenses acquired in the Chubb Corp acquisition of $21.4 billion.
Schedule Of Asbestos Environmental Loss Roll Forward and by segment
The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the provision for uncollectible paid and unpaid reinsurance recoverables:
 
 
Asbestos
 
 
Environmental
 
 
Total
 
 
(in millions of U.S. dollars)
 
Gross

 
Net

 
Gross


Net

 
Gross

 
Net

 
Balance at December 31, 2017
 
$
1,621

 
$
1,051

 
$
607

 
$
476

 
$
2,228

 
$
1,527

 
Incurred activity
 
136

 
75

 
101

 
(97
)
 
237

 
(22
)
(1) 
Paid activity
 
(265
)
 
(162
)
 
(83
)
 
104

 
(348
)
 
(58
)
 
Balance at December 31, 2018
 
$
1,492

 
$
964

 
$
625

 
$
483

 
$
2,117

 
$
1,447

 

(1)  
Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).

The positive development of $22 million in 2018 principally reflects favorable reinsurance settlements.

The A&E net loss reserves including allocated loss expense reserves and provision for uncollectible reinsurance at December 31, 2018 and 2017 shown in the table above is comprised of:
 
December 31
 
(in millions of U.S. dollars)
2018

 
2017

Brandywine operations
$
807

 
$
849

Westchester Specialty
120

 
113

Chubb Corp
442

 
486

Other, mainly Overseas General Insurance
78

 
79

Total
$
1,447

 
$
1,527
v3.10.0.1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The following table presents pre-tax income and the related provision for income taxes:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Pre-tax income:
 
 
 
 
 
      Switzerland
$
950

 
$
527

 
$
766

      Outside Switzerland
3,707

 
3,195

 
4,184

      Total pre-tax income
$
4,657

 
$
3,722

 
$
4,950

Provision for income taxes
 
 
 
 
 
Current tax expense:
 
 
 
 
 
      Switzerland
$
89

 
$
46

 
$
97

      Outside Switzerland
563

 
313

 
727

      Total current tax expense
652

 
359

 
824

Deferred tax expense (benefit):
 
 
 
 
 
      Switzerland
3

 
2

 
(27
)
      Outside Switzerland
40

 
(500
)
 
18

      Total deferred tax expense (benefit)
43

 
(498
)
 
(9
)
Provision for income taxes
$
695

 
$
(139
)
 
$
815
Reconciliation schedule of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate
The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Expected tax provision at Swiss statutory tax rate
$
365

 
$
291

 
$
388

Permanent differences:
 
 
 
 
 
Taxes on earnings subject to rate other than Swiss statutory rate
372

 
263

 
582

Tax-exempt interest and dividends received deduction, net of proration
(75
)
 
(199
)
 
(200
)
Net withholding taxes
33

 
30

 
20

Excess tax benefit on share-based compensation
(19
)
 
(48
)
 
—

Impact of 2017 Tax Act
(25
)
 
(450
)
 
—

Corporate owned life insurance
2

 
(37
)
 
—

Other
42

 
11

 
25

Provision for income taxes
$
695

 
$
(139
)
 
$
815
Schedule of the components of net deferred tax assets
The following table presents the components of net deferred tax assets and liabilities:
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Deferred tax assets:
 
 
 
Loss reserve discount
$
584

 
$
715

Unearned premiums reserve
471

 
231

Foreign tax credits
262

 
340

Provision for uncollectible balances
37

 
45

Loss carry-forwards
137

 
90

Debt related amounts
71

 
77

Compensation related amounts
263

 
260

Cumulative translation adjustments
43

 
30

Unrealized depreciation on investments
102

 
—

Other, net
95

 
70

Total deferred tax assets
2,065

 
1,858

Deferred tax liabilities:
 
 
 
Deferred policy acquisition costs
621

 
635

Other intangible assets, including VOBA
1,440

 
1,437

Un-remitted foreign earnings
47

 
66

Investments
59

 
53

Unrealized appreciation on investments
—

 
184

Depreciation
123

 
83

Total deferred tax liabilities
2,290

 
2,458

Valuation allowance
79

 
99

Net deferred tax liabilities
$
(304
)
 
$
(699
)
Reconciliation schedule of unrecognized tax benefits

The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits:
 
December 31

 
December 31

(in millions of U.S. dollars)
2018

 
2017

Balance, beginning of year
$
13

 
$
17

Additions based on tax positions related to the current year
1

 
3

Additions based on tax positions related to prior years
—

 
—

Reductions for tax positions of prior years
—

 
(4
)
Reductions for the lapse of the applicable statutes of limitations
—

 
(3
)
Balance, end of year
$
14

 
$
13
v3.10.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of debt outstanding
 
December 31

 
December 31

 
 
(in millions of U.S. dollars)
2018

 
2017

 
Early Redemption Option
Repurchase agreements (weighted average interest rate of 2.5% in 2018 and 1.5% in 2017)
$
1,418


$
1,408

 
None
Short-term debt
 
 
 
 
 
Chubb INA senior notes:
 
 
 
 
 
$300 million 5.8% due March 2018
$
—

 
$
300

 
Make-whole premium plus 0.35%
$600 million 5.75% due May 2018
—

 
610

 
Make-whole premium plus 0.30%
$100 million 6.6% due August 2018
—

 
103

 
None
$500 million 5.9% due June 2019
500

 
—

 
Make-whole premium plus 0.40%
Other short-term debt (7.1% due December 2019)
9

 
—

 
None
Total short-term debt
$
509

 
$
1,013

 
 
Long-term debt
 
 
 
 
 
Chubb INA senior notes:
 
 
 
 
 
$500 million 5.9% due June 2019
$
—

 
$
499

 
Make-whole premium plus 0.40%
$1,300 million 2.3% due November 2020
1,297

 
1,296

 
Make-whole premium plus 0.15%
$1,000 million 2.875% due November 2022
996

 
995

 
Make-whole premium plus 0.20%
$475 million 2.7% due March 2023
473

 
472

 
Make-whole premium plus 0.10%
$700 million 3.35% due May 2024
696

 
695

 
Make-whole premium plus 0.15%
$800 million 3.15% due March 2025
796

 
795

 
Make-whole premium plus 0.15%
$1,500 million 3.35% due May 2026
1,491

 
1,489

 
Make-whole premium plus 0.20%
€900 million 1.55% due March 2028
1,008

 
—

 
Make-whole premium plus 0.15%
$100 million 8.875% due August 2029
100

 
100

 
None
$200 million 6.8% due November 2031
250

 
254

 
Make-whole premium plus 0.25%
$300 million 6.7% due May 2036
297

 
297

 
Make-whole premium plus 0.20%
$800 million 6.0% due May 2037
962

 
971

 
Make-whole premium plus 0.20%
€900 million 2.5% due March 2038
1,008

 
—

 
Make-whole premium plus 0.25%
$600 million 6.5% due May 2038
759

 
768

 
Make-whole premium plus 0.30%
$475 million 4.15% due March 2043
470

 
469

 
Make-whole premium plus 0.15%
$1,500 million 4.35% due November 2045
1,483

 
1,482

 
Make-whole premium plus 0.25%
Chubb INA $1,000 million 6.375% capital securities due March 2067(1)
—

 
964

 
Make-whole premium plus 0.25%-0.50%
Other long-term debt (2.75% to 7.1% due December 2019 to September 2020)
1

 
10

 
None
Total long-term debt
$
12,087

 
$
11,556

 
 
Trust preferred securities
 
 
 
 
 
Chubb INA capital securities due April 2030
$
308

 
$
308

 
Redemption prices(2)
v3.10.0.1
Commitments, contingencies, and guarantees (Tables)
 12 Months Ended
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: 
 
 
 
December 31, 2018
 
 
 
December 31, 2017
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Derivative Asset

 
Derivative (Liability)

 
 
 
Derivative Asset

 
Derivative (Liability)

 
(in millions of U.S. dollars)
 
 
 
 
 
 
 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
15

 
$
(19
)
 
$
2,185

 
 
$
14

 
$
(27
)
 
$
2,064

Cross-currency swaps
OA / (AP)
 
—

 
—

 
45

 
 
—

 
—

 
45

Interest rate swaps
OA / (AP)
 
—

 
(115
)
 
5,250

 
 
—

 
—

 
—

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
13

 
(19
)
 
1,046

 
 
4

 
(3
)
 
1,007

Convertible securities (1)
FM AFS / ES
 
9

 
—

 
11

 
 
5

 
—

 
6

TBAs
FM AFS
 
6

 
—

 
6

 
 
—

 
—

 
—

 
 
 
$
43

 
$
(153
)
 
$
8,543

 
 
$
23

 
$
(30
)
 
$
3,122

Other derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures contracts on equities (2)
OA / (AP)
 
$
23

 
$
—

 
$
507

 
 
$
—

 
$
(21
)
 
$
1,553

Other
OA / (AP)
 
2

 
—

 
74

 
 
1

 
(2
)
 
75

 
 
 
$
25

 
$
—

 
$
581

 
 
$
1

 
$
(23
)
 
$
1,628

GLB (3)
(AP) / (FPB)
 
$
—

 
$
(861
)
 
$
1,750

 
 
$
—

 
$
(550
)
 
$
1,083

(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves and fair value derivative adjustment. Refer to Note 4 c) for additional information. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Secured Borrowings Securities Lending Table
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
December 31, 2018
 
December 31, 2017
(in millions of U.S. dollars)
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
Cash
$
756

 
$
828

U.S. Treasury and agency
64

 
36

Foreign
795

 
712

Corporate securities
15

 
—

Mortgage-backed securities
45

 
74

Equity securities
251

 
87

 
$
1,926

 
$
1,737

Gross amount of recognized liability for securities lending payable
$
1,926

 
$
1,737


At December 31, 2018 and 2017, our repurchase agreement obligations of $1,418 million and $1,408 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
December 31, 2018
 
 
December 31, 2017
 
 
30-90 Days

 
Greater than 90 Days

 
 
 
Up to 30 Days

 
Greater than 90 Days

 
Total

(in millions of U.S. dollars)
 
Total

 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
—

 
$
259

 
$
259

 
$
9

 
$
230

 
$
239

Mortgage-backed securities
496

 
713

 
1,209

 
369

 
826

 
1,195

 
$
496

 
$
972

 
$
1,468

 
$
378

 
$
1,056

 
$
1,434

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,418

 
 
 
 
 
$
1,408

Difference (1)
 
 
 
 
$
50

 
 
 
 
 
$
26


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Investment and embedded derivative instruments:
 
 
 
 
 
Foreign currency forward contracts
$
3

 
$
9

 
$
(31
)
Interest rate swaps
(115
)
 
—

 
—

All other futures contracts, options, and equities
39

 
(21
)
 
(10
)
Convertible securities (1)
(2
)
 
1

 
8

Total investment and embedded derivative instruments
$
(75
)
 
$
(11
)
 
$
(33
)
GLB and other derivative instruments:
 
 
 
 
 
GLB (2)
$
(248
)
 
$
364

 
$
53

Futures contracts on equities (3)
(4
)
 
(261
)
 
(136
)
Other
(3
)
 
(5
)
 
(10
)
Total GLB and other derivative instruments
$
(255
)
 
$
98

 
$
(93
)
 
$
(330
)
 
$
87

 
$
(126
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB blocks of business.
Schedule of Future Minimum Rental Payments for Operating Leases
Future minimum lease payments under the leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
2019
$
173

2020
151

2021
126

2022
100

2023
86

Thereafter
184

Total minimum future lease commitments
$
820
v3.10.0.1
Shareholders' equity (Tables)
 12 Months Ended
Dec. 31, 2018
Stockholders' Equity Note [Abstract]  
Dividends Declared [Table Text Block]
The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
 
Year Ended December 31
 
 
 
 
2018

 
 
 
2017

 
 
 
2016

 
CHF

 
USD

 
CHF

 
USD

 
CHF

 
USD

Total dividend distributions per common share
2.84

 
$
2.90

 
2.76

 
$
2.82

 
2.70

 
$
2.74
Schedule of changes in Common Shares issued and outstanding
 
Year Ended December 31
 
 
2018

 
2017

 
2016

Shares issued, beginning of year
479,783,864

 
479,783,864

 
342,832,412

Shares issued for Chubb Corp acquisition
—

 
—

 
136,951,452

Shares issued, end of year
479,783,864

 
479,783,864

 
479,783,864

Common Shares in treasury, end of year (at cost)
(20,580,486
)
 
(15,950,685
)
 
(13,815,148
)
Shares issued and outstanding, end of year
459,203,378

 
463,833,179

 
465,968,716
Share Repurchase Program [Table Text Block]
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
 
Year Ended December 31
 
 
January 1, 2019 through

(in millions of U.S. dollars, except share data)
2018

 
2017

 
2016

 
February 27, 2019

Number of shares repurchased
7,719,035

 
5,866,612

 
—

 
1,328,754

Cost of shares repurchased
$
1,021

 
$
830

 
$
—

 
$
174
v3.10.0.1
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of pre-tax and after-tax share-based compensation expense
The following table presents pre-tax and after-tax share-based compensation expense:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Stock options and shares issued under ESPP:
 
 
 
 
 
Pre-tax
$
50

 
$
41

 
$
33

After-tax (1)
$
40

 
$
26

 
$
20

Restricted stock:
 
 
 
 
 
Pre-tax
$
235

 
$
259

 
$
268

After-tax
$
178

 
$
151

 
$
167


(1) 
Excludes windfall tax benefit for share-based compensation recognized as a direct adjustment to Additional paid-in capital of $32 million for the year ended December 31, 2016. Beginning in 2017, windfall tax benefits for share-based compensation are recognized through Net income rather than Additional paid-in capital. The excess tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million and $48 million for the years ended December 31, 2018 and 2017, respectively.
Schedule of the weighted-average model valuation assumptions
 
Year Ended December 31
 
 
2018

 
2017

 
2016

Dividend yield
2.0
%
 
2.0
%
 
2.3
%
Expected volatility
23.2
%
 
19.7
%
 
23.2
%
Risk-free interest rate
2.7
%
 
2.0
%
 
1.3
%
Expected life
5.7 years

 
5.8 years

 
5.6 years
Rollforward of the company's stock options
The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars)
Number of Options

 
Weighted-Average Exercise Price

 
Weighted-Average Fair Value

 
Total Intrinsic Value

Options outstanding, December 31, 2015
9,853,496

 
$
78.40

 
 
 
 
Assumed in Chubb Corp Acquisition
339,896

 
$
77.83

 
$
36.07

 
 
Granted
1,929,616

 
$
118.39

 
$
21.52

 
 
Exercised
(1,728,949
)
 
$
66.65

 
 
 
$
99

Forfeited
(213,339
)
 
$
110.01

 
 
 
 
Options outstanding, December 31, 2016
10,180,720

 
$
87.29

 
 
 
 
Granted
2,079,522

 
$
139.00

 
$
22.97

 
 
Exercised
(1,632,629
)
 
$
73.53

 
 
 
$
111

Forfeited
(194,297
)
 
$
119.44

 
 
 
 
Options outstanding, December 31, 2017
10,433,316

 
$
99.20

 
 
 
 
Granted
1,842,690

 
$
143.07

 
$
29.71

 
 
Exercised
(1,065,384
)
 
$
73.57

 
 
 
$
71

Forfeited
(202,900
)
 
$
133.92

 
 
 
 
Options outstanding, December 31, 2018
11,007,722

 
$
108.25

 
 
 
$
274

Options exercisable, December 31, 2018
7,405,354

 
$
93.88

 
 
 
$
268
Rollforward of the company's restricted stock
The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 20,784 restricted stock awards, 22,013 restricted stock awards, and 23,812 restricted stock awards that were granted to non-management directors during the years ended December 31, 2018, 2017, and 2016, respectively:
 
Service-based
Restricted Stock Awards and Restricted Stock Units
 
 
Performance-based
Restricted Stock Awards
and Restricted Stock Units
 
 
Number of Shares

 
Weighted-Average Grant-Date Fair Value

 
Number of Shares

 
Weighted-Average Grant-Date Fair Value

Unvested restricted stock, December 31, 2015
3,489,169

 
$
97.01

 
595,210

 
$
101.73

Assumed in Chubb Corp Acquisition
3,706,639

 
$
111.02

 
—

 
$
—

Granted
1,622,065

 
$
118.70

 
517,507

 
$
118.96

Vested
(2,592,622
)
 
$
100.87

 
(181,548
)
 
$
102.43

Forfeited
(420,125
)
 
$
109.42

 
—

 
$
—

Unvested restricted stock, December 31, 2016
5,805,126

 
$
109.39

 
931,169

 
$
111.17

Granted
1,707,094

 
$
139.18

 
267,282

 
$
138.90

Vested
(2,646,084
)
 
$
107.73

 
(222,954
)
 
$
113.30

Forfeited
(156,694
)
 
$
114.54

 
—

 
$
—

Unvested restricted stock, December 31, 2017
4,709,442

 
$
121.16

 
975,497

 
$
118.28

Granted
1,326,979

 
$
142.76

 
180,065

 
$
143.07

Vested
(2,545,090
)
 
$
114.83

 
(244,332
)
 
$
103.03

Forfeited
(196,482
)
 
$
131.06

 
—

 
$
—

Unvested restricted stock, December 31, 2018
3,294,849

 
$
134.17

 
911,230

 
$
127.27
v3.10.0.1
Postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Schedule of Net Funded Status [Table Text Block]
Obligations and funded status
The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in Accumulated other comprehensive income at December 31, 2018 and 2017 was as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
 
2018
 
 
2017
 
 
2018

 
2017
 
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Benefit obligation, beginning of year
$
3,285

 
$
1,077

 
$
3,035

 
$
1,025

 
$
137

 
$
165

   Service cost
57

 
12

 
63

 
17

 
1

 
2

   Interest cost
105

 
27

 
105

 
27

 
3

 
4

   Actuarial loss (gain)
(214
)
 
(71
)
 
232

 
(4
)
 
(20
)
 
(2
)
   Benefits paid
(108
)
 
(26
)
 
(132
)
 
(28
)
 
(15
)
 
(14
)
   Amendments
—

 
4

 
—

 
—

 
—

 
(23
)
   Curtailments
—

 
—

 
—

 
(32
)
 
—

 
2

   Settlements
(33
)
 
(27
)
 
(18
)
 
(8
)
 
—

 
—

   Foreign currency revaluation and other
—

 
(54
)
 
—

 
80

 
7

 
3

Benefit obligation, end of year
$
3,092

 
$
942

 
$
3,285

 
$
1,077

 
$
113

 
$
137

Plan assets at fair value, beginning of year
$
3,109

 
$
1,172

 
$
2,765

 
$
962

 
$
157

 
$
159

   Actual return on plan assets
(218
)
 
(63
)
 
441

 
100

 
1

 
6

   Employer contributions
34

 
14

 
53

 
63

 
—

 
6

   Benefits paid
(108
)
 
(26
)
 
(132
)
 
(28
)
 
(15
)
 
(14
)
   Settlements
(33
)
 
(27
)
 
(18
)
 
(8
)
 
—

 
—

   Foreign currency revaluation and other
—

 
(62
)
 
—

 
83

 
—

 
—

Plan assets at fair value, end of year
$
2,784

 
$
1,008

 
$
3,109

 
$
1,172

 
$
143

 
$
157

Funded status at end of year
$
(308
)
 
$
66

 
$
(176
)
 
$
95

 
$
30

 
$
20

Amounts recognized in Accumulated other comprehensive
income, not yet recognized in net periodic cost (benefit):

 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
(15
)
 
$
112

 
$
(227
)
 
$
82

 
$
—

 
$
12

Prior service cost (benefit)
—

 
9

 
—

 
6

 
(200
)
 
(288
)
Total
$
(15
)
 
$
121

 
$
(227
)
 
$
88

 
$
(200
)
 
$
(276
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in Accumulated other comprehensive income at December 31, 2018 and 2017 was as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
 
2018
 
 
2017
 
 
2018

 
2017
 
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Benefit obligation, beginning of year
$
3,285

 
$
1,077

 
$
3,035

 
$
1,025

 
$
137

 
$
165

   Service cost
57

 
12

 
63

 
17

 
1

 
2

   Interest cost
105

 
27

 
105

 
27

 
3

 
4

   Actuarial loss (gain)
(214
)
 
(71
)
 
232

 
(4
)
 
(20
)
 
(2
)
   Benefits paid
(108
)
 
(26
)
 
(132
)
 
(28
)
 
(15
)
 
(14
)
   Amendments
—

 
4

 
—

 
—

 
—

 
(23
)
   Curtailments
—

 
—

 
—

 
(32
)
 
—

 
2

   Settlements
(33
)
 
(27
)
 
(18
)
 
(8
)
 
—

 
—

   Foreign currency revaluation and other
—

 
(54
)
 
—

 
80

 
7

 
3

Benefit obligation, end of year
$
3,092

 
$
942

 
$
3,285

 
$
1,077

 
$
113

 
$
137

Plan assets at fair value, beginning of year
$
3,109

 
$
1,172

 
$
2,765

 
$
962

 
$
157

 
$
159

   Actual return on plan assets
(218
)
 
(63
)
 
441

 
100

 
1

 
6

   Employer contributions
34

 
14

 
53

 
63

 
—

 
6

   Benefits paid
(108
)
 
(26
)
 
(132
)
 
(28
)
 
(15
)
 
(14
)
   Settlements
(33
)
 
(27
)
 
(18
)
 
(8
)
 
—

 
—

   Foreign currency revaluation and other
—

 
(62
)
 
—

 
83

 
—

 
—

Plan assets at fair value, end of year
$
2,784

 
$
1,008

 
$
3,109

 
$
1,172

 
$
143

 
$
157

Funded status at end of year
$
(308
)
 
$
66

 
$
(176
)
 
$
95

 
$
30

 
$
20

Amounts recognized in Accumulated other comprehensive
income, not yet recognized in net periodic cost (benefit):

 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
(15
)
 
$
112

 
$
(227
)
 
$
82

 
$
—

 
$
12

Prior service cost (benefit)
—

 
9

 
—

 
6

 
(200
)
 
(288
)
Total
$
(15
)
 
$
121

 
$
(227
)
 
$
88

 
$
(200
)
 
$
(276
)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2018 and 2017:
 
2018
 
 
2017
 
 
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

(in millions of U.S. dollars)
 
 
Plans with projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligation
$
3,092

 
$
222

 
$
3,285

 
$
216

Fair value of plan assets
2,784

 
170

 
3,109

 
166

Net funded status
$
(308
)
 
$
(52
)
 
$
(176
)
 
$
(50
)
Plans with accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligation
$
3,066

 
$
115

 
$
3,223

 
$
152

Fair value of plan assets
$
2,784

 
$
86

 
$
3,109

 
$
123
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2018 and 2017:
 
2018
 
 
2017
 
 
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

(in millions of U.S. dollars)
 
 
Plans with projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligation
$
3,092

 
$
222

 
$
3,285

 
$
216

Fair value of plan assets
2,784

 
170

 
3,109

 
166

Net funded status
$
(308
)
 
$
(52
)
 
$
(176
)
 
$
(50
)
Plans with accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligation
$
3,066

 
$
115

 
$
3,223

 
$
152

Fair value of plan assets
$
2,784

 
$
86

 
$
3,109

 
$
123
Schedule of Assumptions Used [Table Text Block]
The weighted-average assumptions used to determine the projected benefit obligation were as follows:
 
Pension Benefit Plans
 
 
 
 
U.S. Plans

 
Non-U.S. Plans

 
Other Postretirement Benefit Plans

 
 
 
December 31, 2018
 
 
 
 
 
Discount rate
4.20
%
 
3.10
%
 
3.78
%
Rate of compensation increase
4.00
%
 
3.37
%
 
N/A

Interest crediting rate
4.10
%
 
 
 
 
December 31, 2017
 
 
 
 
 
Discount rate
3.59
%
 
2.76
%
 
2.77
%
Rate of compensation increase
4.00
%
 
3.46
%
 
N/A

Interest crediting rate
4.10
%
 
 
 
 
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
 
U.S. Plans
 
 
Non-U.S. Plans
 
 
Year Ended December 31
2018

 
2017

 
2016

 
2018

 
2017

 
2016

 
2018

 
2017

 
2016

(in millions of U.S. dollars)
 
 
 
 
 
 
 
Costs reflected in Net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
57

 
$
63

 
$
75

 
$
12

 
$
17

 
$
18

 
$
1

 
$
2

 
$
10

Non-service cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
105

 
105

 
103

 
27

 
27

 
30

 
3

 
4

 
17

Expected return on plan assets
(212
)
 
(189
)
 
(165
)
 
(50
)
 
(42
)
 
(39
)
 
(5
)
 
(5
)
 
(8
)
Amortization of net actuarial loss (gain)
—

 
—

 
—

 
1

 
3

 
2

 
—

 
—

 
(1
)
Amortization of prior service cost
—

 
—

 
—

 
—

 
—

 
(1
)
 
(85
)
 
(89
)
 
(15
)
Curtailments
—

 
—

 
(117
)
 
—

 
(27
)
 
—

 
(2
)
 
(37
)
 
—

Settlements
2

 
—

 
(2
)
 
3

 
—

 
1

 
—

 
—

 
—

Total non-service (benefit) cost
(105
)
 
(84
)
 
(181
)
 
(19
)
 
(39
)
 
(7
)
 
(89
)
 
(127
)
 
(7
)
Net periodic (benefit) cost
$
(48
)
 
$
(21
)
 
$
(106
)
 
$
(7
)
 
$
(22
)
 
$
11

 
$
(88
)
 
$
(125
)
 
$
3

Changes in plan assets and benefit obligations recognized in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
214

 
$
(21
)
 
$
(326
)
 
$
34

 
$
(57
)
 
$
49

 
$
(11
)
 
$
(3
)
 
$
17

Prior service cost (benefit)
—

 
—

 
—

 
3

 
—

 
(8
)
 
—

 
(23
)
 
(395
)
Amortization of net actuarial loss
—

 
—

 
—

 
(1
)
 
(3
)
 
—

 
(1
)
 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
—

 
—

 
—

 
85

 
89

 
—

Curtailments
—

 
—

 
117

 
—

 
(6
)
 
—

 
3

 
39

 
—

Settlements
(2
)
 
1

 
2

 
(3
)
 
—

 
(1
)
 
—

 
—

 
—

Total decrease (increase) in other comprehensive income
$
212

 
$
(20
)
 
$
(207
)
 
$
33

 
$
(66
)
 
$
40

 
$
76

 
$
102

 
$
(378
)


The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows:
 
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
Year Ended December 31
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
(in millions of U.S. dollars)
 
 
 
 
 
 
Service Cost:
 
 
 
 
 
 
 
 
 
 
 
 
Losses and loss expenses
 
$
7

 
$
7

 
$
8

 
$
—

 
$
—

 
$
—

Administrative expenses
 
62

 
73

 
85

 
1

 
2

 
10

Total service cost
 
69

 
80

 
93

 
1

 
2

 
10

Non-Service Cost:
 
 
 
 
 
 
 
 
 
 
 
 
Losses and loss expenses
 
(10
)
 
(8
)
 
(18
)
 
(9
)
 
(13
)
 
—

Administrative expenses
 
(114
)
 
(115
)
 
(170
)
 
(80
)
 
(114
)
 
(7
)
Total non-service (benefit) cost
 
(124
)
 
(123
)
 
(188
)
 
(89
)
 
(127
)
 
(7
)
Net periodic (benefit) cost
 
$
(55
)
 
$
(43
)
 
$
(95
)
 
$
(88
)
 
$
(125
)
 
$
3
Schedule of assumptions used, net periodic benefit costs [Table Text Block]
he weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:
 
Pension Benefit Plans
 
 
 
 
U.S. Plans

 
Non-U.S. Plans

 
Other Postretirement Benefit Plans


Year Ended December 31
 
 
2018
 
 
 
 
 
Discount rate in effect for determining service cost
3.62
%
 
3.97
%
 
2.84
%
Discount rate in effect for determining interest cost
3.27
%
 
2.55
%
 
2.62
%
Rate of compensation increase
4.00
%
 
3.46
%
 
N/A

Expected long-term rate of return on plan assets
7.00
%
 
4.32
%
 
2.59
%
Interest crediting rate
4.10
%
 
 
 
 
2017
 
 
 
 
 
Discount rate in effect for determining service cost
4.20
%
 
3.55
%
 
2.84
%
Discount rate in effect for determining interest cost
3.53
%
 
2.61
%
 
2.44
%
Rate of compensation increase
4.00
%
 
3.57
%
 
N/A

Expected long-term rate of return on plan assets
7.00
%
 
4.23
%
 
3.00
%
Interest crediting rate
4.10
%
 
 
 
 
2016
 
 
 
 
 
Discount rate in effect for determining service cost
4.38
%
 
3.85
%
 
4.32
%
Discount rate in effect for determining interest cost
3.59
%
 
3.44
%
 
4.02
%
Rate of compensation increase
4.00
%
 
3.33
%
 
N/A

Expected long-term rate of return on plan assets
7.00
%
 
4.79
%
 
6.34
%
Interest crediting rate
4.10
%
 
 
 
 
Schedule of Health Care Cost Trend Rates [Table Text Block]
The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:
 
U.S. Plans
 
 
Non-U.S. Plans
 
 
2018

 
2017

 
2016

 
2018

 
2017

 
2016

Healthcare cost trend rate
6.68
%
 
7.01
%
 
7.28
%
 
6.29
%
 
6.61
%
 
6.61
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
Year that the rate reaches the ultimate trend rate
2038

 
2038

 
2038

 
2029

 
2029

 
2029
Schedule of Allocation of Plan Assets [Table Text Block]
The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 3 to the Consolidated financial statements.
December 31, 2018
Pension Benefit Plans
 
(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
10

 
$
74

 
$
—

 
$
84

U.S. Treasury and agency
433

 
82

 
—

 
515

Foreign and corporate bonds
—

 
641

 
—

 
641

Equity securities
1,050

 
—

 
—

 
1,050

Total U.S. Plan assets (1)
$
1,493

 
$
797

 
$
—

 
$
2,290

Non-U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
7

 
$
—

 
$
—

 
$
7

Foreign and corporate bonds
—

 
418

 
—

 
418

Equity securities
103

 
371

 
—

 
474

Total Non-U.S. Plan assets (1)
$
110

 
$
789

 
$
—

 
$
899

(1) 
Excluded from the table above are $494 million and $109 million of other investments measured using NAV as a practical expedient related to the U.S. Plans and Non-U.S. Plans, respectively.
December 31, 2017
Pension Benefit Plans
 
(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
9

 
$
52

 
$
—

 
$
61

U.S. Treasury and agency
446

 
79

 
—

 
525

Foreign and corporate bonds
—

 
692

 
—

 
692

Equity securities
1,154

 
—

 
—

 
1,154

Total U.S. Plan assets (1)
$
1,609

 
$
823

 
$
—

 
$
2,432

Non-U.S. Plans:
 
 
 
 
 
 
 
Short-term investments
$
5

 
$
—

 
$
—

 
$
5

Foreign and corporate bonds
—

 
456

 
—

 
456

Equity securities
122

 
492

 
—

 
614

Total Non-U.S. Plan assets (1)
$
127

 
$
948

 
$
—

 
$
1,075

(1) 
Excluded from the table above are $677 million and $95 million of other investments measured using NAV as a practical expedient related to the U.S. Plans and Non-U.S. Plans, re
Schedule of expected future benefit payments
Expected future payments are as follows:
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans

For the years ending December 31
U.S. Plans

 
Non-U.S. Plans

(in millions of U.S. dollars)
 
2019
$
140

 
$
26

 
$
18

2020
148

 
28

 
19

2021
155

 
27

 
21

2022
162

 
26

 
22

2023
168

 
28

 
18

2024-2028
909

 
155

 
19
v3.10.0.1
Other (income) expense (Tables)
 12 Months Ended
Dec. 31, 2018
Other Income and Expenses [Abstract]  
Schedule of the components of Other (income) expense
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Equity in net (income) loss of partially-owned entities
$
(514
)
 
$
(418
)
 
$
(264
)
(Gains) losses from fair value changes in separate account assets (1)
38

 
(97
)
 
(11
)
One-time contribution to the Chubb Charitable Foundation
—

 
50

 
—

Federal excise and capital taxes
12

 
35

 
19

Other
30

 
30

 
34

Other (income) expense
$
(434
)
 
$
(400
)
 
$
(222
)

(1)  
Related to (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.10.0.1
Segment information (Tables)
 12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Operations By Segment
For the Year Ended December 31, 2018 (in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

Net premiums written
$
12,485

 
$
4,674

 
$
1,577

 
$
8,902

 
$
671

 
$
2,270

 
$
—

 
$
30,579

Net premiums earned
12,402

 
4,593

 
1,569

 
8,612

 
670

 
2,218

 
—

 
30,064

Losses and loss expenses
8,000

 
3,229

 
1,111

 
4,429

 
479

 
766

 
53

 
18,067

Policy benefits
—

 
—

 
—

 
—

 
—

 
590

 
—

 
590

Policy acquisition costs
1,829

 
939

 
79

 
2,346

 
162

 
557

 
—

 
5,912

Administrative expenses
966

 
269

 
(9
)
 
1,014

 
41

 
310

 
295

 
2,886

Underwriting income (loss)
1,607

 
156

 
388

 
823

 
(12
)
 
(5
)
 
(348
)
 
2,609

Net investment income (loss)
2,033

 
236

 
28

 
619

 
257

 
341

 
(209
)
 
3,305

Other (income) expense
(25
)
 
1

 
2

 
—

 
(32
)
 
26

 
(406
)
 
(434
)
Amortization expense of purchased intangibles
—

 
13

 
28

 
41

 
—

 
2

 
255

 
339

Segment income (loss)
$
3,665

 
$
378

 
$
386

 
$
1,401

 
$
277

 
$
308

 
$
(406
)
 
$
6,009

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(652
)
 
(652
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
641

 
641

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
59

 
59

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
695

 
695

Net income (loss)


 


 


 


 


 


 
$
(2,453
)
 
$
3,962

For the Year Ended December 31, 2017 (in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

Net premiums written
$
12,019

 
$
4,533

 
$
1,516

 
$
8,350

 
$
685

 
$
2,141

 
$
—

 
$
29,244

Net premiums earned
12,191

 
4,399

 
1,508

 
8,131

 
704

 
2,101

 
—

 
29,034

Losses and loss expenses
8,287

 
3,265

 
1,036

 
4,281

 
561

 
739

 
285

 
18,454

Policy benefits
—

 
—

 
—

 
—

 
—

 
676

 
—

 
676

Policy acquisition costs
1,873

 
899

 
81

 
2,221

 
177

 
530

 
—

 
5,781

Administrative expenses
981

 
264

 
(8
)
 
982

 
44

 
303

 
267

 
2,833

Underwriting income (loss)
1,050

 
(29
)
 
399

 
647

 
(78
)
 
(147
)
 
(552
)
 
1,290

Net investment income (loss)
1,961

 
226

 
25

 
610

 
273

 
313

 
(283
)
 
3,125

Other (income) expense
1

 
4

 
2

 
(4
)
 
(1
)
 
(84
)
 
(318
)
 
(400
)
Amortization expense of purchased intangibles
—

 
16

 
29

 
45

 
—

 
2

 
168

 
260

Segment income (loss)
$
3,010

 
$
177

 
$
393

 
$
1,216

 
$
196

 
$
248

 
$
(685
)
 
$
4,555

Net realized gains (losses) including OTTI
 
 


 
 
 
 
 
 
 
 
 
84

 
84

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
607

 
607

Chubb integration expense
 
 
 
 
 
 
 
 
 
 
 
 
310

 
310

Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
(139
)
 
(139
)
Net income (loss)


 


 


 


 


 


 
$
(1,379
)
 
$
3,861


For the Year Ended December 31, 2016 (in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

Net premiums written
$
11,740

 
$
4,153

 
$
1,328

 
$
8,124

 
$
676

 
$
2,124

 
$
—

 
$
28,145

Net premiums earned
12,217

 
4,319

 
1,316

 
8,132

 
710

 
2,055

 
—

 
28,749

Losses and loss expenses
7,439

 
2,558

 
893

 
4,005

 
325

 
663

 
169

 
16,052

Policy benefits
—

 
—

 
—

 
—

 
—

 
588

 
—

 
588

Policy acquisition costs
2,023

 
966

 
83

 
2,136

 
187

 
509

 
—

 
5,904

Administrative expenses
1,125

 
363

 
(6
)
 
1,057

 
52

 
307

 
183

 
3,081

Underwriting income (loss)
1,630

 
432

 
346

 
934

 
146

 
(12
)
 
(352
)
 
3,124

Net investment income (loss)
1,860

 
207

 
20

 
600

 
263

 
283

 
(368
)
 
2,865

Other (income) expense
(2
)
 
6

 
1

 
(11
)
 
(4
)
 
5

 
(217
)
 
(222
)
Amortization expense (benefit) of purchased intangibles
—

 
19

 
29

 
48

 
—

 
3

 
(80
)
 
19

Segment income (loss)
$
3,492

 
$
614

 
$
336

 
$
1,497

 
$
413

 
$
263

 
$
(423
)
 
$
6,192

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(145
)
 
(145
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
605

 
605

Chubb Integration Expense
 
 
 
 
 
 
 
 
 
 
 
 
492

 
492

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
815

 
815

Net income (loss)

 

 

 

 

 

 
$
(2,480
)
 
$
4,135
Net Premiums Earned For Segment By Product
The following table presents net premiums earned for each segment by line of business:
 
 
 
 
 
 
 
For the Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

North America Commercial P&C Insurance
 
 
 
 
 
Property & other short-tail lines
$
1,861

 
$
1,899

 
$
1,963

Casualty & all other
9,773

 
9,554

 
9,552

A&H
768

 
738

 
702

Total North America Commercial P&C Insurance
12,402

 
12,191

 
12,217

North America Personal P&C Insurance
 
 
 
 
 
Personal automobile
803

 
742

 
699

Personal homeowners
3,127

 
3,014

 
3,007

Personal other
663

 
643

 
613

Total North America Personal P&C Insurance
4,593

 
4,399

 
4,319

North America Agricultural Insurance
1,569

 
1,508

 
1,316

Overseas General Insurance
 
 
 
 
 
Property & other short-tail lines
2,134

 
2,076

 
2,133

Casualty & all other
2,429

 
2,266

 
2,177

Personal lines
1,784

 
1,609

 
1,626

A&H
2,265

 
2,180

 
2,196

Total Overseas General Insurance
8,612

 
8,131

 
8,132

Global Reinsurance
 
 
 
 
 
Property & other short-tail lines
123

 
132

 
118

Property catastrophe
170

 
198

 
185

Casualty & all other
377

 
374

 
407

Total Global Reinsurance
670

 
704

 
710

Life Insurance
 
 
 
 
 
Life
1,022

 
980

 
1,002

A&H
1,196

 
1,121

 
1,053

Total Life Insurance
2,218

 
2,101

 
2,055

Total net premiums earned
$
30,064

 
$
29,034

 
$
28,749
Net Premiums Earned by Geographic Region

North America

 
Europe (1)

 
Asia Pacific / Far East

 
Latin America

2018
70
%
 
11
%
 
12
%
 
7
%
2017
70
%
 
11
%
 
12
%
 
7
%
2016
70
%
 
12
%
 
11
%
 
7
%
v3.10.0.1
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
 
Year Ended December 31
 
(in millions of U.S. dollars, except share and per share data)
2018

 
2017

 
2016

Numerator:
 
 
 
 
 
Net income
$
3,962

 
$
3,861

 
$
4,135

Denominator:
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
Weighted-average shares outstanding
463,629,203

 
467,145,716

 
462,519,789

Denominator for diluted earnings per share:
 
 
 
 
 
Share-based compensation plans
3,173,145

 
4,051,185

 
3,429,610

Weighted-average shares outstanding
      and assumed conversions
466,802,348

 
471,196,901

 
465,949,399

Basic earnings per share
$
8.55

 
$
8.26

 
$
8.94

Diluted earnings per share
$
8.49

 
$
8.19

 
$
8.87

Potential anti-dilutive share conversions
3,543,188

 
1,776,025

 
1,206,828
v3.10.0.1
Related party transaction Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
Transactions generated under Starr agreements were as follows:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016
Consolidated statement of operations
 
 
 
 
 
Gross premiums written
$
411

 
$
464

 
$
658

Ceded premiums written
$
188

 
$
175

 
$
208

Commissions paid
$
84

 
$
101

 
$
145

Commissions received
$
42

 
$
37

 
$
56

Losses and loss expenses incurred
$
188

 
$
438

 
$
313

Consolidated balance sheets
 
 
 
 
 
Reinsurance recoverable on losses and loss expenses
$
514

 
$
557

 
 
Ceded reinsurance premium payable
$
75

 
$
44

 
 

ABR Re
We own 11.7 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. and warrants to acquire 0.5 percent of additional equity. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. will be ABR Re’s exclusive investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has entered into an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re.

ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our minority ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissions.

Transactions generated under ABR Re agreements were as follows:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016
Consolidated statement of operations
 
 
 
 
 
Ceded premiums written
$
329

 
$
342

 
$
288

Commissions received
$
96

 
$
94

 
$
66

Consolidated balance sheets
 
 
 
 
 
Reinsurance recoverable on losses and loss expenses
$
557

 
$
365

 
 
Ceded reinsurance premium payable
$
47

 
$
51

 
 
v3.10.0.1
Statutory Financial Information (Tables)
 12 Months Ended
Dec. 31, 2018
Statutory Financial Information [Abstract]  
Schedule of combined statutory capital and surplus and statutory net income (loss)
 
December 31
 
(in millions of U.S. dollars)
2018

 
2017

Statutory capital and surplus
 
 
 
Property and casualty
$
40,985

 
$
39,927

Life
$
1,310

 
$
1,515

 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Statutory net income (loss)
 
 
 
 
 
Property and casualty
$
7,499

 
$
8,178

 
$
6,903

Life
$
(111
)
 
$
49

 
$
55
v3.10.0.1
Information provided in connection with outstanding debt of subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2018
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Condensed Consolidating Balance Sheet
ondensed Consolidating Balance Sheet at December 31, 2018
(in millions of U.S. dollars)
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$
—

 
$
214

 
$
100,754

 
$
—

 
$
100,968

Cash (1)
1

 
2

 
1,896

 
(652
)
 
1,247

Restricted Cash
—

 
—

 
93

 
—

 
93

Insurance and reinsurance balances receivable
—

 
—

 
11,861

 
(1,786
)
 
10,075

Reinsurance recoverable on losses and loss expenses
—

 
—

 
26,422

 
(10,429
)
 
15,993

Reinsurance recoverable on policy benefits
—

 
—

 
306

 
(104
)
 
202

Value of business acquired
—

 
—

 
295

 
—

 
295

Goodwill and other intangible assets
—

 
—

 
21,414

 
—

 
21,414

Investments in subsidiaries
43,531

 
50,209

 
—

 
(93,740
)
 
—

Due from subsidiaries and affiliates, net
7,074

 
—

 
598

 
(7,672
)
 
—

Other assets
3

 
1,007

 
18,102

 
(1,628
)
 
17,484

Total assets
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
72,857

 
$
(9,897
)
 
$
62,960

Unearned premiums
—

 
—

 
16,611

 
(1,079
)
 
15,532

Future policy benefits
—

 
—

 
5,610

 
(104
)
 
5,506

Due to subsidiaries and affiliates, net
—

 
7,672

 
—

 
(7,672
)
 
—

Affiliated notional cash pooling programs(1)
35

 
617

 
—

 
(652
)
 
—

Repurchase agreements
—

 
—

 
1,418

 
—

 
1,418

Short-term debt
—

 
500

 
9

 
—

 
509

Long-term debt
—

 
12,086

 
1

 
—

 
12,087

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
262

 
2,545

 
19,199

 
(2,867
)
 
19,139

Total liabilities
297

 
23,728

 
115,705

 
(22,271
)
 
117,459

Total shareholders’ equity
50,312

 
27,704

 
66,036

 
(93,740
)
 
50,312

Total liabilities and shareholders’ equity
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771


(1)  
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.







Condensed Consolidating Balance Sheet at December 31, 2017
(in millions of U.S. dollars)
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$
—

 
$
168

 
$
102,276

 
$
—

 
$
102,444

Cash (1)
3

 
1

 
839

 
(115
)
 
728

Restricted Cash
—

 
—

 
123

 
—

 
123

Insurance and reinsurance balances receivable
—

 
—

 
10,820

 
(1,486
)
 
9,334

Reinsurance recoverable on losses and loss expenses
—

 
—

 
27,514

 
(12,480
)
 
15,034

Reinsurance recoverable on policy benefits
—

 
—

 
1,194

 
(1,010
)
 
184

Value of business acquired
—

 
—

 
326

 
—

 
326

Goodwill and other intangible assets
—

 
—

 
22,054

 
—

 
22,054

Investments in subsidiaries
41,909

 
51,165

 
—

 
(93,074
)
 
—

Due from subsidiaries and affiliates, net
9,639

 
—

 
—

 
(9,639
)
 
—

Other assets
3

 
287

 
20,578

 
(4,073
)
 
16,795

Total assets
$
51,554

 
$
51,621

 
$
185,724

 
$
(121,877
)
 
$
167,022

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
74,767

 
$
(11,588
)
 
$
63,179

Unearned premiums
—

 
—

 
18,875

 
(3,659
)
 
15,216

Future policy benefits
—

 
—

 
6,331

 
(1,010
)
 
5,321

Due to subsidiaries and affiliates, net
—

 
9,432

 
207

 
(9,639
)
 
—

Affiliated notional cash pooling programs(1)
—

 
115

 
—

 
(115
)
 
—

Repurchase agreements
—

 
—

 
1,408

 
—

 
1,408

Short-term debt
—

 
1,013

 
—

 
—

 
1,013

Long-term debt
—

 
11,546

 
10

 
—

 
11,556

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
382

 
1,411

 
18,848

 
(2,792
)
 
17,849

Total liabilities
382

 
23,825

 
120,446

 
(28,803
)
 
115,850

Total shareholders’ equity
51,172

 
27,796

 
65,278

 
(93,074
)
 
51,172

Total liabilities and shareholders’ equity
$
51,554

 
$
51,621

 
$
185,724

 
$
(121,877
)
 
$
167,022

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement Of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Year Ended December 31, 2018
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
30,579

 
$
—

 
$
30,579

Net premiums earned
—

 
—

 
30,064

 
—

 
30,064

Net investment income
6

 
13

 
3,286

 
—

 
3,305

Equity in earnings of subsidiaries
3,753

 
2,578

 
—

 
(6,331
)
 
—

Net realized gains (losses) including OTTI
—

 
117

 
(769
)
 
—

 
(652
)
Losses and loss expenses
—

 
—

 
18,067

 
—

 
18,067

Policy benefits
—

 
—

 
590

 
—

 
590

Policy acquisition costs and administrative expenses
87

 
(58
)
 
8,769

 
—

 
8,798

Interest (income) expense
(299
)
 
806

 
134

 
—

 
641

Other (income) expense
(24
)
 
26

 
(436
)
 
—

 
(434
)
Amortization of purchased intangibles
—

 
—

 
339

 
—

 
339

Chubb integration expenses
14

 
1

 
44

 
—

 
59

Income tax expense (benefit)
19

 
(148
)
 
824

 
—

 
695

Net income
$
3,962

 
$
2,081

 
$
4,250

 
$
(6,331
)
 
$
3,962

Comprehensive income (loss)
$
1,242

 
$
(27
)
 
$
1,808

 
$
(1,781
)
 
$
1,242


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2017
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
29,244

 
$
—

 
$
29,244

Net premiums earned
—

 
—

 
29,034

 
—

 
29,034

Net investment income
4

 
14

 
3,107

 
—

 
3,125

Equity in earnings of subsidiaries
3,640

 
2,424

 
—

 
(6,064
)
 
—

Net realized gains (losses) including OTTI
—

 
(25
)
 
109

 
—

 
84

Losses and loss expenses
—

 
—

 
18,454

 
—

 
18,454

Policy benefits
—

 
—

 
676

 
—

 
676

Policy acquisition costs and administrative expenses
75

 
40

 
8,499

 
—

 
8,614

Interest (income) expense
(332
)
 
847

 
92

 
—

 
607

Other (income) expense
(12
)
 
93

 
(481
)
 
—

 
(400
)
Amortization of purchased intangibles
—

 
—

 
260

 
—

 
260

Chubb integration expenses
32

 
69

 
209

 
—

 
310

Income tax expense (benefit)
20

 
(742
)
 
583

 
—

 
(139
)
Net income
$
3,861

 
$
2,106

 
$
3,958

 
$
(6,064
)
 
$
3,861

Comprehensive income
$
4,718

 
$
3,075

 
$
4,430

 
$
(7,505
)
 
$
4,718






Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2016
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
28,145

 
$
—

 
$
28,145

Net premiums earned
—

 
—

 
28,749

 
—

 
28,749

Net investment income
3

 
11

 
2,851

 
—

 
2,865

Equity in earnings of subsidiaries
3,901

 
2,555

 
—

 
(6,456
)
 
—

Net realized gains (losses) including OTTI
—

 
3

 
(148
)
 
—

 
(145
)
Losses and loss expenses
—

 
—

 
16,052

 
—

 
16,052

Policy benefits
—

 
—

 
588

 
—

 
588

Policy acquisition costs and administrative expenses
64

 
82

 
8,839

 
—

 
8,985

Interest (income) expense
(353
)
 
908

 
50

 
—

 
605

Other (income) expense
(25
)
 
35

 
(232
)
 
—

 
(222
)
Amortization of purchased intangibles
—

 
—

 
19

 
—

 
19

Chubb integration expenses
62

 
126

 
304

 
—

 
492

Income tax expense (benefit)
21

 
(416
)
 
1,210

 
—

 
815

Net income
$
4,135

 
$
1,834

 
$
4,622

 
$
(6,456
)
 
$
4,135

Comprehensive income
$
4,556

 
$
2,001

 
$
5,045

 
$
(7,046
)
 
$
4,556
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows 
For the Year Ended December 31, 2018
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
256

 
$
4,654

 
$
5,878

 
$
(5,308
)
 
$
5,480

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(38
)
 
(24,697
)
 
—

 
(24,735
)
Purchases of fixed maturities held to maturity
—

 
—

 
(456
)
 
—

 
(456
)
Purchases of equity securities
—

 
—

 
(207
)
 
—

 
(207
)
Sales of fixed maturities available for sale
—

 
11

 
14,019

 
—

 
14,030

Sales of equity securities
—

 
—

 
315

 
—

 
315

Maturities and redemptions of fixed maturities available for sale
—

 
17

 
7,335

 
—

 
7,352

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
1,124

 
—

 
1,124

Net change in short-term investments
—

 
3

 
513

 
—

 
516

Net derivative instruments settlements
—

 
(7
)
 
23

 
—

 
16

Private equity contribution
—

 
—

 
(1,337
)
 
—

 
(1,337
)
Private equity distribution
—

 
—

 
980

 
—

 
980

Capital contribution
(1,475
)
 
(3,550
)
 
—

 
5,025

 
—

Other
—

 
(18
)
 
(515
)
 
—

 
(533
)
Net cash flows used for investing activities
(1,475
)
 
(3,582
)
 
(2,903
)
 
5,025

 
(2,935
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,337
)
 
—

 
—

 
—

 
(1,337
)
Common Shares repurchased
—

 
—

 
(1,044
)
 
—

 
(1,044
)
Proceeds from issuance of long-term debt
—

 
2,171

 
—

 
—

—

2,171

Proceeds from issuance of repurchase agreements
—

 
—

 
2,029

 
—

 
2,029

Repayment of long-term debt
—

 
(2,000
)
 
(1
)
 
—

 
(2,001
)
Repayment of repurchase agreements
—

 
—

 
(2,019
)
 
—

 
(2,019
)
Proceeds from share-based compensation plans
—

 
—

 
115

 
—

 
115

Advances (to) from affiliates
2,519

 
(1,744
)
 
(775
)
 
—

 
—

Dividends to parent company
—

 
—

 
(5,308
)
 
5,308

 
—

Capital contribution
—

 
—

 
5,025

 
(5,025
)
 
—

Net payments to affiliated notional cash pooling programs(1)
35

 
502

 
—

 
(537
)
 
—

Policyholder contract deposits
—

 
—

 
453

 
—

 
453

Policyholder contract withdrawals
—

 
—

 
(358
)
 
—

 
(358
)
Net cash flows from (used for) financing activities
1,217

 
(1,071
)
 
(1,883
)
 
(254
)
 
(1,991
)
Effect of foreign currency rate changes on cash and restricted cash
—

 
—

 
(65
)
 
—

 
(65
)
Net increase (decrease) in cash and restricted cash
(2
)
 
1

 
1,027

 
(537
)
 
489

Cash and restricted cash – beginning of year(1)
3

 
1

 
962

 
(115
)
 
851

Cash and restricted cash – end of year(1)
$
1

 
$
2

 
$
1,989

 
$
(652
)
 
$
1,340

(1) 
Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2017
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
781

 
$
1,648

 
$
4,598

 
$
(2,524
)
 
$
4,503

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(9
)
 
(25,738
)
 
—

 
(25,747
)
Purchases of fixed maturities held to maturity
—

 
—

 
(352
)
 
—

 
(352
)
Purchases of equity securities
—

 
—

 
(173
)
 
—

 
(173
)
Sales of fixed maturities available for sale
—

 
99

 
13,156

 
—

 
13,255

Sales of equity securities
—

 
—

 
187

 
—

 
187

Maturities and redemptions of fixed maturities available for sale
—

 
29

 
10,396

 
—

 
10,425

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
879

 
—

 
879

Net change in short-term investments
—

 
189

 
(726
)
 
—

 
(537
)
Net derivative instruments settlements
—

 
(15
)
 
(250
)
 
—

 
(265
)
Private equity contributions
—

 
—

 
(648
)
 
—

 
(648
)
Private equity distributions
—

 
—

 
1,084

 
—

 
1,084

Other
—

 
(10
)
 
(520
)
 
—

 
(530
)
Net cash flows from (used for) investing activities
—

 
283

 
(2,705
)
 
—

 
(2,422
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,308
)
 
—

 
—

 
—

 
(1,308
)
Common Shares repurchased
—

 
—

 
(801
)
 
—

 
(801
)
Proceeds from issuance of long-term debt
—

 
—

 
—

 
—

 
—

Proceeds from issuance of repurchase agreements
—

 
—

 
2,353

 
—

 
2,353

Repayment of long-term debt
—

 
(500
)
 
(1
)
 
—

 
(501
)
Repayment of repurchase agreements
—

 
—

 
(2,348
)
 
—

 
(2,348
)
Proceeds from share-based compensation plans
—

 
—

 
151

 
—

 
151

Advances (to) from affiliates
892

 
(927
)
 
35

 
—

 
—

Dividends to parent company
—

 
—

 
(2,524
)
 
2,524

 
—

Net payments to affiliated notional cash pooling programs(1)
(363
)
 
(504
)
 
—

 
867

 
—

Policyholder contract deposits
—

 
—

 
442

 
—

 
442

Policyholder contract withdrawals
—

 
—

 
(307
)
 
—

 
(307
)
Net cash flows used for financing activities
(779
)
 
(1,931
)
 
(3,000
)
 
3,391

 
(2,319
)
Effect of foreign currency rate changes on cash and restricted cash
—

 
—

 
1

 
—

 
1

Net increase (decrease) in cash and restricted cash
2

 
—

 
(1,106
)
 
867

 
(237
)
Cash and restricted cash – beginning of year(1)
1

 
1

 
2,068

 
(982
)
 
1,088

Cash and restricted cash – end of year(1)
$
3

 
$
1

 
$
962

 
$
(115
)
 
$
851

(1)
Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2016
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
3,618

 
$
4,305

 
$
5,536

 
$
(8,167
)
 
$
5,292

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(156
)
 
(30,659
)
 
—

 
(30,815
)
Purchases of fixed maturities held to maturity
—

 
—

 
(282
)
 
—

 
(282
)
Purchases of equity securities
—

 
—

 
(146
)
 
—

 
(146
)
Sales of fixed maturities available for sale
—

 
66

 
16,611

 
—

 
16,677

Sales of equity securities
—

 
—

 
1,000

 
—

 
1,000

Maturities and redemptions of fixed maturities available for sale
—

 
66

 
9,283

 
—

 
9,349

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
958

 
—

 
958

Net change in short-term investments
—

 
7,943

 
4,407

 
—

 
12,350

Net derivative instruments settlements
—

 
(9
)
 
(159
)
 
—

 
(168
)
Private equity contributions
—

 
—

 
(553
)
 
—

 
(553
)
Private equity distributions
—

 
—

 
958

 
—

 
958

Acquisition of subsidiaries (net of cash acquired of $71)
—

 
(14,282
)
 
34

 
—

 
(14,248
)
Capital contribution
(2,330
)
 
(215
)
 
(2,330
)
 
4,875

 
—

Other
—

 
(3
)
 
(399
)
 
—

 
(402
)
Net cash flows used for investing activities
(2,330
)
 
(6,590
)
 
(1,277
)
 
4,875

 
(5,322
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,173
)
 
—

 
—

 
—

 
(1,173
)
Proceeds from issuance of repurchase agreements
—

 
—

 
2,310

 
—

 
2,310

Repayment of repurchase agreements
—

 
—

 
(2,311
)
 
—

 
(2,311
)
Proceeds from share-based compensation plans
—

 
—

 
167

 
—

 
167

Advances (to) from affiliates
404

 
(572
)
 
168

 
—

 
—

Dividends to parent company
—

 
—

 
(8,167
)
 
8,167

 
—

Capital contribution
—

 
2,330

 
2,545

 
(4,875
)
 
—

Net proceeds from (payments to) affiliated notional cash pooling programs(1)
(519
)
 
530

 
—

 
(11
)
 
—

Policyholder contract deposits
—

 
—

 
522

 
—

 
522

Policyholder contract withdrawals
—

 
—

 
(253
)
 
—

 
(253
)
Other
—

 
(4
)
 
—

 
—

 
(4
)
Net cash flows (used for) from financing activities
(1,288
)
 
2,284

 
(5,019
)
 
3,281

 
(742
)
Effect of foreign currency rate changes on cash and restricted cash
—

 
—

 
(25
)
 
—

 
(25
)
Net increase (decrease) in cash and restricted cash

—

 
(1
)
 
(785
)
 
(11
)
 
(797
)
Cash and restricted cash – beginning of year(1)
1

 
2

 
2,853

 
(971
)
 
1,885

Cash and restricted cash – end of year(1)
$
1

 
$
1

 
$
2,068

 
$
(982
)
 
$
1,088


(1)
Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.10.0.1
Condensed Unaudited Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information
 
Three Months Ended
 
 
March 31

 
June 30

 
September 30

 
December 31

(in millions of U.S. dollars, except per share data)
2018

 
2018

 
2018

 
2018

Net premiums earned
$
7,027

 
$
7,664

 
$
7,908

 
$
7,465

Net investment income
806

 
828

 
823

 
848

Net realized gains (losses) including OTTI
(2
)
 
18

 
19

 
(687
)
Total revenues
$
7,831

 
$
8,510

 
$
8,750

 
$
7,626

Losses and loss expenses
$
4,102

 
$
4,487

 
$
4,868

 
$
4,610

Policy benefits
$
151

 
$
150

 
$
127

 
$
162

Net income
$
1,082

 
$
1,294

 
$
1,231

 
$
355

Basic earnings per share
$
2.32

 
$
2.78

 
$
2.66

 
$
0.77

Diluted earnings per share
$
2.30

 
$
2.76

 
$
2.64

 
$
0.76



Net income for the three months ended December 31, 2018 included after-tax catastrophe losses of $506 million.
 
Three Months Ended
 
 
March 31

 
June 30

 
September 30

 
December 31

(in millions of U.S. dollars, except per share data)
2017

 
2017

 
2017

 
2017

Net premiums earned
$
6,772

 
$
7,237

 
$
7,807

 
$
7,218

Net investment income
745

 
770

 
813

 
797

Net realized gains (losses) including OTTI
(7
)
 
101

 
(10
)
 
—

Total revenues
$
7,510

 
$
8,108

 
$
8,610

 
$
8,015

Losses and loss expenses
$
3,789

 
$
4,146

 
$
6,247

 
$
4,272

Policy benefits
$
168

 
$
163

 
$
169

 
$
176

Net income (loss)
$
1,093

 
$
1,305

 
$
(70
)
 
$
1,533

Basic earnings (loss) per share
$
2.33

 
$
2.79

 
$
(0.15
)
 
$
3.29

Diluted earnings (loss) per share
$
2.31

 
$
2.77

 
$
(0.15
)
 
$
3.27
v3.10.0.1
Summary of significant accounting policies (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Jan. 14, 2016
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Jan. 01, 2019
Dec. 31, 2015
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                
Deposit assets reflected in Other assets $ 89   $ 89 $ 97 $ 89      
Unpaid losses and loss expenses 63,179   63,179 62,960 63,179 $ 60,540   $ 37,303
Deposit liabilities included in Deposit liabilities 100   100 97 100      
Borrowings under Guaranteed Investment Agreements 1,800   1,800   1,800      
Summary of significant accounting policies [Line Items]                
Deferred Policy Acquisition Costs, Amortization Expense       5,912 5,781 5,904    
Deferred Advertising Costs 271   271 $ 255 271      
Deferred Marketing Costs, Amortization Period       10 years        
Recoverable from unrated reinsurers, ceded reserve, default factor (percent)       34.00%        
Reinsurance business assumed       $ 14 18      
Percentage of fair value of loaned securities       102.00%        
Quality assessment threshold used in goodwill impairment testing       50.00%        
Affiliated notional cash pooling program 0 [1]   0 [1] $ 0 [2] 0 [1]      
Net operating results of ESIS included within Administrative expenses       $ 49 38 32    
Income Tax Examination, Description       0.5        
Property, Plant and Equipment, Net 1,300   1,300 $ 1,700 1,300      
Chubb integration expenses       $ 59 $ 310 492    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount     475          
Tax Year 2018 [Member]                
Summary of significant accounting policies [Line Items]                
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent       21.00%        
Tax Year 2017 [Member]                
Summary of significant accounting policies [Line Items]                
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent       35.00% 35.00%      
The Chubb Corporation [Member] | Debt Securities [Member]                
Summary of significant accounting policies [Line Items]                
Assets, Fair Value Adjustment   $ 1,652   $ 520        
Adjustments for New Accounting Pronouncement [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect on Retained Earnings, Tax 7              
Accounting Standards Update 2017-08 [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect on Retained Earnings, before Tax       15        
Cumulative Effect on Retained Earnings, Net of Tax       11        
Selling and Marketing Expense [Member]                
Summary of significant accounting policies [Line Items]                
Deferred Policy Acquisition Costs, Amortization Expense       114 $ 116 $ 92    
Fair Value Adjustment to Acquired Loss Reserves [Member] | The Chubb Corporation [Member]                
Summary of significant accounting policies [Line Items]                
Balance of FV adjustment on Unpaid Losses and Loss Expenses 309   309 207 309      
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption 296   296   296      
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption (417)   (417)   (417)      
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 454              
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting standards update 2018-02 [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption       (121)        
Retained Earnings                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption (264)   (264)   $ (264)      
Retained Earnings | Accounting standards update 2018-02 [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption       146        
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Accounting standards update 2018-02 [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption       (47)        
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accounting standards update 2018-02 [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative Effect of New Accounting Principle in Period of Adoption       22        
Scenario, Plan [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount     450          
Scenario, Adjustment [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount       $ 25        
Scenario, Forecast [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Operating Lease, Right-of-Use Asset             $ 800  
Minimum                
Liability for Future Policy Benefit, by Product Segment [Line Items]                
Interest rates used in calculating future policy benefits       0.01 0.01      
Summary of significant accounting policies [Line Items]                
Reinsurance Premiums, Amortization Period       1 year        
Amortization period for value of reinsurance business assumed       9 years        
Finite-Lived Intangible Asset, Useful Life       1 year        
Maximum                
Liability for Future Policy Benefit, by Product Segment [Line Items]                
Interest rates used in calculating future policy benefits       0.11 0.08      
Summary of significant accounting policies [Line Items]                
Reinsurance Premiums, Amortization Period       3 years        
Amortization period for value of reinsurance business assumed       40 years        
Finite-Lived Intangible Asset, Useful Life       30 years        
Affiliated notional cash pooling program       $ 300        
Software Development [Member]                
Summary of significant accounting policies [Line Items]                
Property, Plant and Equipment, Net       $ 970        
Property, Plant and Equipment, Useful Life       15 years        
Software Development [Member] | Minimum                
Summary of significant accounting policies [Line Items]                
Property, Plant and Equipment, Useful Life       3 years        
Software Development [Member] | Maximum                
Summary of significant accounting policies [Line Items]                
Property, Plant and Equipment, Useful Life       5 years        
Building [Member]                
Summary of significant accounting policies [Line Items]                
Property, Plant and Equipment, Net       $ 277        
Building [Member] | Maximum                
Summary of significant accounting policies [Line Items]                
Property, Plant and Equipment, Useful Life       39 years        
Structured settlements                
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                
Deposit assets reflected in Other assets 36   36 $ 33 $ 36      
Unpaid losses and loss expenses       581        
Reinsurance recoverables for amounts due from life insurance companies       548        
Other Short-duration Insurance Product Line [Member]                
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]                
Unpaid losses and loss expenses $ 41   $ 41 $ 40 $ 41      
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.10.0.1
Summary of significant accounting policies Summary of Significant Accounting Policies - Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
 [5]
Cash and Cash Equivalents [Line Items]        
Cash $ 1,247 [1] $ 728 [2] $ 985  
Restricted Cash 93 [1] 123 [2] 103  
Cash and restricted cash $ 1,340 [3] 851 [3],[4] $ 1,088 [3],[5] $ 1,885
Adjustments for New Accounting Pronouncement [Member]        
Cash and Cash Equivalents [Line Items]        
Restricted Cash   $ 123    
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[4] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[5] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.10.0.1
Investments (Narrative) (Detail)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
USD ($)
Security
Dec. 31, 2018
USD ($)
Security
partnerships
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Investment [Line Items]        
Available-for-sale Equity Securities, Amortized Cost Basis     $ 737  
Net unrealized appreciation (depreciation) included in OCI   $ (4) (2)  
AOCI Portion Attributable to change of FV of investments with OTTI $ 1 1 7  
Portion of gross unrealized loss represented by the United States Treasury and Agency obligations $ 630 $ 630    
Moodys historical mean recovery rate   42.00%    
Limited partnerships number | partnerships   145    
Number of fixed maturities in an unrealized loss position | Security 19,606 19,606    
Total number of fixed maturities | Security 31,054 31,054    
Largest single unrealized loss in the fixed maturities $ 10 $ 10    
Restricted assets in fixed maturities and short-term investments $ 21,000 $ 21,000 $ 23,300  
Percentage of mortgage-backed securities represented by investments in US government agency bonds 81.00% 81.00% 83.00%  
Restricted assets in cash $ 93 $ 93 $ 123  
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax     212  
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax     12  
Equity Securities     937  
Operating Lease, Impairment Loss   24    
Impairment of Fixed Assets   23    
Payment to Acquire Other Investments $ 28      
Corporate securities        
Investment [Line Items]        
Credit losses recognized in net income   $ 25 5 $ 30
Company assumed recovery rate   32.00%    
Collateralized Mortgage Backed Securities [Member]        
Investment [Line Items]        
Credit losses recognized in net income   $ 0 $ 0 $ 1
Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member]        
Investment [Line Items]        
Gain (Loss) on Extinguishment of Debt   $ (36)    
v3.10.0.1
Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost $ 79,323 $ 77,835
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 690 1,528
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (1,543) (424)
Available for sale, Fair Value 78,470 78,939
Available for sale, OTTI recognized in AOCI (7) (6)
US Treasury and Government [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 4,158 3,701
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 30 32
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (43) (35)
Available for sale, Fair Value 4,145 3,698
Available for sale, OTTI recognized in AOCI 0 0
Foreign    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 21,370 20,514
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 395 622
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (349) (106)
Available for sale, Fair Value 21,416 21,030
Available for sale, OTTI recognized in AOCI 0 (1)
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 27,183 23,453
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 150 638
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (750) (95)
Available for sale, Fair Value 26,583 23,996
Available for sale, OTTI recognized in AOCI (6) (4)
Collateralized Mortgage Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 15,758 15,279
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 66 111
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (284) (100)
Available for sale, Fair Value 15,540 15,290
Available for sale, OTTI recognized in AOCI (1) (1)
States, municipalities, and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 10,854 14,888
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 49 125
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (117) (88)
Available for sale, Fair Value 10,786 14,925
Available for sale, OTTI recognized in AOCI $ 0 $ 0
v3.10.0.1
Investments (Schedule Of Amortized Cost And Fair Value Of Held-to-Maturity And Related Other-Than-Temporary Impairment Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities, Held-to-maturity $ 13,435 $ 14,335
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 51 179
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (227) (40)
Held to maturity, Fair Value 13,259 14,474
Held to maturity, OTTI recognized in AOCI   0
U.S. Treasury and agency    
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities, Held-to-maturity 1,185 908
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 8 12
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (11) (5)
Held to maturity, Fair Value 1,182 915
Held to maturity, OTTI recognized in AOCI 0 0
Foreign    
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities, Held-to-maturity 1,549 1,738
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 11 27
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (18) (8)
Held to maturity, Fair Value 1,542 1,757
Held to maturity, OTTI recognized in AOCI 0 0
Corporate securities    
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities, Held-to-maturity 2,601 3,159
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 11 67
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (104) (7)
Held to maturity, Fair Value 2,508 3,219
Held to maturity, OTTI recognized in AOCI 0 0
Mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities, Held-to-maturity 2,524 2,724
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 5 23
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (43) (5)
Held to maturity, Fair Value 2,486 2,742
Held to maturity, OTTI recognized in AOCI 0 0
States, municipalities, and political subdivisions    
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities, Held-to-maturity 5,576 5,806
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 16 50
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (51) (15)
Held to maturity, Fair Value 5,541 5,841
Held to maturity, OTTI recognized in AOCI $ 0 $ 0
v3.10.0.1
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]    
Available for sale, Due in 1 year or less, Amortized Cost $ 3,569 $ 3,164
Available for sale, Due after 1 year through 5 years, Amortized Cost 27,134 24,749
Available for sale, Due after 5 years though 10 years, Amortized Cost 24,095 25,388
Available for sale, Due after 10 years, Amortized Cost 8,767 9,255
Available for sale, Mortgage-backed securities, Amortized Cost 15,758 15,279
Debt Securities, Available-for-sale, Amortized Cost 79,323 77,835
Available for sale, Due in 1 year or less, Fair Value 3,568 3,182
Available for sale, Due after 1 year through 5 years, Fair Value 27,005 25,068
Available for sale, Due after 5 years through 10 years, Fair Value 23,543 25,704
Available for sale, Due after 10 years, Fair Value 8,814 9,695
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost 63,565 62,556
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 62,930 63,649
Available for sale, Mortgage backed securities, Fair Value 15,540 15,290
Available for sale, Fair Value 78,470 78,939
Held to maturity, Due in 1 year or less, Amortized Cost 536 743
Held to maturity, Due after 1 year through 5 years, Amortized Cost 3,122 2,669
Held to maturity, Due after 5 years through 10 years, Amortized Cost 4,468 4,744
Held to maturity, Due after 10 years, Amortized Cost 2,785 3,455
Held to maturity, Mortgage backed securities, Amortized Cost 2,524 2,724
Debt Securities, Held-to-maturity 13,435 14,335
Held to maturity, Due in 1 year or less, Fair Value 537 746
Held to maturity, Due after 1 year through 5, Fair Value 3,106 2,688
Held to maturity, Due after 5 years through 10 years, Fair Value 4,407 4,756
Held to maturity, Due after 10 years, Fair Value 2,723 3,542
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost 10,911 11,611
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value 10,773 11,732
Held to maturity, Mortgage backed securities, Fair Value 2,486 2,742
Held to maturity, Fair Value $ 13,259 $ 14,474
v3.10.0.1
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments $ (1,699) $ 392 $ 184
Equity Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) (59)    
Unrealized Gain (Loss) on Investments 0 88 52
Other Investments [Member]      
Gain (Loss) on Securities [Line Items]      
Realized Investment Gains (Losses) (5) $ 0 $ 0
Accounting Standards Update 2016-01 [Member] | Equity Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) (59)    
Unrealized Gain (Loss) on Investments (129)    
Gain (Loss) on Sale of Investments 70    
Accounting Standards Update 2016-01 [Member] | Other Investments [Member]      
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments (126)    
Gain (Loss) on Sale of Investments 121    
Realized Investment Gains (Losses) (5)    
Accounting Standards Update 2016-01 [Member] | Equity securities and other investments [Member]      
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments (255)    
Gain (Loss) on Sale of Investments 191    
Realized Investment Gains (Losses) $ (64)    
v3.10.0.1
Investments (Schedule Of Default Assumptions By Moody's Rating Categories) (Details)
 12 Months Ended
Dec. 31, 2018
External Credit Rating, Investment Grade [Member] | Aaa - Baa | Minimum  
Financing Receivable, Recorded Investment [Line Items]  
1-in-100 Year Default Rate 0.00%
Historical Mean Default Rate 0.00%
External Credit Rating, Investment Grade [Member] | Aaa - Baa | Maximum  
Financing Receivable, Recorded Investment [Line Items]  
1-in-100 Year Default Rate 1.30%
Historical Mean Default Rate 0.30%
Below Investment Grade | Ba  
Financing Receivable, Recorded Investment [Line Items]  
1-in-100 Year Default Rate 4.80%
Historical Mean Default Rate 1.00%
Below Investment Grade | B  
Financing Receivable, Recorded Investment [Line Items]  
1-in-100 Year Default Rate 12.00%
Historical Mean Default Rate 3.20%
Below Investment Grade | Caa - C  
Financing Receivable, Recorded Investment [Line Items]  
1-in-100 Year Default Rate 36.60%
Historical Mean Default Rate 10.50%
v3.10.0.1
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Gain (Loss) on Securities [Line Items]                    
Other-than-temporary impairment (OTTI) losses gross               $ (52) $ (46) $ (111)
OTTI on fixed maturities, net                 (45) (103)
OTTI on Fixed Maturities               49    
Foreign exchange gains( losses)               131 36 118
Fair Value adjustment on insurance derivative               (248) 364 53
Derivative, Gain (Loss) on Derivative, Net               (330) 87 (126)
Net Realized Gain (Loss) $ (687) $ 19 $ 18 $ (2)       (652)    
Net Realized Investment Gains (Losses) including OTTI         $ (10) $ 101 $ (7)   84 (145)
Unrealized Gain (Loss) on Investments               (1,699) 392 184
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               297 (241) 100
Other derivative instruments                    
Gain (Loss) on Securities [Line Items]                    
Derivative, Gain (Loss) on Derivative, Net               (3) (5) (10)
Investment and embedded derivative instruments                    
Gain (Loss) on Securities [Line Items]                    
Derivative, Gain (Loss) on Derivative, Net               (75) (11) (33)
S&P Options and Futures                    
Gain (Loss) on Securities [Line Items]                    
Derivative, Gain (Loss) on Derivative, Net               (4) (261) (136)
Equity Securities [Member]                    
Gain (Loss) on Securities [Line Items]                    
Other-than-temporary impairment (OTTI) losses gross               0 (10) (8)
Equity Securities, FV-NI, Realized Gain               74    
Equity Securities - Gross Realized Gains Excluding OTTI                 28 65
Equity Securities, FV-NI, Realized Loss               133    
Equity Securities - Gross realized losses excluding OTTI                 (2) (13)
Equity Securities, FV-NI, Realized Gain (Loss)               (59)    
Total net realized gains (losses) (includes $(302), $(15), and $(119) reclassified from AOCI)                 16 44
Unrealized Gain (Loss) on Investments               0 88 52
Fixed maturities held to maturity                    
Gain (Loss) on Securities [Line Items]                    
Unrealized Gain (Loss) on Investments               (38) 18 (59)
Other Investments [Member]                    
Gain (Loss) on Securities [Line Items]                    
Other-than-temporary impairment (OTTI) losses gross               0 (12) (14)
Realized Investment Gains (Losses)               (5) 0 0
Available-for-sale Securities [Member]                    
Gain (Loss) on Securities [Line Items]                    
Unrealized Gain (Loss) on Investments               (1,958) 519 142
Debt Securities [Member]                    
Gain (Loss) on Securities [Line Items]                    
Other-than-temporary impairment (OTTI) losses gross               (52) (24) (89)
OTTI on fixed maturities recognized in OCI (pre-tax)               3 1 8
OTTI on fixed maturities, net                 (23) (81)
Gross realized gains excluding OTTI                 149 183
Gross realized losses excluding OTTI                 157 265
OTTI on Fixed Maturities               49    
Total fixed maturities                 (31) (163)
Fixed Maturities [Member]                    
Gain (Loss) on Securities [Line Items]                    
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment               334    
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment               (587)    
Debt Securities, Available-for-sale, Realized Gain (Loss)               (302)    
Other [Member]                    
Gain (Loss) on Securities [Line Items]                    
Gain (Loss) on Sale of Other Investments               (87) (12) (4)
Unrealized Gain (Loss) on Investments               $ 0 $ 8 $ (51)
v3.10.0.1
Investments (Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of OTTI Was Recognized In OCI      
Balance of credit losses related to securities still held-beginning of period $ 22 $ 35 $ 53
Additions where no OTTI was previously recorded 20 4 17
Additions where an OTTI was previously recorded 5 2 14
Reductions for securities sold during the period (13) (19) (49)
Balance of credit losses related to securities still held-end of period $ 34 $ 22 $ 35
v3.10.0.1
Investments (Schedule Of Other Investments) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Other Investment Not Readily Marketable [Line Items]    
Other Investments $ 5,277 $ 4,672
Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 5,277 4,672
Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 5,277 4,417
Other [Member] | Other Accounting Method [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 234 168
Other [Member] | Other Accounting Method [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 234 168
Partially-owned Investment Companies [Member] | Equity Method Investments [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 3,623 2,803
Partially-owned Investment Companies [Member] | Equity Method Investments [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 3,623 2,803
Limited Partner [Member] | Cost-method Investments [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 538 549
Limited Partner [Member] | Cost-method Investments [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 538 441
Investment Funds [Member] | Cost-method Investments [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 83 270
Investment Funds [Member] | Cost-method Investments [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 83 123
Life Insurance Product Line [Member] | Other Accounting Method [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 304 305
Life Insurance Product Line [Member] | Other Accounting Method [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 304 305
Policy Loans [Member] | Other Accounting Method [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 243 244
Policy Loans [Member] | Other Accounting Method [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 243 244
Non-qualified separate account assets [Member] | Other Accounting Method [Member] | Fair Value    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 252 333
Non-qualified separate account assets [Member] | Other Accounting Method [Member] | Cost    
Other Investment Not Readily Marketable [Line Items]    
Other Investments $ 252 $ 333
v3.10.0.1
Investments (Schedule Of Investments In Partially-Owned Insurance Companies) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Investment [Line Items]    
Carrying Value $ 678 $ 662
Issued Share Capital 1,864 1,942
Huatai Group | CHINA    
Investment [Line Items]    
Carrying Value 452 438
Issued Share Capital $ 587 $ 616
Ownership Percentage 20.00% 20.00%
Huatai Life Insurance Company | CHINA    
Investment [Line Items]    
Carrying Value $ 106 $ 105
Issued Share Capital $ 472 $ 495
Ownership Percentage 20.00% 20.00%
Freisenbruch-Meyer | Bermuda    
Investment [Line Items]    
Carrying Value $ 9 $ 9
Issued Share Capital $ 0 $ 0
Ownership Percentage 40.00% 40.00%
Russian Reinsurance Company | Russia    
Investment [Line Items]    
Carrying Value $ 2 $ 2
Issued Share Capital $ 4 $ 4
Ownership Percentage 23.00% 23.00%
ABR Reinsurance Capital Holdings Ltd. [Member] | Bermuda    
Investment [Line Items]    
Carrying Value $ 91 $ 93
Issued Share Capital $ 774 $ 800
Ownership Percentage 12.00% 11.00%
Chubb Arabia Cooperative Insurance Company [Member] | Saudi Arabia    
Investment [Line Items]    
Carrying Value $ 18 $ 15
Issued Share Capital $ 27 $ 27
Ownership Percentage 30.00% 30.00%
v3.10.0.1
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Investment [Line Items]    
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   $ 28,685
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (257)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   8,885
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (227)
Investment securities, Continuous Unrealized loss position, Total Fair Value   37,570
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (484)
Fixed Maturities [Member]    
Investment [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 34,952  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (953)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 27,762  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (817)  
Debt Securities, Available-for-sale, Unrealized Loss Position 62,714  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (1,770)  
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   28,492
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (237)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   8,885
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (227)
Investment securities, Continuous Unrealized loss position, Total Fair Value   37,377
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (464)
Equity securities    
Investment [Line Items]    
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   115
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (12)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   0
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   0
Investment securities, Continuous Unrealized loss position, Total Fair Value   115
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (12)
U.S. Treasury and agency | Fixed Maturities [Member]    
Investment [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 523  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (4)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 2,859  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (50)  
Debt Securities, Available-for-sale, Unrealized Loss Position 3,382  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (54)  
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   2,172
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (14)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   1,249
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (26)
Investment securities, Continuous Unrealized loss position, Total Fair Value   3,421
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (40)
Foreign | Fixed Maturities [Member]    
Investment [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 6,764  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (208)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 5,349  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (159)  
Debt Securities, Available-for-sale, Unrealized Loss Position 12,113  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (367)  
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   5,657
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (65)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   1,693
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (49)
Investment securities, Continuous Unrealized loss position, Total Fair Value   7,350
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (114)
Corporate securities | Fixed Maturities [Member]    
Investment [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 16,538  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (599)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 4,873  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (255)  
Debt Securities, Available-for-sale, Unrealized Loss Position 21,411  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (854)  
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   5,210
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (56)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   1,332
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (46)
Investment securities, Continuous Unrealized loss position, Total Fair Value   6,542
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (102)
Mortgage-backed securities | Fixed Maturities [Member]    
Investment [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 6,103  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (98)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 6,913  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (229)  
Debt Securities, Available-for-sale, Unrealized Loss Position 13,016  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (327)  
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   6,194
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (31)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   3,209
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (74)
Investment securities, Continuous Unrealized loss position, Total Fair Value   9,403
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (105)
States, municipalities, and political subdivisions | Fixed Maturities [Member]    
Investment [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 5,024  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (44)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 7,768  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (124)  
Debt Securities, Available-for-sale, Unrealized Loss Position 12,792  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (168)  
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   9,259
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (71)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   1,402
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   (32)
Investment securities, Continuous Unrealized loss position, Total Fair Value   10,661
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   (103)
Other investments    
Investment [Line Items]    
Investment securities, Continuous Unrealized loss position, 0-12 Months, Fair Value   78
Investment Securities, Continuous Unrealized Loss position, Less than 12 Months, Accumulated Loss   (8)
Investment securities, Continuous Unrealized loss position, Over 12 Months, Fair Value   0
Investment securities, Continuous Unrealized loss position, Over 12 Months, Gross Unrealized Loss   0
Investment securities, Continuous Unrealized loss position, Total Fair Value   78
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss   $ (8)
v3.10.0.1
Investments (Schedule Of Sources Of Net Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net Investment Income [Line Items]                      
Gross investment income                 $ 3,473 $ 3,289 $ 3,006
Investment expenses                 (168) (164) (141)
Net investment income $ 848 $ 823 $ 828 $ 806 $ 797 $ 813 $ 770 $ 745 3,305 3,125 2,865
Amortization of Debt Issuance Costs and Discounts                 (592) (694) (737)
The Chubb Corporation [Member]                      
Net Investment Income [Line Items]                      
Amortization of Debt Issuance Costs and Discounts                 (248) (332) (393)
Fixed Maturities [Member]                      
Net Investment Income [Line Items]                      
Gross investment income                 3,128 2,987 2,779
Short-term investments                      
Net Investment Income [Line Items]                      
Gross investment income                 90 56 58
Other interest income [Member]                      
Net Investment Income [Line Items]                      
Gross investment income                 118 75 35
Equity securities                      
Net Investment Income [Line Items]                      
Gross investment income                 33 38 36
Other Investments [Member]                      
Net Investment Income [Line Items]                      
Gross investment income                 $ 104 $ 133 $ 98
v3.10.0.1
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]    
Funds Held under Reinsurance Agreements, Asset $ 13,988 $ 17,011
Deposits with non-U.S. regulatory authorities 2,531 2,250
Collateral pledged under repurchase agreements 1,468 1,434
Deposits with U.S. regulatory authorities 2,405 2,345
Other pledged assets 692 414
Total restricted assets $ 21,084 $ 23,454
v3.10.0.1
Fair Value Measurements (Narrative) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
Year
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Guaranteed Living Benefits Lapse Rate Base Lower Range 3.00%    
Guaranteed Living Benefits Lapse Rate Base Upper Range 9.00%    
Guaranteed Living Benefits Lapse Rate Spike Lower Range 9.00%    
GLB - spike lapse rate - upper range 33.00%    
GLB - Ultimate lapse rate 10.00%    
GLB - Length of ultimate lapse rate period, years | Year 2    
Guaranteed Living Benefits Adjustment Factor For Valuable Guarantees Lower Range 15.00%    
Guaranteed Living Benefits Adjustment Factor For Valuable Guarantees Upper Range 75.00%    
Derivative, Gain (Loss) on Derivative, Net $ (330) $ 87 $ (126)
Guaranteed Minimum Income Benefit      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [1] (248) $ 364 $ 53
Guaranteed Minimum Income Benefit | Variable Annuity [Member] | Measurement Input, Lapse Rate [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative, Gain (Loss) on Derivative, Net 20    
Guaranteed Minimum Income Benefit | Variable Annuity [Member] | Measurement Input, Withdrawal Rate [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative, Gain (Loss) on Derivative, Net 11    
Guaranteed Minimum Income Benefit | Variable Annuity [Member] | Measurement Input, Mortality Rate [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ 28    
Minimum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Notice period for redemption for alternative investments investment funds, days 5 days    
Maximum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Notice period for redemption for alternative investments investment funds, days 120 days    
[1] Excludes foreign exchange gains (losses) related to GLB.
v3.10.0.1
Fair value measurements Fair Value Measurements (Annuitization Experience for GMIB Policies) (Details)
 12 Months Ended
Dec. 31, 2018
Minimum  
Annuitization Experience For GMIB Policies [Line Items]  
Annuitization rate 0.00%
Maximum  
Annuitization Experience For GMIB Policies [Line Items]  
Annuitization rate 42.00%
Under 65 years old [Domain]  
Annuitization Experience For GMIB Policies [Line Items]  
Percentage Of Guaranteed Minimium Income Benefits Guaranteed Value 19.00%
Under 65 years old [Domain] | Minimum  
Annuitization Experience For GMIB Policies [Line Items]  
Annuitization rate 1.00%
Under 65 years old [Domain] | Maximum  
Annuitization Experience For GMIB Policies [Line Items]  
Annuitization rate 21.00%
Over 65 years old [Domain]  
Annuitization Experience For GMIB Policies [Line Items]  
Percentage Of Guaranteed Minimium Income Benefits Guaranteed Value 81.00%
Over 65 years old [Domain] | Minimum  
Annuitization Experience For GMIB Policies [Line Items]  
Annuitization rate 3.00%
Over 65 years old [Domain] | Maximum  
Annuitization Experience For GMIB Policies [Line Items]  
Annuitization rate 42.00%
v3.10.0.1
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value $ 78,470 $ 78,939
Equity Securities   937
Equity Securities, FV-NI 770  
Short-term investments 3,016 3,561
Other Investments 5,277 4,672
Securities lending collateral 1,926 1,737
US Treasury and Government [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 4,145 3,698
Foreign    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 21,416 21,030
Corporate securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 26,583 23,996
Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 15,540 15,290
States, municipalities, and political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 10,786 14,925
Estimate of Fair Value Measurement [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other Investments 5,277 4,672
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other Investments 4,244 3,623
Other Investments    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other Investments 95 15
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 78,470 78,939
Equity Securities   937
Equity Securities, FV-NI 770  
Short-term investments 3,016 3,561
Other Investments 695 1,034
Securities lending collateral 1,926 1,737
Investment derivative instruments, assets 28 18
Other derivative instruments, assets 25 1
Separate Account Assets 2,823 2,734
Total assets measured at fair value 87,753 [1] 88,961 [2]
Investment derivative instruments, liability 153 30
Liabilities Related to Investment Contracts, Fair Value Disclosure 605 257
Other derivative instruments, liability   23
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Treasury and Government [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 4,145 3,698
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 21,416 21,030
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 26,583 23,996
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 15,540 15,290
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 10,786 14,925
Fair Value, Measurements, Recurring [Member] | Level 1    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,400 3,129
Equity Securities   893
Equity Securities, FV-NI 713  
Short-term investments 1,575 2,309
Other Investments 381 466
Investment derivative instruments, assets 28 18
Other derivative instruments, assets 25 1
Separate Account Assets 2,686 2,635
Total assets measured at fair value 8,808 [1] 9,451 [2]
Investment derivative instruments, liability 38 30
Liabilities Related to Investment Contracts, Fair Value Disclosure 38 51
Other derivative instruments, liability   21
Fair Value, Measurements, Recurring [Member] | Level 1 | US Treasury and Government [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,400 3,129
Fair Value, Measurements, Recurring [Member] | Level 2    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 73,365 74,602
Short-term investments 1,440 1,252
Other Investments 303 305
Securities lending collateral 1,926 1,737
Separate Account Assets 137 99
Total assets measured at fair value 77,171 [1] 77,995 [2]
Investment derivative instruments, liability 115  
Liabilities Related to Investment Contracts, Fair Value Disclosure 115  
Fair Value, Measurements, Recurring [Member] | Level 2 | US Treasury and Government [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 745 569
Fair Value, Measurements, Recurring [Member] | Level 2 | Foreign    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 21,071 20,937
Fair Value, Measurements, Recurring [Member] | Level 2 | Corporate securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,284 22,959
Fair Value, Measurements, Recurring [Member] | Level 2 | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 15,479 15,212
Fair Value, Measurements, Recurring [Member] | Level 2 | States, municipalities, and political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 10,786 14,925
Fair Value, Measurements, Recurring [Member] | Level 3    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,705 1,208
Equity Securities   44
Equity Securities, FV-NI 57  
Short-term investments 1  
Other Investments 11 263
Total assets measured at fair value 1,774 [1] 1,515 [2]
Liabilities Related to Investment Contracts, Fair Value Disclosure 452 206
Other derivative instruments, liability   2
Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 345 93
Fair Value, Measurements, Recurring [Member] | Level 3 | Corporate securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,299 1,037
Fair Value, Measurements, Recurring [Member] | Level 3 | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 61 78
Guaranteed Minimum Income Benefit | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 452 [3] 204 [4]
Guaranteed Minimum Income Benefit | Fair Value, Measurements, Recurring [Member] | Level 3    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross $ 452 [3] $ 204 [4]
[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient
[2] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,623 million and other investments of $15 million at December 31, 2017 measured using NAV as a practical expedient.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
[4] (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
v3.10.0.1
Fair Value Measurements (Fair Value And Maximum Future Funding Commitments Related To Investments) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 4,244 $ 3,623
Maximum future funding commitment 3,705 4,061
Financial Service [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment 596 540
Maximum future funding commitment $ 193 $ 330
Financial Service [Member] | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 2 years 2 years
Financial Service [Member] | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 9 years 9 years
Real Assets    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 704 $ 651
Maximum future funding commitment $ 362 $ 114
Real Assets | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 2 years 2 years
Real Assets | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 11 years 11 years
Distressed    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 296 $ 289
Maximum future funding commitment $ 105 $ 141
Distressed | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 2 years 2 years
Distressed | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 7 years 7 years
Private Credit    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 147 $ 187
Maximum future funding commitment $ 310 $ 327
Private Credit | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 3 years 3 years
Private Credit | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 8 years 8 years
Traditional    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 2,362 $ 1,656
Maximum future funding commitment $ 2,735 $ 3,149
Traditional | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 2 years 2 years
Traditional | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 14 years 14 years
Vintage    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 56 $ 30
Vintage | Minimum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 1 year 1 year
Vintage | Maximum    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Expected liquidation period 2 years 2 years
Investment Funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 83 $ 270
v3.10.0.1
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Minimum        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 3.00%      
Annuitization rate 0.00%      
Maximum        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 32.00%      
Annuitization rate 42.00%      
Guaranteed Minimum Income Benefit        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value   $ 204 $ 559 $ 609
Guaranteed Minimum Income Benefit | Level 3        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 452 [1] $ 204 [2] $ 559 [3] $ 609
Guaranteed Minimum Income Benefit | Level 3 | Fair Value, Measurements, Recurring [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 452      
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $550 million at December 31, 2017 and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $204 million and $559 million, respectively.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $853 million at December 31, 2016 and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $559 million and $609 million, respectively.
v3.10.0.1
Fair value measurements Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 44 $ 41 $ 16
Transfers into Level 3, assets 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets (2) (1) 2
Net Realized Gains/Losses, Assets 6 2 1
Purchased, assets 37 24 27 [1]
Sales, assets (28) (22) (5)
Settlements, assets 0 0 0
Balance- End of year, assets 57 44 41
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (1) (1) 0
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets   25  
Transfers into Level 3, assets 5 0 0
Transfers out of Level 3, assets     (50)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0
Net Realized Gains/Losses, Assets 0 0 0
Purchased, assets 9 16 75 [1]
Sales, assets 0 0 0
Settlements, assets (13) (41) 0
Balance- End of year, assets 1   25
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0
Other investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 263 225 212
Transfers into Level 3, assets 0 0 0
Transfers out of Level 3, assets (252)    
Change in Net Unrealized Gains (Losses) included in OCI, Assets (2) 6 (2)
Net Realized Gains/Losses, Assets 1 0 1
Purchased, assets 50 56 33 [1]
Sales, assets 0 0 0
Settlements, assets (49) (24) (19)
Balance- End of year, assets 11 263 225
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 1 0 1
Available-for-sale Securities [Member] | Foreign      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 93 74 57
Transfers into Level 3, assets 13 0 9
Transfers out of Level 3, assets (2) (3) (24)
Change in Net Unrealized Gains (Losses) included in OCI, Assets (12) 3 1
Net Realized Gains/Losses, Assets (3) 0 (6)
Purchased, assets 334 84 70 [1]
Sales, assets (69) (59) (17)
Settlements, assets (9) (6) (16)
Balance- End of year, assets 345 93 74
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (1) (1) (5)
Available-for-sale Securities [Member] | Corporate securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 1,037 681 174
Transfers into Level 3, assets 24 231 53
Transfers out of Level 3, assets (31) (93) (10)
Change in Net Unrealized Gains (Losses) included in OCI, Assets (4) (12) 15
Net Realized Gains/Losses, Assets (5) 0 (13)
Purchased, assets 672 521 566 [1]
Sales, assets (164) (111) (59)
Settlements, assets (230) (180) (45)
Balance- End of year, assets 1,299 1,037 681
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (7) (2) (11)
Available-for-sale Securities [Member] | Mortgage-backed securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 78 45 53
Transfers into Level 3, assets 1 50 0
Transfers out of Level 3, assets (3)    
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 (1)
Net Realized Gains/Losses, Assets 0 0 0
Purchased, assets 5 8 1 [1]
Sales, assets 0 (1) (8)
Settlements, assets (20) (24) 0
Balance- End of year, assets 61 78 45
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets $ 0 $ 0 $ 0
[1] Includes acquired invested assets as a result of the Chubb Corp acquisition.
v3.10.0.1
Fair value measurements Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Guaranteed Minimum Income Benefit        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance - Beginning of year, liabilities $ 204 $ 559 $ 609  
Balance - End of year, liabilities   204 559  
Guaranteed Benefit Liability, Net 861 550 853 $ 888
Level 3 | Guaranteed Minimum Income Benefit        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance - Beginning of year, liabilities 204 [1] 559 [2] 609  
Transfers Into Level 3, liabilities 0 9 0  
Transfers out of Level 3, liabilities     0  
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities 0 0    
Net Realized Gains/Losses, Liabilities 248 (364) (50)  
Purchased, liabilities 0 0 0  
Sales, liabilities 0 0 0  
Settlements, liabilities 0 0 0  
Balance - End of year, liabilities 452 [3] 204 [1] 559 [2]  
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Liabilities 248 (364) (50)  
Level 3 | Other derivative instruments        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance - Beginning of year, liabilities 2 13 6  
Transfers Into Level 3, liabilities 0 0 0  
Transfers out of Level 3, liabilities   (9)    
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities 0 0 0  
Net Realized Gains/Losses, Liabilities (2) (2) 5  
Purchased, liabilities 0 0 2  
Sales, liabilities 0 0 0  
Settlements, liabilities 0 0 0  
Balance - End of year, liabilities 0 2 13  
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Liabilities $ 0 $ (2) $ 5  
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $550 million at December 31, 2017 and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $204 million and $559 million, respectively.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $853 million at December 31, 2016 and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $559 million and $609 million, respectively.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
v3.10.0.1
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value $ 13,259 $ 14,474
Debt Securities, Held-to-maturity 13,435 14,335
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,418 1,408
Short-term debt 509 1,013
Long-term debt 12,087 11,556
Trust preferred securities 308 308
Total liabilities 117,459 115,850
US Treasury and Government [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,182 915
Debt Securities, Held-to-maturity 1,185 908
Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,542 1,757
Debt Securities, Held-to-maturity 1,549 1,738
Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,508 3,219
Debt Securities, Held-to-maturity 2,601 3,159
Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,486 2,742
Debt Securities, Held-to-maturity 2,524 2,724
States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 5,541 5,841
Debt Securities, Held-to-maturity 5,576 5,806
Estimate of Fair Value Measurement [Member]    
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,418 1,408
Short-term debt, Fair Value 516 1,013
Long-term debt, Fair Value 12,181 12,332
Trust preferred securities 409 468
Total liabilities 14,524 15,221
Reported Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 13,435 14,335
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,418 1,408
Short-term debt 509 1,013
Long-term debt 12,087 11,556
Trust preferred securities 308 308
Total liabilities 14,322 14,285
Reported Value Measurement | US Treasury and Government [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,185 908
Reported Value Measurement | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,549 1,738
Reported Value Measurement | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 2,601 3,159
Reported Value Measurement | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 2,524 2,724
Reported Value Measurement | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 5,576 5,806
Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,128 857
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Short-term debt, Fair Value 0 0
Long-term debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 1 | US Treasury and Government [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,128 857
Level 1 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 1 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 1 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 1 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 12,100 13,582
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,418 1,408
Short-term debt, Fair Value 516 1,013
Long-term debt, Fair Value 12,181 12,332
Trust preferred securities 409 468
Total liabilities 14,524 15,221
Level 2 | US Treasury and Government [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 54 58
Level 2 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,542 1,757
Level 2 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,477 3,184
Level 2 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,486 2,742
Level 2 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 5,541 5,841
Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 31 35
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Short-term debt, Fair Value 0 0
Long-term debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 3 | US Treasury and Government [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 3 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 31 35
Level 3 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 3 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value $ 0 $ 0
v3.10.0.1
Reinsurance (Consolidated Reinsurance) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Premiums written [Abstract]                      
Direct                 $ 34,782 $ 33,137 $ 31,543
Assumed                 3,186 3,239 3,440
Ceded                 (7,389) (7,132) (6,838)
Net                 30,579 29,244 28,145
Premiums earned [Abstract]                      
Direct                 34,108 32,782 31,811
Assumed                 3,175 3,332 3,744
Ceded                 (7,219) (7,080) (6,806)
Net premiums earned $ 7,465 $ 7,908 $ 7,664 $ 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 30,064 29,034 28,749
Reinsurance recoveries on losses and loss expenses incurred                 $ 5,600 $ 5,500 $ 4,100
v3.10.0.1
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Reinsurance Disclosures [Abstract]        
Reinsurance recoverable on unpaid losses [1] $ 14,689 $ 14,014 $ 12,708 $ 10,741
Reinsurance Recoverables on Unpaid Losses, Allowance 251 247    
Reinsurance recoverable on paid losses and loss expenses 1,304 1,020    
Reinsurance Recoverables on Paid Losses, Allowance 72 74    
Net reinsurance recoverable on losses and loss expenses [2] 15,993 15,034    
Reinsurance Recoverables, Allowance 323 321    
Reinsurance Recoverable Future Policy Benefits 202 184    
Reinsurance Recoverables on Future Policy Benefits, Allowance $ 4 $ 4    
[1] Net of provision for uncollectible reinsurance.
[2] Net of provision for uncollectible reinsurance.
v3.10.0.1
Reinsurance (Reinsurance Recoverable by Category and Listing of Largest Reinsurers) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 16,316  
Provision $ 323 $ 321
% of Gross 2.00%  
Largest reinsurers    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 6,578  
Provision $ 70  
% of Gross 1.10%  
Other reinsurers balances rated A- or better    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 5,339  
Provision $ 63  
% of Gross 1.20%  
Other reinsurers balances with ratings lower than A- or not rated    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 558  
Provision $ 68  
% of Gross 12.20%  
Other pools and government agencies    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 429  
Provision $ 16  
% of Gross 3.70%  
Structured settlements    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 548  
Provision $ 18  
% of Gross 3.30%  
Other captives    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 2,590  
Provision $ 16  
% of Gross 0.60%  
Other    
Ceded Credit Risk [Line Items]    
Gross reinsurance recoverable $ 274  
Provision $ 72  
% of Gross 26.30%  
v3.10.0.1
Reinsurance Reinsurance (Assumed Life Reinsurance Programs Involving Minimum Benefit Guarantees Under Annuity Contracts - Schedule Of Guaranteed Minimum Benefits Income And Expense) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Guaranteed Minimum Benefits [Line Items]                      
Net premiums earned $ 7,465 $ 7,908 $ 7,664 $ 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 $ 30,064 $ 29,034 $ 28,749
Policy benefits and other reserve adjustments $ 162 $ 127 $ 150 $ 151 $ 176 $ 169 $ 163 $ 168 590 676 588
Guaranteed Minimum Death Benefit                      
Guaranteed Minimum Benefits [Line Items]                      
Net premiums earned                 47 49 55
Policy benefits and other reserve adjustments                 20 40 45
Guaranteed Minimum Income Benefit                      
Guaranteed Minimum Benefits [Line Items]                      
Net premiums earned                 96 110 118
Policy benefits and other reserve adjustments                 110 105 52
Realized Investment Gains (Losses)                 (250) 363 48
Gain (loss) recognized in income                 (264) 368 114
Net cash received                 47 65 79
Net (increase) decrease in liability                 $ (311) $ 303 $ 35
v3.10.0.1
Reinsurance (Assumed Life Reinsurance Programs Involving Minimum Benefit Guarantees Under Annuity Contracts - Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Guaranteed Minimum Death Benefit        
Net Amount at Risk by Product and Guarantee [Line Items]        
GLB liability $ 117 $ 129    
Guaranteed Minimum Income Benefit        
Net Amount at Risk by Product and Guarantee [Line Items]        
GLB liability 861 550 $ 853 $ 888
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value   204 559 609
Level 3 | Guaranteed Minimum Income Benefit        
Net Amount at Risk by Product and Guarantee [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 452 [1] $ 204 [2] $ 559 [3] $ 609
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Refer to Note 4 c) for additional information.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $550 million at December 31, 2017 and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $204 million and $559 million, respectively.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $853 million at December 31, 2016 and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $559 million and $609 million, respectively.
v3.10.0.1
Reinsurance Reinsurance (Net Amount at Risk and 100 Percent Mortality) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Guaranteed Minimum Benefits [Line Items]        
Unpaid losses and loss expenses $ 62,960 $ 63,179 $ 60,540 $ 37,303
Average attained age of all policyholders under all benefits reinsured, years 71 years      
GLB        
Guaranteed Minimum Benefits [Line Items]        
Net Amount at Risk $ 1,233 691    
GMDB        
Guaranteed Minimum Benefits [Line Items]        
Net Amount at Risk $ 408 279    
Mortality percentage according to Annuity 2000 mortality table 100.00%      
GMDB with Both Risk(GMDB and GLB) [Member]        
Guaranteed Minimum Benefits [Line Items]        
Net Amount at Risk $ 103 81    
GLB with Both Risk(GLB and GMDB) [Member]        
Guaranteed Minimum Benefits [Line Items]        
Net Amount at Risk $ 517 $ 392    
Minimum | GLB        
Guaranteed Minimum Benefits [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate 4.00%      
Minimum | GMDB        
Guaranteed Minimum Benefits [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate 3.30%      
Minimum | GLB with Both Risk(GLB and GMDB) [Member]        
Guaranteed Minimum Benefits [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate 4.00%      
Maximum | GLB        
Guaranteed Minimum Benefits [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate 4.30%      
Maximum | GMDB        
Guaranteed Minimum Benefits [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate 3.50%      
Maximum | GLB with Both Risk(GLB and GMDB) [Member]        
Guaranteed Minimum Benefits [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate 4.30%      
Measurement Input, Mortality Rate [Member] | GMDB        
Guaranteed Minimum Benefits [Line Items]        
Unpaid losses and loss expenses $ 177      
Measurement Input, Mortality Rate [Member] | GMDB with Both Risk(GMDB and GLB) [Member]        
Guaranteed Minimum Benefits [Line Items]        
Unpaid losses and loss expenses $ 18      
v3.10.0.1
Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 15,271 $ 15,541 $ 15,332
Other intangible assets 6,100 6,500  
Intangible assets subject to amortization 3,200 3,500  
Intangible assets not subject to amortization 2,900 3,000  
Amortization of Purchased Intangibles $ 339 $ 260 $ 19
v3.10.0.1
Intangible Assets (Roll-forward of Goodwill by Business Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Goodwill [Roll Forward]    
Balance at beginning of period $ 15,541 $ 15,332
Foreign exchange revaluation and other (270) 209
Balance at end of period 15,271 15,541
North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Balance at beginning of period 6,976 6,961
Foreign exchange revaluation and other (30) 15
Balance at end of period 6,946 6,976
North American Personal P&C [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 2,240 2,235
Foreign exchange revaluation and other (10) 5
Balance at end of period 2,230 2,240
North America Agricultural Insurance    
Goodwill [Roll Forward]    
Balance at beginning of period 134 134
Foreign exchange revaluation and other 0 0
Balance at end of period 134 134
Overseas General Insurance    
Goodwill [Roll Forward]    
Balance at beginning of period 5,004 4,817
Foreign exchange revaluation and other (234) 187
Balance at end of period 4,770 5,004
Global Reinsurance    
Goodwill [Roll Forward]    
Balance at beginning of period 365 365
Foreign exchange revaluation and other 6 0
Balance at end of period 371 365
Life Insurance    
Goodwill [Roll Forward]    
Balance at beginning of period 822 820
Foreign exchange revaluation and other (2) 2
Balance at end of period $ 820 $ 822
v3.10.0.1
Intangible Assets (Estimated Amortization Expense Over Next Five Years) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]    
2019, Other intangible assets $ 298  
2020, Other intangible assets 280  
2021, Other intangible assets 266  
2022, Other intangible assets 246  
2023, Other intangible assets 232  
Total, Other intangible assets 1,322  
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
2019, Other intangible assets 80  
2020, Other intangible assets 76  
2021, Other intangible assets 70  
2022, Other intangible assets 64  
2023, Other intangible assets 62  
Total, Other intangible assets 352  
The Chubb Corporation [Member]    
Finite-Lived Intangible Assets [Line Items]    
2019, Other intangible assets 218  
2020, Other intangible assets 204  
2021, Other intangible assets 196  
2022, Other intangible assets 182  
2023, Other intangible assets 170  
Total, Other intangible assets 970  
The Chubb Corporation [Member] | Agency distribution relationships and renewal rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
2019, Other intangible assets 280  
2020, Other intangible assets 239  
2021, Other intangible assets 216  
2022, Other intangible assets 196  
2023, Other intangible assets 177  
Total, Other intangible assets 1,108  
The Chubb Corporation [Member] | Fair Value Adjustment to Acquired Loss Reserves [Member]    
Finite-Lived Intangible Assets [Line Items]    
2019, Other intangible assets (62)  
2020, Other intangible assets (35)  
2021, Other intangible assets (20)  
2022, Other intangible assets (14)  
2023, Other intangible assets (7)  
Total, Other intangible assets (138)  
Balance of FV adjustment on Unpaid Losses and Loss Expenses $ 207 $ 309
Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 1 year  
Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 30 years  
v3.10.0.1
Intangible Assets (VOBA) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
VOBA Roll Forward      
VOBA balance, beginning of year $ 326 $ 355 $ 395
Amortization of Value of Business Acquired (VOBA) (25) (35) (41)
VOBA Foreign exchange revaluation (6) 6 1
VOBA balance, end of year 295 $ 326 $ 355
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract]      
2019, VOBA 26    
2020, VOBA 24    
2021, VOBA 22    
2022, VOBA 20    
2023, VOBA 18    
Total, VOBA $ 110    
v3.10.0.1
Unpaid losses and loss expenses (Unpaid Losses and Loss Expenses Rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Unpaid Losses and Loss Expenses [Roll Forward]      
Gross unpaid losses and loss expenses, beginning of year $ 63,179 $ 60,540 $ 37,303
Reinsurance recoverable on unpaid losses, beginning of year [1] (14,014) (12,708) (10,741)
Net unpaid losses and loss expenses, beginning of year 49,165 47,832 26,562
Acquistion of subsidiaries 0 0 21,402
Total 49,165 47,832 47,964
Net losses and loss expenses incurred in respect of losses incurring in Current Year 19,048 19,391 17,256
Prior Year Claims and Claims Adjustment Expense [2] (981) (937) (1,204)
Total 18,067 18,454 16,052
Net losses and loss expenses paid in Current Year 7,544 6,575 5,899
Net losses and loss expenses paid in Prior Year 10,796 10,873 9,816
Total 18,340 17,448 15,715
Foreign currency revaluation and other (621) 327 (469)
Net unpaid losses and loss expenses, end of year 48,271 49,165 47,832
Reinsurance recoverable on unpaid losses, end of year [1] 14,689 14,014 12,708
Gross unpaid losses and loss expenses, end of year 62,960 63,179 60,540
prior period development, net adjustments $ 85 $ 108 $ 69
[1] Net of provision for uncollectible reinsurance.
[2] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $85 million, $108 million and $69 million for 2018, 2017, and 2016, respectively.
v3.10.0.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Reconciliation of reserve Balances to Liability for Unpaid Loss)(Details) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net $ 45,847      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 14,857      
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claim Adjustment Expense, Aggregate Reconciling Items [1] 831      
Unpaid unallocated loss adjustment expenses 1,425      
Unpaid losses and loss expenses 62,960 $ 63,179 $ 60,540 $ 37,303
North America Commercial P&C Insurance - Workers' Compensation [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 9,183      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 1,766      
North America Commercial P&C Insurance - Liability [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 16,485      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 4,812      
North America Commercial P&C Insurance - Other Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 1,884      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 544      
North America Commercial P&C Insurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 1,871      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 1,531      
North America Personal P&C Insurance [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 2,319      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 895      
Overseas General Insurance - Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 5,833      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 2,070      
Overseas General Insurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 2,265      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 1,208      
Global Reinsurance - Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 1,218      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 58      
Global Reinsurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 390      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments 99      
Other Short-duration Insurance Product Line [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Unpaid Loss and Allocated Loss Adjustment Expenses, Net 4,399      
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments $ 1,874      
[1] Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves.
v3.10.0.1
Unpaid losses and loss expenses Unpaid Losses and loss expenses, claims development (Cumulative Net incurred Loss and Allocated Loss Adjustment Expense) (Details)
number in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Dec. 31, 2010
USD ($)
Dec. 31, 2009
USD ($)
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net $ 45,847                  
PPD adjustments 63                  
North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 11,613                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 5,004                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 2,574                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 9,183                  
North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 34,078                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 19,079                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 1,486                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 16,485                  
North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 5,109                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 3,512                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 287                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 1,884                  
North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 17,206                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 15,357                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 22                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 1,871                  
North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 22,911                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 20,610                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 18                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 2,319                  
North America Personal P&C Insurance [Member] | Catastrophe [Member]                    
Claims Development [Line Items]                    
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) 200                  
Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 12,201                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 6,751                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 383                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 5,833                  
Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 18,107                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 15,890                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 48                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 2,265                  
Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 3,103                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 2,236                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 351                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 1,218                  
Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 2,176                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 1,799                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 13                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 390                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 964 $ 965 $ 972 $ 966 $ 977 $ 980 $ 990 $ 997 $ 998 $ 1,029
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 218                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 633 617 597 550 519 475 416 348 258 107
Short-duration Insurance Contract, Cumulative Number of Reported Claims 282                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,082 3,096 3,237 3,309 3,386 3,636 3,737 3,764 3,777 3,791
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 221                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,766 2,725 2,673 2,541 2,354 2,017 1,670 1,159 587 134
Short-duration Insurance Contract, Cumulative Number of Reported Claims 20                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 452 445 450 452 458 492 535 555 589 599
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 12                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 431 427 422 413 401 373 336 287 206 70
Short-duration Insurance Contract, Cumulative Number of Reported Claims 15                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,183 1,185 1,186 1,189 1,189 1,196 1,213 1,243 1,298 1,302
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,178 1,178 1,178 1,176 1,168 1,160 1,146 1,122 1,032 618
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,124                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,527 1,529 1,530 1,534 1,534 1,541 1,549 1,563 1,593 1,606
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 5                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,520 1,519 1,517 1,509 1,499 1,482 1,435 1,343 1,233 884
Short-duration Insurance Contract, Cumulative Number of Reported Claims 125                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,138 1,152 1,204 1,205 1,309 1,422 1,421 1,414 1,367 1,231
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 29                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,007 978 952 861 791 733 641 502 327 117
Short-duration Insurance Contract, Cumulative Number of Reported Claims 38                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,303 1,301 1,302 1,313 1,313 1,331 1,350 1,380 1,464 1,492
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 0                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,287 1,283 1,284 1,281 1,275 1,265 1,241 1,177 1,043 572
Short-duration Insurance Contract, Cumulative Number of Reported Claims 516                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 303 313 318 328 344 363 367 360 348 316
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 11                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 262 255 239 226 208 187 154 116 79 34
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1                  
Short-duration Insurance Contracts, Accident Year 2009 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 137 138 138 138 140 142 149 150 170 139
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 133 133 133 133 132 130 128 121 105 $ 52
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,018 1,020 1,028 1,052 1,064 1,065 1,050 1,037 1,049  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 248                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 666 641 617 592 551 493 411 300 123  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 303                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,991 3,103 3,123 3,245 3,413 3,554 3,594 3,576 3,571  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 234                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,658 2,523 2,423 2,257 1,891 1,557 1,107 611 126  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 19                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 483 492 480 478 506 545 600 607 613  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 452 448 443 433 392 363 321 236 97  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 15                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,393 1,403 1,409 1,413 1,421 1,423 1,459 1,535 1,500  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 0                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,390 1,393 1,393 1,389 1,381 1,356 1,319 1,221 722  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,058                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,820 1,819 1,821 1,827 1,830 1,834 1,852 1,875 1,866  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,809 1,807 1,801 1,790 1,768 1,726 1,667 1,519 1,151  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 149                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,139 1,134 1,138 1,260 1,312 1,375 1,304 1,259 1,180  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 83                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 942 899 847 797 709 603 461 264 102  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 40                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,575 1,573 1,590 1,603 1,617 1,623 1,635 1,660 1,638  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 13                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,541 1,535 1,534 1,528 1,515 1,477 1,415 1,218 664  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 560                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 386 399 413 423 429 440 429 418 398  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 39                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 314 306 291 273 249 220 179 124 56  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1                  
Short-duration Insurance Contracts, Accident Year 2010 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 222 223 222 221 219 215 221 232 197  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 6                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 214 214 211 213 203 197 186 160 $ 56  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,008 1,012 1,022 1,053 1,049 1,046 1,030 1,037    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 271                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 616 595 567 533 484 411 294 119    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 286                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,309 3,377 3,492 3,588 3,658 3,623 3,579 3,494    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 473                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,736 2,655 2,473 2,211 1,802 1,207 651 160    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 20                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 510 516 524 532 548 580 589 580    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 17                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 479 465 460 436 400 341 235 86    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 16                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,831 1,831 1,835 1,831 1,852 1,873 1,930 1,956    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 11                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,817 1,812 1,807 1,783 1,773 1,714 1,570 938    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,052                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,154 2,155 2,156 2,160 2,169 2,181 2,205 2,203    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 9                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,141 2,134 2,125 2,101 2,048 1,968 1,831 1,357    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 168                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 988 1,038 1,052 1,116 1,199 1,209 1,216 1,210    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 62                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 811 760 688 610 511 382 239 87    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 41                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,808 1,818 1,826 1,838 1,855 1,894 1,951 1,861    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,766 1,762 1,754 1,739 1,709 1,654 1,453 753    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 578                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 406 412 416 425 430 426 411 404    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 34                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 323 310 290 266 235 195 145 70    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1                  
Short-duration Insurance Contracts, Accident Year 2011 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 261 261 262 261 260 270 272 271    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 257 255 253 248 230 205 174 $ 85    
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 986 989 1,011 1,040 1,030 1,011 1,050      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 292                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 574 532 486 436 365 271 111      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 287                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,323 3,419 3,517 3,557 3,606 3,622 3,546      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 626                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,497 2,322 2,089 1,677 1,170 654 166      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 20                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 508 518 519 560 576 605 633      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 17                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 486 470 435 386 319 222 69      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 16                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,840 1,842 1,854 1,860 1,878 1,911 2,029      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 10                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,812 1,817 1,790 1,762 1,694 1,573 713      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,036                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,185 2,182 2,182 2,187 2,179 2,179 2,181      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 10                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,160 2,146 2,113 2,059 1,954 1,803 1,174      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 173                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,258 1,278 1,297 1,301 1,283 1,220 1,252      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 166                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 888 818 683 572 424 244 73      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 43                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,557 1,572 1,583 1,590 1,644 1,683 1,694      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 15                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,509 1,497 1,488 1,465 1,407 1,220 676      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 599                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 368 369 376 391 388 380 383      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 15                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 321 306 290 259 220 166 76      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2012 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 184 187 189 190 200 210 230      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 179 176 171 165 155 129 $ 44      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,073 1,086 1,127 1,122 1,108 1,109        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 358                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 587 553 506 422 286 107        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 299                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,209 3,423 3,526 3,536 3,536 3,541        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 748                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,229 2,004 1,594 1,190 547 129        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 19                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 461 468 515 522 530 526        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 27                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 411 385 348 270 196 68        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 18                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,334 1,335 1,354 1,331 1,418 1,428        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 13                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,319 1,306 1,280 1,233 1,134 648        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,073                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,927 1,915 1,890 1,887 1,879 1,851        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 16                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,876 1,834 1,778 1,679 1,496 1,038        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 126                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,192 1,227 1,283 1,240 1,243 1,247        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 221                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 796 695 559 414 260 85        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 44                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,619 1,649 1,659 1,705 1,773 1,780        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 42                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,550 1,531 1,495 1,464 1,271 695        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 620                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 321 328 327 327 324 318        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 30                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 258 240 221 185 142 64        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 140 142 141 146 158 160        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 134 132 129 119 102 $ 46        
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,163 1,215 1,217 1,201 1,207          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 465                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 532 484 410 295 113          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 336                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,649 3,711 3,668 3,580 3,529          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,148                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,200 1,802 1,249 679 164          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 19                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 554 596 580 582 594          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 68                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 454 391 317 220 80          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 17                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,544 1,554 1,574 1,656 1,640          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 20                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,527 1,501 1,479 1,369 817          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,101                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,154 2,140 2,187 2,201 2,199          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 35                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,074 2,029 1,921 1,760 1,307          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 135                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,253 1,337 1,327 1,318 1,248          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 333                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 704 591 462 287 112          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 44                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,814 1,852 1,879 1,938 1,868          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 29                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,724 1,693 1,630 1,421 755          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 591                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 341 339 336 331 330          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 36                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 263 247 216 183 91          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 180 181 178 178 162          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 6                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 167 161 151 128 $ 64          
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,279 1,276 1,259 1,282            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 594                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 501 418 301 116            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 334                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,968 3,812 3,702 3,553            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,570                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,853 1,204 604 138            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 21                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 514 501 469 486            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 148                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 304 214 137 47            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 15                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,634 1,646 1,741 1,732            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 39                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,553 1,485 1,340 725            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,170                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,538 2,555 2,544 2,489            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 48                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,386 2,266 2,079 1,495            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 139                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,314 1,293 1,267 1,170            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 387                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 659 482 282 86            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 46                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,036 2,071 2,117 1,992            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 63                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,853 1,772 1,548 850            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 621                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 297 296 286 281            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 30                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 215 190 157 89            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 160 160 153 145            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 142 132 103 $ 56            
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,383 1,361 1,366              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 743                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 452 326 122              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 304                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,686 3,589 3,528              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,726                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,335 662 171              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 21                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 527 501 503              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 196                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 246 145 52              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 15                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,795 1,885 1,906              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 68                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,651 1,500 844              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,291                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,539 2,530 2,434              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 190                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,206 2,047 1,450              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 140                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,345 1,278 1,179              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 555                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 521 316 123              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 46                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,998 2,009 2,032              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 24                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,851 1,654 1,016              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 619                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 231 223 219              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 38                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 141 111 57              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 187 185 179              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 13                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 157 130 $ 56              
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,380 1,412                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 831                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 313 120                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 338                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,492 3,317                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2,442                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 616 161                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 21                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 565 531                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 265                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 175 66                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 16                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,604 2,700                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 207                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,084 977                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,372                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,064 3,029                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 291                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,515 1,694                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 144                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,287 1,186                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 676                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 314 96                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 44                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,236 2,199                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 29                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,822 1,040                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 659                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 211 210                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 65                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 99 46                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 422 396                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 32                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 322 $ 191                
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,359                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 995                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 130                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 321                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,369                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2,950                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 189                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 24                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 535                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 383                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 74                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 14                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,048                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 474                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,026                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,326                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,003                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 428                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,923                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 129                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,287                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 989                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 109                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 32                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,161                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 437                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 987                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 627                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 239                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 139                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 40                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 283                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 93                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 94                  
Short-duration Insurance Contract, Cumulative Number of Reported Claims 0                  
v3.10.0.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Details) (Supplementary PPD) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
North America Commercial P&C Insurance - Workers' Compensation [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD $ (155)
North America Commercial P&C Insurance - Workers' Compensation [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (73)
North America Commercial P&C Insurance - Liability [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (141)
North America Commercial P&C Insurance - Liability [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (3)
North America Commercial P&C Insurance - Other Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 20
North America Commercial P&C Insurance - Other Casualty [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 14
North America Commercial P&C Insurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (224)
North America Commercial P&C Insurance - Non-Casualty [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (1)
North America Personal P&C Insurance [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 47
North America Personal P&C Insurance [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (7)
Overseas General Insurance - Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (64)
Overseas General Insurance - Casualty [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (55)
Overseas General Insurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (109)
Overseas General Insurance - Non-Casualty [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (11)
Global Reinsurance - Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (73)
Global Reinsurance - Casualty [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (48)
Global Reinsurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 18
Global Reinsurance - Non-Casualty [Member] | prior to 2009 [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD $ (2)
v3.10.0.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Average Annual Payout) (Details)
Dec. 31, 2018
North America Commercial P&C Insurance - Workers' Compensation [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 2.00%
North America Commercial P&C Insurance - Liability [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 14.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 17.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 1.00%
North America Commercial P&C Insurance - Other Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 14.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 25.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 18.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 1.00%
North America Commercial P&C Insurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 47.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 38.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
North America Personal P&C Insurance [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 59.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 24.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
Overseas General Insurance - Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 15.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 15.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 3.00%
Overseas General Insurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 44.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 35.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 11.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
Global Reinsurance - Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 20.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 22.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 3.00%
Global Reinsurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 34.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 37.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
v3.10.0.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Details) (Supplementary PPD Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense [1] $ (981) $ (937) $ (1,204)
Prior Period Development, net Adjustments 85 108 69
Net Prior Period Development (896) (829) (1,135)
Alternative Risk Solutions [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (81)    
North America Workers' Compensation [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 42    
Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (486) (423) (817)
Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (410) (406) (318)
Segments included in loss triangles [Domain]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (886)    
Other PPD adjustments [2] (205)    
Prior Period Development, net Adjustments 55    
Net Prior Period Development (831)    
Segments included in loss triangles [Domain] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (495)    
Segments included in loss triangles [Domain] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (186)    
North America Commercial P&C Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (653)    
Other PPD adjustments [2],[3] (153)    
Prior Period Development, net Adjustments 43    
Net Prior Period Development (610) (746) (778)
North America Commercial P&C Insurance | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (437)    
North America Commercial P&C Insurance | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (63)    
North America Commercial P&C Insurance | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (425)    
Other PPD adjustments [2] (149)    
Prior Period Development, net Adjustments 30    
Net Prior Period Development (395) (562) (693)
North America Commercial P&C Insurance | Long Tail [Member] | North America Workers' Compensation [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (194) (123)  
North America Commercial P&C Insurance | Long Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (214)    
North America Commercial P&C Insurance | Long Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (62)    
North America Commercial P&C Insurance | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (228)    
Other PPD adjustments [2] (4)    
Prior Period Development, net Adjustments 13    
Net Prior Period Development (215) (184) (85)
North America Commercial P&C Insurance | Short Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (223)    
North America Commercial P&C Insurance | Short Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (1)    
North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 41 69 27
North America Personal P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
North America Personal P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 40    
Other PPD adjustments [2] (7)    
Prior Period Development, net Adjustments 1    
Net Prior Period Development 41 69 27
North America Personal P&C Insurance [Member] | Short Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 54    
North America Personal P&C Insurance [Member] | Short Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (7)    
Overseas General Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (216)    
Other PPD adjustments [2],[4] (43)    
Prior Period Development, net Adjustments 4    
Net Prior Period Development (212) (252) (423)
Overseas General Insurance | International A&H [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (31)    
Overseas General Insurance | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (107)    
Overseas General Insurance | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (66)    
Overseas General Insurance | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (67)    
Other PPD adjustments [2] (3)    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (67) (71) (236)
Overseas General Insurance | Long Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (9)    
Overseas General Insurance | Long Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (55)    
Overseas General Insurance | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (149)    
Other PPD adjustments [2] (40)    
Prior Period Development, net Adjustments 4    
Net Prior Period Development (145) (181) (187)
Overseas General Insurance | Short Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (98)    
Overseas General Insurance | Short Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (11)    
Segment Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (57)    
Other PPD adjustments [2] (2)    
Prior Period Development, net Adjustments 7    
Net Prior Period Development (50) (59) (78)
Segment Global Reinsurance [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (5)    
Segment Global Reinsurance [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (50)    
Segment Global Reinsurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (74)    
Other PPD adjustments [2] (1)    
Prior Period Development, net Adjustments 5    
Net Prior Period Development (69) (68) (77)
Segment Global Reinsurance [Member] | Long Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (25)    
Segment Global Reinsurance [Member] | Long Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (48)    
Segment Global Reinsurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 17    
Other PPD adjustments [2] (1)    
Prior Period Development, net Adjustments 2    
Net Prior Period Development 19 9 (1)
Segment Global Reinsurance [Member] | Short Tail [Member] | 2009 to 2017 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 20    
Segment Global Reinsurance [Member] | Short Tail [Member] | prior to 2009 [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (2)    
North America Agricultural Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (110) (119) (72)
North America Agricultural Insurance | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
North America Agricultural Insurance | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (140)    
Prior Period Development, net Adjustments 30    
Net Prior Period Development (110) (119) (72)
Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 45 278 189
Corporate Segment [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 45    
Prior Period Development, net Adjustments 0    
Net Prior Period Development 45 278 189
Corporate Segment [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $85 million, $108 million and $69 million for 2018, 2017, and 2016, respectively.
[2] Other includes the impact of foreign exchange.
[3] Includes favorable development of $81 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $42 million in unfavorable development in the workers' compensation line associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
[4] Includes favorable development of $31 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.
v3.10.0.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (896) $ (829) $ (1,135)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.80% 1.70% 2.40%
Acquistion of subsidiaries $ 0 $ 0 $ 21,402
Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (486) (423) (817)
Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (410) (406) (318)
North America Commercial P&C Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (610) $ (746) $ (778)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.20% 1.60% 1.60%
North America Commercial P&C Insurance | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (395) $ (562) $ (693)
North America Commercial P&C Insurance | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (215) (184) (85)
North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 41 $ 69 $ 27
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.10% 0.10%
North America Personal P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
North America Personal P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 41 69 27
North America Agricultural Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (110) $ (119) $ (72)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.20% 0.20% 0.20%
North America Agricultural Insurance | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
North America Agricultural Insurance | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (110) (119) (72)
Overseas General Insurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (212) $ (252) $ (423)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.40% 0.50% 0.90%
Overseas General Insurance | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (67) $ (71) $ (236)
Overseas General Insurance | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (145) (181) (187)
Segment Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (50) $ (59) $ (78)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.10% 0.20%
Segment Global Reinsurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (69) $ (68) $ (77)
Segment Global Reinsurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 19 9 (1)
Global Reinsurance      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development     $ (78)
Prior Period Development Percentage Opening Net Unpaid Reserves     0.20%
Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 45 $ 278 $ 189
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.60% 0.40%
Corporate Segment [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 45 $ 278 $ 189
Corporate Segment [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
[1] Calculated based on the beginning of period consolidated net unpaid losses and loss expenses. For 2016, the percent of beginning net unpaid reserves is calculated inclusive of the net unpaid losses and loss expenses acquired in the Chubb Corp acquisition of $21.4 billion.
v3.10.0.1
Unpaid losses and loss expenses (A&E Loss Roll-forward) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (gross) at December 31, 2017 $ 2,228
Balance (net) at December 31, 2017 1,527
Incurred activity, gross 237
Incurred activity, net (22) [1]
Paid activity, gross (348)
Paid activity, net (58)
Balance (gross) at December 31, 2018 2,117
Balance (net) at December 31, 2018 1,447
Asbestos Issue [Member]  
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (gross) at December 31, 2017 1,621
Balance (net) at December 31, 2017 1,051
Incurred activity, gross 136
Incurred activity, net 75
Paid activity, gross (265)
Paid activity, net (162)
Balance (gross) at December 31, 2018 1,492
Balance (net) at December 31, 2018 964
Environmental Issue [Member]  
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (gross) at December 31, 2017 607
Balance (net) at December 31, 2017 476
Incurred activity, gross 101
Incurred activity, net (97)
Paid activity, gross (83)
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) 104
Balance (gross) at December 31, 2018 625
Balance (net) at December 31, 2018 483
Brandywine [Member]  
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (net) at December 31, 2017 849
Balance (net) at December 31, 2018 807
Westchester Specialty [Member]  
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (net) at December 31, 2017 113
Balance (net) at December 31, 2018 120
Other Segments [Member]  
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (net) at December 31, 2017 79
Balance (net) at December 31, 2018 78
The Chubb Corporation [Member]  
Liability For Asbestos And Environmental Claims Net Roll Forward  
Balance (net) at December 31, 2017 486
Balance (net) at December 31, 2018 $ 442
[1] Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below)
v3.10.0.1
Unpaid losses and loss expenses (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2004
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (896) $ (829) $ (1,135)        
Prior Period Development, net Adjustments $ 85 $ 108 $ 69        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.80% 1.70% 2.40%        
Incurred activity $ 18,067 $ 18,454 $ 16,052        
Liability for Claims and Claims Adjustment Expense 62,960 63,179 60,540 $ 37,303      
Brandywine Run-off [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Incurred activity 634            
Reinsurance coverage to Century provided by ACE INA under XOL 800            
Statutory capital and surplus 25            
Dividend retention fund established by INA Financial Corporation 50            
Required minimum balance under the dividend retention fund 50            
Contributions to the dividend retention fund 50       $ 35 $ 15  
Minimum contribution from the dividend retention fund to Century not required for XOL agreement 200            
Dividend Retention Fund Contribution to XOL 39 49          
Aggregate reinsurance balances ceded by active ACE companies to Century 1,500 1,400          
Liability for Claims and Claims Adjustment Expense $ 2,000 2,000          
Surplus note             $ 100
Westchester and Brandywine Run-off [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
NICO pro-rata share of reinsurance protection (percent) 75.00%            
NICO retention for losses and loss expenses incurred on or before 12/31/1996 $ 721            
NICO reinsurance protection on losses and loss expenses incurred on or before 12/31/1996, net of retenion 1,000            
NICO reinsurance protection on losses and loss expenses 395            
Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (486) (423) (817)        
Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (410) (406) (318)        
North America Commercial P&C Insurance              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (610) $ (746) $ (778)        
Prior Period Development, net Adjustments $ 43            
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.20% 1.60% 1.60%        
North America Commercial P&C Insurance | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (395) $ (562) $ (693)        
Prior Period Development, net Adjustments 30            
North America Commercial P&C Insurance | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (215) (184) (85)        
Prior Period Development, net Adjustments 13            
North America Commercial P&C Insurance | North America Commercial P&C Insurance - Workers' Compensation [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (194) (123)          
North America Commercial P&C Insurance | Commercial Excess and Umbrella [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (184)          
North America Commercial P&C Insurance | Multi-Line [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Prior Period Development, net Adjustments   26          
North America Commercial P&C Insurance | Credit-related [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (19)            
North America Commercial P&C Insurance | Other [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (60)            
North America Commercial P&C Insurance | Commercial Property and Marine [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (155)            
North America Commercial P&C Insurance | Management Liability [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (181)          
North America Commercial P&C Insurance | Accident years 2015 through 2017 [Member] | Medical Portfolios [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 91            
North America Commercial P&C Insurance | Accident years 2015 through 2017 [Member] | Other [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 109            
North America Commercial P&C Insurance | Accident years 2014 and prior [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (138)            
North America Commercial P&C Insurance | Accident years 2014 and prior [Member] | Foreign Casualty Line [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (28)            
North America Commercial P&C Insurance | Accident years 2014 and prior [Member] | Political [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (23)            
North America Commercial P&C Insurance | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Credit-related [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (45)          
North America Commercial P&C Insurance | Accident year 2015 and 2016 [Member] | Accident and Health [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (20)          
North America Commercial P&C Insurance | Accident years 2012 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (100)            
North America Commercial P&C Insurance | Accident years 2002 and prior [Member] | Professional Liability [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (33)            
North America Commercial P&C Insurance | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Political [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (21)          
North America Commercial P&C Insurance | Accident Years 2012 - 2015 [Member] | Auto Liability Excess Lines [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   21          
North America Commercial P&C Insurance | Accident Year 2013 and prior [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (65)          
North America Commercial P&C Insurance | Accident Year 2013 and prior [Member] | Management Liability [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (199)            
North America Commercial P&C Insurance | Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (56)            
North America Commercial P&C Insurance | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (3)            
North America Commercial P&C Insurance | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Commercial Property and Marine [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (129)            
North America Commercial P&C Insurance | Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (57)          
North America Commercial P&C Insurance | Accident year 2012 and 2013 [Member] | Professional Errors and Omissions Insurance [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (32)          
North America Commercial P&C Insurance | Accident year 2012 and 2013 [Member] | Multi-Line [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (28)          
North America Commercial P&C Insurance | Accident Years 2012 - 2016 [Member] | Property and Inland Marine [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (98)          
North America Personal P&C Insurance [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 41            
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Personal Excess [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (24)            
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Homeowners and Valuables Lines [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 63            
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Other [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (10)            
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Homeowners and Valuables Lines [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (73)            
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Excluding Catastrophic Events [Member] | Homeowners and Valuables Lines [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 136            
North America Personal P&C Insurance [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ 41 $ 69 $ 27        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.10% 0.10%        
North America Personal P&C Insurance [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ 0 $ 0 $ 0        
North America Personal P&C Insurance [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 41 69 27        
Prior Period Development, net Adjustments 1            
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2014 [Member] | Personal Excess [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (58)          
North America Personal P&C Insurance [Member] | Accident years 2013 and 2016 [Member] | Personal homeowner [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   105          
North America Agricultural Insurance              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (110) $ (119) $ (72)        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.20% 0.20% 0.20%        
North America Agricultural Insurance | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ 0 $ 0 $ 0        
North America Agricultural Insurance | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (110) (119) (72)        
Prior Period Development, net Adjustments 30            
North America Agricultural Insurance | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (1)            
Overseas General Insurance              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (212) $ (252) $ (423)        
Prior Period Development, net Adjustments $ 4            
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.40% 0.50% 0.90%        
Overseas General Insurance | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (67) $ (71) $ (236)        
Prior Period Development, net Adjustments 0            
Overseas General Insurance | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (145) (181) (187)        
Prior Period Development, net Adjustments 4            
Overseas General Insurance | Other [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (32)            
Overseas General Insurance | Financial [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 38 (34)          
Overseas General Insurance | Casualty [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (70) (10)          
Overseas General Insurance | Aviation [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (10)            
Overseas General Insurance | Political [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (12)            
Overseas General Insurance | Accident years 2015 through 2017 [Member] | Financial [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 131            
Overseas General Insurance | Accident years 2015 through 2017 [Member] | Casualty [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 38            
Overseas General Insurance | Accident years 2015 through 2017 [Member] | Accident and Health [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (33)            
Overseas General Insurance | Accident years 2014 and prior [Member] | Financial [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (93)            
Overseas General Insurance | Accident years 2014 and prior [Member] | Casualty [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (107)            
Overseas General Insurance | Accident year 2015 and 2016 [Member] | Marine [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (42)          
Overseas General Insurance | Accident year 2013 - 2015 [Member] | Property [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (25)          
Overseas General Insurance | Accident Year 2013 and prior [Member] | Financial [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (124)          
Overseas General Insurance | Accident Year 2013 and prior [Member] | Casualty [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (69)          
Overseas General Insurance | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 1            
Overseas General Insurance | Accident years 2016 and prior [Member] | Casualty [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   32          
Overseas General Insurance | Accident years 2014 - 2016 [Member] | Property and Inland Marine [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (99)            
Overseas General Insurance | Accident years 2014 - 2016 [Member] | Financial [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   90          
Overseas General Insurance | Accident years 2014 - 2016 [Member] | Casualty [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   27          
Overseas General Insurance | Accident years 2014 - 2016 [Member] | Energy and Technical Risk Property [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (43)          
Overseas General Insurance | Accident years 2014 - 2016 [Member] | Accident and Health [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (48)          
Overseas General Insurance - Casualty [Member] | Europe [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Loss by Geographic Percentage 45.00%            
Overseas General Insurance - Non-Casualty [Member] | Latin America [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Loss by Geographic Percentage 30.00%            
Overseas General Insurance - Non-Casualty [Member] | Europe [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Loss by Geographic Percentage 30.00%            
Global Reinsurance Non-Casualty [Member] | Accident year 2009 and after [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Loss by Geographic Percentage 69.00%            
Global Reinsurance Non-Casualty [Member] | Accident years 2009 to 2012 [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Loss by Geographic Percentage 54.00%            
Global Reinsurance Non-Casualty [Member] | Accident years 2013 to 2018 [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Loss by Geographic Percentage 80.00%            
Segment Global Reinsurance [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (50) $ (59) $ (78)        
Prior Period Development, net Adjustments $ 7            
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.10% 0.20%        
Segment Global Reinsurance [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (69) $ (68) $ (77)        
Prior Period Development, net Adjustments 5            
Segment Global Reinsurance [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 19 9 (1)        
Prior Period Development, net Adjustments 2            
Segment Global Reinsurance [Member] | Auto Liability Excess Lines [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   10          
Segment Global Reinsurance [Member] | Accident Year 2013 and prior [Member] | Other [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (69)            
Segment Global Reinsurance [Member] | Accident Year 2013 and prior [Member] | Casualty [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   (67)          
Segment Global Reinsurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 18            
Segment Global Reinsurance [Member] | Accident Year 2015 and prior [Member] | Auto Liability Excess Lines [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development   9          
Global Reinsurance              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development     $ (78)        
Prior Period Development Percentage Opening Net Unpaid Reserves     0.20%        
Corporate Segment [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ 45 $ 278 $ 189        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.60% 0.40%        
Corporate Segment [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ 45 $ 278 $ 189        
Prior Period Development, net Adjustments 0            
Corporate Segment [Member] | Long Tail [Member] | Discontinued Operations [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 35 39          
Corporate Segment [Member] | Long Tail [Member] | Reinsurance, Structured Settlements [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development (205)            
Corporate Segment [Member] | Short Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 0 0 $ 0        
Corporate Segment [Member] | Asbestos & Environmental [Member] | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development 216 $ 239          
Environmental Issue [Member] | Overseas General Insurance | Long Tail [Member]              
Liability for Claims and Claims Adjustment Expense [Line Items]              
Net Prior Period Development $ (10)            
[1] Calculated based on the beginning of period consolidated net unpaid losses and loss expenses. For 2016, the percent of beginning net unpaid reserves is calculated inclusive of the net unpaid losses and loss expenses acquired in the Chubb Corp acquisition of $21.4 billion.
v3.10.0.1
Taxation (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Tax Examination [Line Items]        
Income tax (benefit) credit related to 2017 Tax Act   $ (25) $ (450) $ 0
Valuation allowance $ 99 79 99  
Unrecognized tax benefits that would affect the effective tax rate 13 14 13  
Liabilities recorded for tax-related interest and penalties 3 3 $ 3  
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount (475)      
Impact on deferred tax liability [Member]        
Income Tax Examination [Line Items]        
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount   (743)    
Impact on Deferred Tax Asset [Member]        
Income Tax Examination [Line Items]        
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount   250    
Other impact [Member]        
Income Tax Examination [Line Items]        
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount   $ 18    
Tax Year 2017 [Member]        
Income Tax Examination [Line Items]        
Applicable income tax rates   35.00% 35.00%  
Tax Year 2018 [Member]        
Income Tax Examination [Line Items]        
Applicable income tax rates   21.00%    
Domestic Tax Authority [Member]        
Income Tax Examination [Line Items]        
Net operating loss carry-forwards   $ 491    
Switzerland        
Income Tax Examination [Line Items]        
Applicable income tax rates   7.83%    
Foreign Tax Authority [Member]        
Income Tax Examination [Line Items]        
Foreign tax credit carry-forward   $ 262    
Bermuda        
Income Tax Examination [Line Items]        
Applicable income tax rates   0.00%    
UNITED STATES        
Income Tax Examination [Line Items]        
Applicable income tax rates   21.00%    
U.K.        
Income Tax Examination [Line Items]        
Applicable income tax rates   19.00%    
Scenario, Adjustment [Member]        
Income Tax Examination [Line Items]        
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount   $ (25)    
Scenario, Plan [Member]        
Income Tax Examination [Line Items]        
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount $ (450)      
v3.10.0.1
Taxation (Provision For Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Domestic $ 950 $ 527 $ 766
Income (Loss) from Continuing Operations before Income Taxes, Foreign 3,707 3,195 4,184
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest 4,657 3,722 4,950
Current tax expense 652 359 824
Deferred tax expense 43 (498) (9)
Provision for income taxes 695 (139) 815
Domestic Tax Authority [Member]      
Income Tax Examination [Line Items]      
Current tax expense 89 46 97
Deferred tax expense 3 2 (27)
Foreign Tax Authority [Member]      
Income Tax Examination [Line Items]      
Current tax expense 563 313 727
Deferred tax expense $ 40 $ (500) $ 18
v3.10.0.1
Taxation (Reconciliation Of The Difference Between The Provision for Income Taxes and the Expected Tax Provision at Swiss Statutory Income Tax Rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Tax Disclosure [Abstract]      
Expected tax provision at Swiss statutory rate $ 365 $ 291 $ 388
Taxes on earnings subject to rates other that Swiss statutory rate 372 263 582
Tax exempt interest and dividends received deduction, net of proration (75) (199) (200)
Net witholding taxes 33 30 20
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount (19) (48) 0
Income tax benefit related to 2017 Tax Act (25) (450) 0
Income Tax Reconciliation, Corporate Owned Life Insurance 2 (37) 0
Other 42 11 25
Provision for income taxes $ 695 $ (139) $ 815
v3.10.0.1
Taxation (Components Of Net Deferred Tax Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Deferred Tax Assets, Gross [Abstract]    
Loss reserve discount $ 584 $ 715
Unearned premium reserve 471 231
Foreign tax credits 262 340
Provision for uncollectible balances 37 45
Loss carry-forwards 137 90
Debt related amounts 71 77
Compensation related amounts 263 260
Cumulative translation adjustments 43 30
Unrealized depreciation on investments 102 0
Other, net 95 70
Total deferred tax assets 2,065 1,858
Deferred Tax Liabilities, Gross [Abstract]    
Deferred policy acquisition costs 621 635
VOBA and other intangible assets 1,440 1,437
Un-remitted foreign earnings 47 66
Investments 59 53
Unrealized appreciation on investments 0 184
Depreciation 123 83
Deferred Tax Liabilities, Gross 2,290 2,458
Valuation allowance 79 99
Deferred Tax Liabilities, Net $ (304) $ (699)
v3.10.0.1
Taxation (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Income Tax Contingency [Line Items]    
Unrecognized Tax Benefits, beginning of year $ 13 $ 17
Additions based on tax provisions related to the current year 1 3
Additions based on tax positions related to prior years 0 0
Reductions for tax positions of prior years 0 (4)
Reductions for the lapse of the applicable statutes of limitations 0 (3)
Unrecognized Tax Benefits, end of year   13
Unrecognized tax benefits that would affect the effective tax rate $ 14 $ 13
v3.10.0.1
Debt (Narrative) (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2018
EUR (€)
Mar. 31, 2000
USD ($)
Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate     6.375%      
Debt Instrument, Face Amount     $ 1,000.0      
Senior Notes [Member] | INA Senior Notes Due March 2018 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate       5.80% 5.80%  
Debt Instrument, Face Amount       $ 300.0    
Senior Notes [Member] | INA Senior Notes Due May 2018 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate     5.75%      
Debt Instrument, Face Amount     $ 600.0      
Senior Notes [Member] | INA Senior Note Due August 2018 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate   6.60%        
Debt Instrument, Face Amount   $ 100.0        
Senior Notes [Member] | INA Senior Note Due March 2028 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate       1.55% 1.55%  
Make Whole Premium Additional Percent       0.15% 0.15%  
Debt Instrument, Face Amount       $ 1,100.0 € 900  
Senior Notes [Member] | INA Senior Note Due March 2038 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate       2.50% 2.50%  
Make Whole Premium Additional Percent       0.25% 0.25%  
Debt Instrument, Face Amount       $ 1,100.0 € 900  
Trust Preferred Securities | INA capital securities due 2030            
Debt Instrument [Line Items]            
Long-term debt stated interest rate 9.70%         9.70%
ACE Capital Trust II common securities purchased           $ 9.2
Debt Instrument, Face Amount $ 309.0         $ 300.0
Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member]            
Debt Instrument [Line Items]            
Gain (Loss) on Extinguishment of Debt $ (36.0)          
Senior Notes [Member] | INA Senior Notes Due March 2018 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate 5.80%          
Make Whole Premium Additional Percent 0.35%          
Debt Instrument, Face Amount $ 300.0          
Senior Notes [Member] | INA Senior Notes Due May 2018 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate 5.75%          
Make Whole Premium Additional Percent 0.30%          
Debt Instrument, Face Amount $ 600.0          
Senior Notes [Member] | INA Senior Note Due August 2018 [Member]            
Debt Instrument [Line Items]            
Long-term debt stated interest rate 6.60%          
Make Whole Premium Additional Percent 0.00%          
Debt Instrument, Face Amount $ 100.0          
v3.10.0.1
Debt (Schedule of Debt Outstanding) (Details)
€ in Millions, $ in Millions
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2018
EUR (€)
Dec. 31, 2017
USD ($)
Dec. 31, 2017
EUR (€)
Mar. 31, 2000
USD ($)
Debt Instrument [Line Items]                
Repurchase agreements $ 1,418         $ 1,408    
Short-term debt 509         1,013    
Long-term debt 12,087         11,556    
Trust preferred securities 308         308    
Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member]                
Debt Instrument [Line Items]                
Long-term debt 0         964    
Debt Instrument, Face Amount     $ 1,000          
Long-term debt stated interest rate     6.375%          
Senior Notes                
Debt Instrument [Line Items]                
Long-term debt 12,087         11,556    
Senior Notes | INA Senior Notes Due March 2018 [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount       $ 300        
Long-term debt stated interest rate       5.80% 5.80%      
Senior Notes | INA Senior Notes Due May 2018 [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount     $ 600          
Long-term debt stated interest rate     5.75%          
Senior Notes | INA Senior Note Due August 2018 [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount   $ 100            
Long-term debt stated interest rate   6.60%            
Senior Notes | INA Senior Notes Due June 2019 [Member]                
Debt Instrument [Line Items]                
Long-term debt 0         499    
Debt Instrument, Face Amount $ 500              
Long-term debt stated interest rate 5.90%              
Make Whole Premium Additional Percent 0.40%              
Senior Notes | INA Senior Notes Due November 2020 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 1,297         1,296    
Debt Instrument, Face Amount $ 1,300              
Long-term debt stated interest rate 2.30%              
Make Whole Premium Additional Percent 0.15%              
Senior Notes | INA Senior Notes Due November 2022 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 996         995    
Debt Instrument, Face Amount $ 1,000              
Long-term debt stated interest rate 2.875%              
Make Whole Premium Additional Percent 0.20%              
Senior Notes | INA Senior Notes Due March 2023 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 473         472    
Debt Instrument, Face Amount $ 475              
Long-term debt stated interest rate 2.70%              
Make Whole Premium Additional Percent 0.10%              
Senior Notes | INA Senior Notes Due May 2024 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 696         695    
Debt Instrument, Face Amount $ 700              
Long-term debt stated interest rate 3.35%              
Make Whole Premium Additional Percent 0.15%              
Senior Notes | INA Senior Notes Due March 2025 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 796         795    
Debt Instrument, Face Amount $ 800              
Long-term debt stated interest rate 3.15%              
Make Whole Premium Additional Percent 0.15%              
Senior Notes | INA Senior Notes Due May 2026 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 1,491         1,489    
Debt Instrument, Face Amount $ 1,500              
Long-term debt stated interest rate 3.35%              
Make Whole Premium Additional Percent 0.20%              
Senior Notes | INA Senior Notes Due August 2029 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 100         100    
Debt Instrument, Face Amount $ 100              
Long-term debt stated interest rate 8.875%              
Senior Notes | Chubb INA Senior Notes Due 2031 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 250         254    
Debt Instrument, Face Amount $ 200              
Long-term debt stated interest rate 6.80%              
Make Whole Premium Additional Percent 0.25%              
Senior Notes | INA Senior Notes Due May 2036 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 297         297    
Debt Instrument, Face Amount $ 300              
Long-term debt stated interest rate 6.70%              
Make Whole Premium Additional Percent 0.20%              
Senior Notes | Chubb INA Senior Notes Due 2037 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 962         971    
Debt Instrument, Face Amount $ 800              
Long-term debt stated interest rate 6.00%              
Make Whole Premium Additional Percent 0.20%              
Senior Notes | Chubb INA Senior Notes Due 2038 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 759         768    
Debt Instrument, Face Amount $ 600              
Long-term debt stated interest rate 6.50%              
Make Whole Premium Additional Percent 0.30%              
Senior Notes | INA Senior Note Due March 2028 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 1,008         0 € 0  
Debt Instrument, Face Amount       $ 1,100 € 900      
Long-term debt stated interest rate       1.55% 1.55%      
Make Whole Premium Additional Percent       0.15% 0.15%      
Senior Notes | INA Senior Notes Due March 2043 [Member]                
Debt Instrument [Line Items]                
Long-term debt 470         469    
Debt Instrument, Face Amount $ 475              
Long-term debt stated interest rate 4.15%              
Make Whole Premium Additional Percent 0.15%              
Senior Notes | INA Senior Note Due March 2038 [Member]                
Debt Instrument [Line Items]                
Long-term debt $ 1,008         0 € 0  
Debt Instrument, Face Amount       $ 1,100 € 900      
Long-term debt stated interest rate       2.50% 2.50%      
Make Whole Premium Additional Percent       0.25% 0.25%      
Senior Notes | INA Senior Notes Due November 2045 [Member]                
Debt Instrument [Line Items]                
Long-term debt 1,483         1,482    
Debt Instrument, Face Amount $ 1,500              
Long-term debt stated interest rate 4.35%              
Make Whole Premium Additional Percent 0.25%              
Senior Notes | Other                
Debt Instrument [Line Items]                
Long-term debt $ 1         10    
Trust Preferred Securities | INA capital securities due 2030                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount 309             $ 300
Trust preferred securities $ 308         308    
Long-term debt stated interest rate 9.70%             9.70%
Repurchase agreements                
Debt Instrument [Line Items]                
Short-term debt $ 1,418         $ 1,408    
Weighted average interest rate on short-term debt 2.50%         1.50% 1.50%  
Senior Notes | INA Senior Notes Due March 2018 [Member]                
Debt Instrument [Line Items]                
Short-term debt $ 0         $ 300    
Debt Instrument, Face Amount $ 300              
Long-term debt stated interest rate 5.80%              
Make Whole Premium Additional Percent 0.35%              
Senior Notes | INA Senior Notes Due May 2018 [Member]                
Debt Instrument [Line Items]                
Short-term debt $ 0         610    
Debt Instrument, Face Amount $ 600              
Long-term debt stated interest rate 5.75%              
Make Whole Premium Additional Percent 0.30%              
Senior Notes | INA Senior Note Due August 2018 [Member]                
Debt Instrument [Line Items]                
Short-term debt $ 0         103    
Debt Instrument, Face Amount $ 100              
Long-term debt stated interest rate 6.60%              
Make Whole Premium Additional Percent 0.00%              
Senior Notes | INA Senior Note Due June 2019 [Member]                
Debt Instrument [Line Items]                
Short-term debt $ 500         0    
Debt Instrument, Face Amount $ 500              
Long-term debt stated interest rate 5.90%              
Make Whole Premium Additional Percent 0.40%              
Senior Notes | INA Senior Note Due December 2019 [Member]                
Debt Instrument [Line Items]                
Short-term debt $ 9         $ 0    
Long-term debt stated interest rate 7.10%              
Minimum | Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member]                
Debt Instrument [Line Items]                
Make Whole Premium Additional Percent 0.25%              
Minimum | Senior Notes | Other                
Debt Instrument [Line Items]                
Long-term debt stated interest rate 2.75%              
Maximum | Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member]                
Debt Instrument [Line Items]                
Make Whole Premium Additional Percent 0.50%              
Maximum | Senior Notes | Other                
Debt Instrument [Line Items]                
Long-term debt stated interest rate 7.10%              
v3.10.0.1
Commitments, contingencies, and guarantees (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Oct. 25, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Concentration Risk Percentage Marsh 10.00%      
Derivative Liability, Fair Value, Amount Subject to a Master Netting Agreement $ 95 $ 24    
Securities Sold under Agreements to Repurchase 1,418 $ 1,408    
Concentration Risk, Percentage   0.00% 0.00%  
Purchase Commitment, Remaining Minimum Amount Committed 711      
Carrying value of limited partnerships and partially-owned investment companies included in other investments 4,200      
Funding commitments relating to limited partnerships and partially-owned investment companies 3,700      
Line of Credit Facility, Current Borrowing Capacity       $ 1,000
Line of Credit Facility, Maximum Borrowing Capacity 2,000      
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases 1,000      
Total rental expense related to operating leases 169 $ 211 $ 209  
Letter of Credit [Member]        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Line of Credit Facility, Amount Outstanding $ 398      
v3.10.0.1
Commitments, contingencies, and guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision $ 8,543 $ 3,122
Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 2,185 2,064
Cross Currency Swap [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 45 45
Interest Rate Swap [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 5,250 0
Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 1,046 1,007
Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision [1] 11 6
To be announced [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 6 0
Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision [2] 507 1,553
Other    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 74 75
Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 581 1,628
Guaranteed Minimum Income Benefit    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision [3] 1,750 1,083
Accounts Payable and Accrued Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability (153) (30)
Accounts Payable and Accrued Liabilities [Member] | Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability (19) (27)
Accounts Payable and Accrued Liabilities [Member] | Cross Currency Swap [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability 0 0
Accounts Payable and Accrued Liabilities [Member] | Interest Rate Swap [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability (115) 0
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability (19) (3)
Accounts Payable and Accrued Liabilities [Member] | Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability [1] 0 0
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Liability [2] 0 (21)
Accounts Payable and Accrued Liabilities [Member] | Other    
Derivatives, Fair Value [Line Items]    
Derivative Liability 0 (2)
Accounts Payable and Accrued Liabilities [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability 0 (23)
Other Assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 43 23
Other Assets [Member] | Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 15 14
Other Assets [Member] | Cross Currency Swap [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 0 0
Other Assets [Member] | Interest Rate Swap [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 0 0
Other Assets [Member] | Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 13 4
Other Assets [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Asset [2] 23 0
Other Assets [Member] | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset 2 1
Other Assets [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 25 1
Other Assets [Member] | Guaranteed Minimum Income Benefit    
Derivatives, Fair Value [Line Items]    
Derivative Asset [3] 0 0
Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit    
Derivatives, Fair Value [Line Items]    
Derivative Liability [3] (861) (550)
Available-for-sale Securities [Member] | Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset [1] 9 5
Available-for-sale Securities [Member] | To be announced [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 6 0
Derivative Liability $ 0 $ 0
[1] Includes fair value of embedded derivatives.
[2] Related to GMDB and GLB blocks of business.
[3] (3) Includes both future policy benefits reserves and fair value derivative adjustment. Refer to Note 4 c) for additional information. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
v3.10.0.1
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 1,926 $ 1,737
Collateral held under securities lending agreements 1,926 1,737
Maturity Overnight [Member] | Cash and Cash Equivalents [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 756 828
Maturity Overnight [Member] | U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 64 36
Maturity Overnight [Member] | Foreign [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 795 712
Maturity Overnight [Member] | Corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 15 0
Maturity Overnight [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 45 74
Maturity Overnight [Member] | Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 251 $ 87
v3.10.0.1
Commitments, contingencies, and guarantees Commitments, contingencies, and guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements $ 1,468 $ 1,434
Securities Sold under Agreements to Repurchase 1,418 1,408
US Treasury and Government [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 259 239
Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 1,209 1,195
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount 50 26
Maturity Greater than 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 972 1,056
Maturity Greater than 90 Days [Member] | US Treasury and Government [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 259 230
Maturity Greater than 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 713 826
Maturity Less than 30 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements   378
Maturity Less than 30 Days [Member] | US Treasury and Government [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements   9
Maturity Less than 30 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements   $ 369
Maturity 30 to 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 496  
Maturity 30 to 90 Days [Member] | US Treasury and Government [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements 0  
Maturity 30 to 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Collateral pledged under repurchase agreements $ 496  
v3.10.0.1
Commitments, contingencies, and guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ (330) $ 87 $ (126)
Foreign currency forward contracts [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net 3 9 (31)
Interest Rate Swap [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (115) 0 0
All Other Futures Contracts And Options [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net 39 (21) (10)
Convertible Securities [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [1] (2) 1 8
Investment And Embedded Derivative Instruments [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (75) (11) (33)
GLB      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [2] (248) 364 53
Futures contracts on equities      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (4) (261) [3] (136) [3]
Other Derivatives      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (3) (5) (10)
Guaranteed Living Benefit And Other Derivative Instruments [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ (255) $ 98 $ (93)
[1] Includes embedded derivatives.
[2] Excludes foreign exchange gains (losses) related to GLB.
[3] Related to GMDB and GLB blocks of business.
v3.10.0.1
Commitments, contingencies, and guarantees (Future Minimum Lease Payments) (Details)
$ in Millions
Dec. 31, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2019 $ 173
2020 151
2021 126
2022 100
2023 86
Thereafter 184
Total minimum future lease commitments $ 820
v3.10.0.1
Shareholders' equity (Detail)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2019
$ / shares
Dec. 31, 2018
SFr / shares
shares
Apr. 30, 2018
$ / shares
Apr. 30, 2017
$ / shares
Dec. 01, 2018
USD ($)
May 30, 2018
$ / shares
Dec. 31, 2017
SFr / shares
Dec. 21, 2017
USD ($)
May 31, 2017
$ / shares
Nov. 30, 2016
USD ($)
May 31, 2016
$ / shares
Stockholders' Equity Note [Abstract]                      
Dividend installments | $ / shares $ 0.73   $ 0.71 $ 0.69              
The number of votes associated with one Common Share   1                  
The maximum ownership percentage for voting allowed for any one shareholder   10.00%                  
Annual dividend per share approved by shareholders | $ / shares           $ 2.92     $ 2.84   $ 2.76
Authorized Share Capital [Line Items]                      
Common Shares, par value | SFr / shares   SFr 24.15         SFr 24.15        
General Purpose                      
Authorized Share Capital [Line Items]                      
Authorized share capital for future issuance | shares   200,000,000                  
Issuance of Debt                      
Authorized Share Capital [Line Items]                      
Authorized share capital for future issuance | shares   33,000,000                  
Employee Benefit Plans                      
Authorized Share Capital [Line Items]                      
Authorized share capital for future issuance | shares   25,410,929                  
Nov 2016 Stock Repurchase Plan [Member]                      
Authorized Share Capital [Line Items]                      
Stock repurchase program authorized amount | $                   $ 1,000  
2018 Stock Repurchase Plan [Member] [Domain]                      
Authorized Share Capital [Line Items]                      
Stock repurchase program authorized amount | $               $ 1,000      
2019 Stock Repurchase Plan [Member]                      
Authorized Share Capital [Line Items]                      
Stock repurchase program authorized amount | $         $ 1,500            
v3.10.0.1
Shareholders' equity Schedule of Dividends Declared (Details)
 12 Months Ended
Dec. 31, 2018
$ / shares
Dec. 31, 2018
SFr / shares
Dec. 31, 2017
$ / shares
Dec. 31, 2017
SFr / shares
Dec. 31, 2016
$ / shares
Dec. 31, 2016
SFr / shares
Switzerland, Francs            
Dividends Declared [Line Items]            
Total dividend distributions per common share | SFr / shares   SFr 2.84   SFr 2.76   SFr 2.70
United States of America, Dollars            
Dividends Declared [Line Items]            
Total dividend distributions per common share | $ / shares $ 2.90   $ 2.82   $ 2.74  
v3.10.0.1
Shareholders' equity (Rollforward Of Changes In Common Stock Shares Issued And Outstanding) (Details) - shares
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Class of Stock [Line Items]      
Shares issued, Beginning of year 479,783,864 479,783,864 342,832,412
Stock Issued During Period, Shares, New Issues 0 0 136,951,452
Shares issued, End of year 479,783,864 479,783,864 479,783,864
Common Shares in treasury, end of year (20,580,486) (15,950,685) (13,815,148)
Shares issued and outstanding, end of year 459,203,378 463,833,179 465,968,716
v3.10.0.1
Shareholders' equity Repurchase of Common Shares (Details) - USD ($)
$ in Millions
 2 Months Ended 12 Months Ended
Feb. 27, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased       0
Common Shares repurchased       $ 0
2018 Stock Repurchase Plan [Member] [Domain]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased   7,719,035    
Common Shares repurchased   $ 1,021    
Nov 2016 Stock Repurchase Plan [Member]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased     5,866,612  
Common Shares repurchased     $ 830  
Subsequent Event [Member]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased 1,328,754      
Common Shares repurchased $ 174      
v3.10.0.1
Share-based compensation (Narrative) (Detail) - USD ($)
 12 Months Ended
Jan. 14, 2016
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense related to the unvested share-based awards   $ 458,000,000    
Weighted-average expected recognition period for the unrecognized compensation expense   1 year    
Weighted average remaining contractual term for stock options outstanding   6 years    
Weighted-average remaining contractual term for stock options exercisable   4 years 9 months 12 days    
Cash received from exercise of stock options   $ 78,000,000    
Restricted stock awards granted to non-management directors   20,784 22,013 23,812
Amounts paid during period by employees for the purchase of shares under the ESPP   $ 37,000,000 $ 34,000,000 $ 24,000,000
Number of shares purchased during period by employees pursuant to the provisions of the ESPP   347,116 271,185 211,492
Discounted purchase price from market price for the ESPP   85.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate for the ESPP   10.00%    
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee Stock Purchase Plan Authorized Amount   $ 25,000    
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   3 years    
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   3 years    
Stock option term in years   10 years    
Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   4 years    
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   1 year    
Number of deferred restricted stock units   251,843    
Restricted Stock Units (RSUs) | Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   1 year    
Restricted Stock Units (RSUs) | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   3 years    
ACE Limited 2004 Long-Term Incentive Plan [Member] | Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period of award   4 years    
Common shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common shares remaining as available for issuance   2,104,942    
Employee Stock Ownership Plan (ESOP), Shares in ESOP   6,500,000    
Common shares | Chubb Limited 2016 Long-Term Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common shares authorized for issuance under plan   19,500,000    
Common shares remaining as available for issuance   14,100,867    
The Chubb Corporation [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Value of Equity Awards Issued in Acquisition $ 525,000,000      
Attributed Value Equity Awards Assumed in Acquisition $ 323,000,000      
v3.10.0.1
Share-based compensation (Pre-tax and After-tax Share-based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense $ 19 $ 48  
Restricted stock      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based compensation expense, pre-tax 235 259 $ 268
Share-based compensation expense, after-tax 178 151 167
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based compensation expense, pre-tax 50 41 33
Share-based compensation expense, after-tax [1] 40 26 20
Additional Paid-in Capital      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Tax benefit on share-based compensation expense $ 0 $ 0 $ 32
[1] (1) Excludes windfall tax benefit for share-based compensation recognized as a direct adjustment to Additional paid-in capital of $32 million for the year ended December 31, 2016. Beginning in 2017, windfall tax benefits for share-based compensation are recognized through Net income rather than Additional paid-in capital. The excess tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million and $48 million for the years ended December 31, 2018 and 2017, respectively.
v3.10.0.1
Share-based compensation (Weighted Average Assumptions for Option Grants) (Details) - Options
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 2.00% 2.00% 2.30%
Expected volatility 23.20% 19.70% 23.20%
Risk-free interest rate 2.70% 2.00% 1.30%
Expected life 5 years 7 months 30 days 5 years 8 months 32 days 5 years 6 months 27 days
v3.10.0.1
Share-based compensation (Rollforward Of Company's Stock Options) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Options, Weighted-Average Fair Value and Total Intrinsic Value [Abstract]      
Weighted-average fair value of stock options granted (US$ per share) $ 29.71 $ 22.97 $ 21.52
Total intrinsic value of options exercised $ 71 $ 111 $ 99
Total intrinsic value of options outstanding 274    
Total intrinsic value of options exercisable $ 268    
Number of Options [Roll Forward]      
Number of option outstanding, beginning of period 10,433,316 10,180,720 9,853,496
Number of options granted 1,842,690 2,079,522 1,929,616
Number of options exercised (1,065,384) (1,632,629) (1,728,949)
Number of options forfeited (202,900) (194,297) (213,339)
Number of option outstanding, end of period 11,007,722 10,433,316 10,180,720
Number of options exercisable 7,405,354    
Weighted-Average Exercise Price [Roll Forward]      
Weighted-average exercise price of options outstanding, beginning of period (US$ oer share) $ 99.20 $ 87.29 $ 78.40
Weighted-average exercise price of options granted (US$ per share) 143.07 139.00 118.39
Weighted-average exercise price of options exercised (US$ per share) 73.57 73.53 66.65
Weighted average exercise price of options forfeited (US$ per share) 133.92 119.44 110.01
Weighted-average exercise price of options outstanding, end of period (US$ oer share 108.25 $ 99.20 87.29
Weighted average exercise price of options exercisable (US$ per share) $ 93.88    
The Chubb Corporation [Member]      
Options, Weighted-Average Fair Value and Total Intrinsic Value [Abstract]      
Weighted-average fair value of stock options granted (US$ per share)     $ 36.07
Number of Options [Roll Forward]      
Number of options granted     339,896
Weighted-Average Exercise Price [Roll Forward]      
Weighted-average exercise price of options granted (US$ per share)     $ 77.83
v3.10.0.1
Share-based compensation (Rollforward Of Company's Restricted Stock) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Restricted stock      
Number of Restricted Stock [Roll Forward]      
Number of unvested restricted stock, beginning of period 4,709,442 5,805,126 3,489,169
Number of restricted stock, granted 1,326,979 1,707,094 1,622,065
Number of restricted stock, vested and issued (2,545,090) (2,646,084) (2,592,622)
Number of restricted stock, forfeited (196,482) (156,694) (420,125)
Number of unvested restricted stock, end of period 3,294,849 4,709,442 5,805,126
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) $ 121.16 $ 109.39 $ 97.01
Weighted average grant-day fair value of restricted stock, granted (US$ per share) 142.76 139.18 118.70
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) 114.83 107.73 100.87
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) 131.06 114.54 109.42
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) $ 134.17 $ 121.16 $ 109.39
Performance Shares      
Number of Restricted Stock [Roll Forward]      
Number of unvested restricted stock, beginning of period 975,497 931,169 595,210
Number of restricted stock, granted 180,065 267,282 517,507
Number of restricted stock, vested and issued (244,332) (222,954) (181,548)
Number of restricted stock, forfeited 0 0 0
Number of unvested restricted stock, end of period 911,230 975,497 931,169
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) $ 118.28 $ 111.17 $ 101.73
Weighted average grant-day fair value of restricted stock, granted (US$ per share) 143.07 138.90 118.96
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) 103.03 113.30 102.43
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) 0.00 0.00 0.00
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) $ 127.27 $ 118.28 $ 111.17
The Chubb Corporation [Member] | Restricted stock      
Number of Restricted Stock [Roll Forward]      
Number of restricted stock, granted     3,706,639
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of restricted stock, granted (US$ per share)     $ 111.02
The Chubb Corporation [Member] | Performance Shares      
Number of Restricted Stock [Roll Forward]      
Number of restricted stock, granted     0
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of restricted stock, granted (US$ per share)     $ 0.00
v3.10.0.1
Postretirement benefits (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Oct. 31, 2016
Dec. 31, 2016
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]          
Expenses recognized during period under the defined contributions plans     $ 171 $ 166 $ 150
Available for sale, Fair Value     78,470 78,939  
Defined benefit plan, benefits paid inclusive of settlements     $ 209 200  
Minimum          
Defined Benefit Plan Disclosure [Line Items]          
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage     55.00%    
Maximum          
Defined Benefit Plan Disclosure [Line Items]          
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage     65.00%    
Pension Plan [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Defined Benefit Plan, Accumulated Benefit Obligation     $ 4,000 4,300  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year     22    
Other Postretirement Benefits Plan [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Defined Benefit Plan, Plan Assets, Amount   $ 159 143 157 159
Actuarial Loss (gain)     (20) (2)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation     23 21  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year     1    
Defined Benefit Plan, Plan Amendment [Abstract]          
(Increase) decrease in other comprehensive income, curtailment     3 39 0
Amortization of Prior Service Cost (Credit)     85 89 15
Non-US [Member] | Pension Plan [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Defined Benefit Plan, Plan Assets, Amount   962 1,008 1,172 962
Actuarial Loss (gain)     (71) (4)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation     115 152  
Defined Benefit Plan, Plan Amendment [Abstract]          
(Increase) decrease in other comprehensive income, curtailment     0 (6) 0
Amortization of Prior Service Cost (Credit)     0 0 1
UNITED STATES          
Defined Benefit Plan, Plan Amendment [Abstract]          
Effect of Plan Amendment on Accumulated Benefit Obligation   496      
UNITED STATES | Pension Plan [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Defined Benefit Plan, Plan Assets, Amount   2,765 2,784 3,109 2,765
Actuarial Loss (gain)     (214) 232  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation     3,066 3,223  
Defined Benefit Plan, Plan Amendment [Abstract]          
(Increase) decrease in other comprehensive income, curtailment     0 0 117
Effect of Plan Amendment on Accumulated Benefit Obligation   $ 113      
Amortization of Prior Service Cost (Credit)     0 0 0
UNITED STATES | Postretirement Health Coverage [Member]          
Defined Benefit Plan, Plan Amendment [Abstract]          
(Increase) decrease in other comprehensive income, curtailment     3 39  
Effect of Plan Amendment on Accumulated Benefit Obligation $ 383        
Amortization of Prior Service Cost (Credit)     80 $ 89 $ 15
Remaining Balance of Change in Benefit Obligation For Plan Amendment     $ 184    
UNITED STATES | Postretirement Health Coverage [Member] | Subject to Amortization [Member]          
Defined Benefit Plan, Plan Amendment [Abstract]          
Effect of Plan Amendment on Accumulated Benefit Obligation $ 410        
v3.10.0.1
Postretirement benefits Schedule of Net Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Pension Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Service Cost $ 69 $ 80 $ 93
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 3,285 3,035  
Service Cost 57 63 75
Interest Cost 105 105 103
Actuarial Loss (gain) (214) 232  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (108) (132)  
Amendments 0 0  
Curtailments 0 0  
Settlements, Benefit obligations (33) (18)  
Foreign currency revaluation, benefit obligations 0 0  
Benefit Obligation, end of year 3,092 3,285 3,035
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 3,109 2,765  
Actual Return on Plan Assets (218) 441  
Employer Contributions 34 53  
Benefits Paid (108) (132)  
Settlements (33) (18)  
Foreign currency revaluation, Plan Assets 0 0  
Plan assets at fair value, end of year 2,784 3,109 2,765
Defined Benefit Plan, Funded (Unfunded) Status of Plan (308) (176)  
Pension Plan [Member] | Non-US [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 1,077 1,025  
Service Cost 12 17 18
Interest Cost 27 27 30
Actuarial Loss (gain) (71) (4)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (26) (28)  
Amendments 4 0  
Curtailments 0 (32)  
Settlements, Benefit obligations (27) (8)  
Foreign currency revaluation, benefit obligations (54) 80  
Benefit Obligation, end of year 942 1,077 1,025
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 1,172 962  
Actual Return on Plan Assets (63) 100  
Employer Contributions 14 63  
Benefits Paid (26) (28)  
Settlements (27) (8)  
Foreign currency revaluation, Plan Assets (62) 83  
Plan assets at fair value, end of year 1,008 1,172 962
Defined Benefit Plan, Funded (Unfunded) Status of Plan 66 95  
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 137 165  
Service Cost 1 2 10
Interest Cost 3 4 17
Actuarial Loss (gain) (20) (2)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (15) (14)  
Amendments 0 (23)  
Curtailments 0 2  
Settlements, Benefit obligations 0 0  
Foreign currency revaluation, benefit obligations 7 3  
Benefit Obligation, end of year 113 137 165
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 157 159  
Actual Return on Plan Assets 1 6  
Employer Contributions 0 6  
Benefits Paid (15) (14)  
Settlements 0 0  
Foreign currency revaluation, Plan Assets 0 0  
Plan assets at fair value, end of year 143 157 $ 159
Defined Benefit Plan, Funded (Unfunded) Status of Plan $ 30 $ 20  
v3.10.0.1
Postretirement benefits Schedule of amounts recognized in AOCI on a pretax basis (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) $ (15) $ (227)
Prior Service Cost (benefit) 0 0
Total (15) (227)
Pension Plan [Member] | Non-US [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) 112 82
Prior Service Cost (benefit) 9 6
Total 121 88
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) 0 12
Prior Service Cost (benefit) (200) (288)
Total $ (200) $ (276)
v3.10.0.1
Postretirement benefits Schedule of Benefit Obligation in Excess of FV (Details) - Pension Plan [Member] - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation $ 3,092 $ 3,285
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 2,784 3,109
Net Funded Status With PBO in Excess Of Plan Assets (308) (176)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 3,066 3,223
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets 2,784 3,109
Non-US [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation 222 216
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 170 166
Net Funded Status With PBO in Excess Of Plan Assets (52) (50)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 115 152
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets $ 86 $ 123
v3.10.0.1
Postretirement benefits Schedule of assumptions used to determine benefit obligation (Details)
Dec. 31, 2018
Dec. 31, 2017
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 4.20% 3.59%
Benefit Obligation, Rate of Compensation Increase 4.00% 4.00%
Interest crediting rate 4.10% 4.10%
Pension Plan [Member] | Non-US [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 3.10% 2.76%
Benefit Obligation, Rate of Compensation Increase 3.37% 3.46%
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 3.78% 2.77%
v3.10.0.1
Postretirement benefits Schedule of net periodic benefit costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Total (increase) decrease in other comprehensive (Income) Loss $ 321 $ 16 $ (545)
Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 69 80 93
Defined Benefit Plan, Non Service (Benefit) Cost (124) (123) (188)
Net Periodic Benefit Cost (55) (43) (95)
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 57 63 75
Interest Cost 105 105 103
Expected Return on Plan Assets (212) (189) (165)
Amortization of (Gains) Losses 0 0 0
Amortization of Prior Service Cost (Credit) 0 0 0
Recognized Net (Gain) Loss Due to Curtailments 0 0 (117)
Recognized Net (Gain) Loss Due to Settlements 2 0 (2)
Defined Benefit Plan, Non Service (Benefit) Cost (105) (84) (181)
Net Periodic Benefit Cost (48) (21) (106)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) 214 (21) (326)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0 0 0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 0 0 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 0 0
(Increase) decrease in other comprehensive income, curtailment 0 0 117
(Increase) decrease in other comprehensive income, settlement (2) 1 2
Total (increase) decrease in other comprehensive (Income) Loss 212 (20) (207)
Pension Plan [Member] | Non-US [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 12 17 18
Interest Cost 27 27 30
Expected Return on Plan Assets (50) (42) (39)
Amortization of (Gains) Losses 1 3 2
Amortization of Prior Service Cost (Credit) 0 0 (1)
Recognized Net (Gain) Loss Due to Curtailments 0 (27) 0
Recognized Net (Gain) Loss Due to Settlements 3 0 1
Defined Benefit Plan, Non Service (Benefit) Cost (19) (39) (7)
Net Periodic Benefit Cost (7) (22) 11
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) 34 (57) 49
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 3 0 (8)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax (1) (3) 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 0 0
(Increase) decrease in other comprehensive income, curtailment 0 (6) 0
(Increase) decrease in other comprehensive income, settlement (3) 0 (1)
Total (increase) decrease in other comprehensive (Income) Loss 33 (66) 40
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 1 2 10
Interest Cost 3 4 17
Expected Return on Plan Assets (5) (5) (8)
Amortization of (Gains) Losses 0 0 (1)
Amortization of Prior Service Cost (Credit) (85) (89) (15)
Recognized Net (Gain) Loss Due to Curtailments (2) (37) 0
Recognized Net (Gain) Loss Due to Settlements 0 0 0
Defined Benefit Plan, Non Service (Benefit) Cost (89) (127) (7)
Net Periodic Benefit Cost (88) (125) 3
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) (11) (3) 17
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0 (23) (395)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax (1) 0 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 85 89 0
(Increase) decrease in other comprehensive income, curtailment 3 39 0
(Increase) decrease in other comprehensive income, settlement 0 0 0
Total (increase) decrease in other comprehensive (Income) Loss 76 102 (378)
Losses and loss expenses [Member] | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 7 7 8
Defined Benefit Plan, Non Service (Benefit) Cost (10) (8) (18)
Losses and loss expenses [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 0 0 0
Defined Benefit Plan, Non Service (Benefit) Cost (9) (13) 0
General and Administrative Expense [Member] | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 62 73 85
Defined Benefit Plan, Non Service (Benefit) Cost (114) (115) (170)
General and Administrative Expense [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 1 2 10
Defined Benefit Plan, Non Service (Benefit) Cost $ (80) $ (114) $ (7)
v3.10.0.1
Postretirement benefits Weighted Average Assumption used to determine the net periodic cost of benefit (Details)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Rate of Compensation Increase 4.00% 4.00% 4.00%
Expected Long-term Return on Assets 7.00% 7.00% 7.00%
Interest crediting rate, net periodic benefit costs 4.10% 4.10% 4.10%
Pension Plan [Member] | Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Rate of Compensation Increase 3.46% 3.57% 3.33%
Expected Long-term Return on Assets 4.32% 4.23% 4.79%
Pension Plan [Member] | Interest Cost [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 3.27% 3.53% 3.59%
Pension Plan [Member] | Interest Cost [Member] | Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 2.55% 2.61% 3.44%
Pension Plan [Member] | Service Cost [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 3.62% 4.20% 4.38%
Pension Plan [Member] | Service Cost [Member] | Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 3.97% 3.55% 3.85%
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected Long-term Return on Assets 2.59% 3.00% 6.34%
Other Postretirement Benefits Plan [Member] | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 2.62% 2.44% 4.02%
Other Postretirement Benefits Plan [Member] | Service Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 2.84% 2.84% 4.32%
v3.10.0.1
Postretirement benefits Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan [Member]
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
UNITED STATES      
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Health Care Cost Trend Rate 6.68% 7.01% 7.28%
Ultimate Health Care Cost Trend Rate 4.50% 4.50% 4.50%
Year that Rate Reaches Ultimate Trend Rate 2038 2038 2038
Non-US [Member]      
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Health Care Cost Trend Rate 6.29% 6.61% 6.61%
Ultimate Health Care Cost Trend Rate 4.50% 4.50% 4.50%
Year that Rate Reaches Ultimate Trend Rate 2029 2029 2029
v3.10.0.1
Postretirement benefits Schedule of Allocation of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments $ 3,016 $ 3,561
Available for sale, Fair Value 78,470 78,939
Equity Securities   937
Other Investments 5,277 4,672
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 84 61
Equity Securities 1,050 1,154
Defined benefit plan, fair value of plan assets excluding measured using NAV 2,290 2,432
Pension Plan [Member] | UNITED STATES | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 10 9
Equity Securities 1,050 1,154
Defined benefit plan, fair value of plan assets excluding measured using NAV 1,493 1,609
Pension Plan [Member] | UNITED STATES | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 74 52
Equity Securities 0 0
Defined benefit plan, fair value of plan assets excluding measured using NAV 797 823
Pension Plan [Member] | UNITED STATES | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 0 0
Equity Securities 0 0
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0
Pension Plan [Member] | Non-US [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 7 5
Equity Securities 474 614
Defined benefit plan, fair value of plan assets excluding measured using NAV 899 1,075
Pension Plan [Member] | Non-US [Member] | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 7 5
Equity Securities 103 122
Defined benefit plan, fair value of plan assets excluding measured using NAV 110 127
Pension Plan [Member] | Non-US [Member] | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 0 0
Equity Securities 371 492
Defined benefit plan, fair value of plan assets excluding measured using NAV 789 948
Pension Plan [Member] | Non-US [Member] | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Short-term investments 0 0
Equity Securities 0 0
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0
Pension Plan [Member] | US Treasury and Government [Member] | UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 515 525
Pension Plan [Member] | US Treasury and Government [Member] | UNITED STATES | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 433 446
Pension Plan [Member] | US Treasury and Government [Member] | UNITED STATES | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 82 79
Pension Plan [Member] | US Treasury and Government [Member] | UNITED STATES | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 0 0
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 641 692
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | UNITED STATES | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 0 0
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | UNITED STATES | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 641 692
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | UNITED STATES | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 0 0
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Non-US [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 418 456
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Non-US [Member] | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 0 0
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Non-US [Member] | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 418 456
Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Non-US [Member] | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Available for sale, Fair Value 0 0
Other Investments [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other Investments 95 15
Other Investments [Member] | Pension Plan [Member] | UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Other Investments 494 677
Other Investments [Member] | Pension Plan [Member] | Non-US [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other Investments $ 109 $ 95
v3.10.0.1
Postretirement benefits (Schedule of Expected Future Benefit Payments) (Details)
$ in Millions
Dec. 31, 2018
USD ($)
Pension Plan [Member] | UNITED STATES  
Defined Benefit Plan Disclosure [Line Items]  
2019 $ 140
2020 148
2021 155
2022 162
2023 168
2024-2028 909
Pension Plan [Member] | Non-US [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2019 26
2020 28
2021 27
2022 26
2023 28
2024-2028 155
Other Postretirement Benefits Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2019 18
2020 19
2021 21
2022 22
2023 18
2024-2028 $ 19
v3.10.0.1
Other (income) expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Other Income and Expenses [Abstract]      
Equity in net (income) loss of partially-owned entities $ (514) $ (418) $ (264)
(Gains) losses from fair value changes in separate account assets [1] 38 (97) (11)
One-time contribution to the Chubb Charitable Foundation 0 50 0
Federal excise and capital taxes 12 35 19
Other 30 30 34
Other (income) expense $ (434) $ (400) $ (222)
[1] Related to (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.10.0.1
Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]                      
Net premiums written                 $ 30,579 $ 29,244 $ 28,145
Net premiums earned $ 7,465 $ 7,908 $ 7,664 $ 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 30,064 29,034 28,749
Losses and loss expenses 4,610 4,868 4,487 4,102 4,272 6,247 4,146 3,789 18,067 18,454 16,052
Policy benefits 162 127 150 151 176 169 163 168 590 676 588
Policy Acquisition Costs                 5,912 5,781 5,904
Administrative expenses                 2,886 2,833 3,081
Underwriting income (loss)                 2,609 1,290 3,124
Net Investment Income 848 823 828 806 797 813 770 745 3,305 3,125 2,865
Other (Income) Expense                 (434) (400) (222)
Amortization of Purchased Intangibles                 339 260 19
Segment Underwriting Income Loss and Net Investment Income Loss                 6,009 4,555 6,192
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments           (10) 101 (7)   84 (145)
Net Realized Gain (Loss) (687) 19 18 (2)         (652)    
Interest expense                 641 607 605
Chubb integration expenses                 59 310 492
Income tax expense (benefit)                 695 (139) 815
Net income $ 355 $ 1,231 $ 1,294 $ 1,082 $ 1,533 $ (70) $ 1,305 $ 1,093 3,962 3,861 4,135
Derivative, Gain (Loss) on Derivative, Net                 (330) 87 (126)
Other (income) expense                 (434) (400) (222)
(Gains) losses from fair value changes in separate account assets [1]                 (38) 97 11
North America Commercial P&C Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums written                 12,485 12,019 [2] 11,740
Net premiums earned                 12,402 12,191 12,217
Losses and loss expenses                 8,000 8,287 7,439
Policy benefits                 0 0 0
Policy Acquisition Costs                 1,829 1,873 2,023
Administrative expenses                 966 981 1,125
Underwriting income (loss)                 1,607 1,050 1,630
Net Investment Income                 2,033 1,961 1,860
Other (Income) Expense                 (25) 1 (2)
Amortization of Purchased Intangibles                 0 0 0
Segment Underwriting Income Loss and Net Investment Income Loss                 3,665 3,010 3,492
North American Personal P&C [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums written                 4,674 4,533 4,153
Net premiums earned                 4,593 4,399 4,319
Losses and loss expenses                 3,229 3,265 2,558
Policy benefits                 0 0 0
Policy Acquisition Costs                 939 899 966
Administrative expenses                 269 264 363
Underwriting income (loss)                 156 (29) 432
Net Investment Income                 236 226 207
Other (Income) Expense                 1 4 6
Amortization of Purchased Intangibles                 13 16 19
Segment Underwriting Income Loss and Net Investment Income Loss                 378 177 614
North America Agricultural Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums written                 1,577 1,516 1,328
Net premiums earned                 1,569 1,508 1,316
Losses and loss expenses                 1,111 1,036 893
Policy benefits                 0 0 0
Policy Acquisition Costs                 79 81 83
Administrative expenses                 (9) (8) (6)
Underwriting income (loss)                 388 399 346
Net Investment Income                 28 25 20
Other (Income) Expense                 2 2 1
Amortization of Purchased Intangibles                 28 29 29
Segment Underwriting Income Loss and Net Investment Income Loss                 386 393 336
Segment Income Loss Including Gains Losses On Crop Derivatives                 385    
Derivative, Gain (Loss) on Derivative, Net                 3    
Overseas General Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums written                 8,902 8,350 [2] 8,124
Net premiums earned                 8,612 8,131 8,132
Losses and loss expenses                 4,429 4,281 4,005
Policy benefits                 0 0 0
Policy Acquisition Costs                 2,346 2,221 2,136
Administrative expenses                 1,014 982 1,057
Underwriting income (loss)                 823 647 934
Net Investment Income                 619 610 600
Other (Income) Expense                 0 (4) (11)
Amortization of Purchased Intangibles                 41 45 48
Segment Underwriting Income Loss and Net Investment Income Loss                 1,401 1,216 1,497
Global Reinsurance                      
Segment Reporting Information [Line Items]                      
Net premiums written                 671 685 676
Net premiums earned                 670 704 710
Losses and loss expenses                 479 561 325
Policy benefits                 0 0 0
Policy Acquisition Costs                 162 177 187
Administrative expenses                 41 44 52
Underwriting income (loss)                 (12) (78) 146
Net Investment Income                 257 273 263
Other (Income) Expense                 (32) (1) (4)
Amortization of Purchased Intangibles                 0 0 0
Segment Underwriting Income Loss and Net Investment Income Loss                 277 196 413
Life Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums written                 2,270 2,141 2,124
Net premiums earned                 2,218 2,101 2,055
Losses and loss expenses                 766 739 663
Policy benefits                 590 676 588
Policy Acquisition Costs                 557 530 509
Administrative expenses                 310 303 307
Underwriting income (loss)                 (5) (147) (12)
Net Investment Income                 341 313 283
Other (Income) Expense                 26 (84) 5
Amortization of Purchased Intangibles                 2 2 3
Segment Underwriting Income Loss and Net Investment Income Loss                 308 248 263
Management underwriting income loss Insurance                 298    
(Gains) losses from fair value changes in separate account assets                 38    
Corporate and Other                      
Segment Reporting Information [Line Items]                      
Net premiums written                 0 0 0
Net premiums earned                 0 0 0
Losses and loss expenses                 53 285 169
Policy benefits                 0 0 0
Policy Acquisition Costs                 0 0 0
Administrative expenses                 295 267 183
Underwriting income (loss)                 (348) (552) (352)
Net Investment Income                 (209) (283) (368)
Other (Income) Expense                 (406) (318) (217)
Amortization of Purchased Intangibles                 255 168 (80)
Segment Underwriting Income Loss and Net Investment Income Loss                 (406) (685) (423)
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments                   84 (145)
Net Realized Gain (Loss)                 (652)    
Interest expense                 641 607 605
Chubb integration expenses                 59 310 492
Income tax expense (benefit)                 695 (139) 815
Net income                 $ (2,453) $ (1,379) $ (2,480)
[1] Related to (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
[2] For the Year Ended December 31, 2017 (in millions of U.S. dollars)North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance GlobalReinsurance Life Insurance Corporate ChubbConsolidatedNet premiums written$12,019 $4,533 $1,516 $8,350 $685 $2,141 $— $29,244Net premiums earned12,191 4,399 1,508 8,131 704 2,101 — 29,034Losses and loss expenses8,287 3,265 1,036 4,281 561 739 285 18,454Policy benefits— — — — — 676 — 676Policy acquisition costs1,873 899 81 2,221 177 530 — 5,781Administrative expenses981 264 (8) 982 44 303 267 2,833Underwriting income (loss)1,050 (29) 399 647 (78) (147) (552) 1,290Net investment income (loss)1,961 226 25 610 273 313 (283) 3,125Other (income) expense1 4 2 (4) (1) (84) (318) (400)Amortization expense of purchased intangibles— 16 29 45 — 2 168 260Segment income (loss)$3,010 $177 $393 $1,216 $196 $248 $(685) $4,555Net realized gains (losses) including OTTI 84 84Interest expense 607 607Chubb integration expense 310 310Income tax benefit (139) (139)Net income (loss) $(1,379) $3,861
v3.10.0.1
Segment Information (Net Premiums Earned For Segment By Product) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]                      
Net premiums earned $ 7,465 $ 7,908 $ 7,664 $ 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 $ 30,064 $ 29,034 $ 28,749
North America Commercial P&C Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 12,402 12,191 12,217
North America Commercial P&C Insurance | Property and other short-tail [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 1,861 1,899 1,963
North America Commercial P&C Insurance | Casualty and all other [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 9,773 9,554 9,552
North America Commercial P&C Insurance | Accident and Health [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 768 738 702
North American Personal P&C [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 4,593 4,399 4,319
North American Personal P&C [Member] | Automobiles [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 803 742 699
North American Personal P&C [Member] | Personal homeowner [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 3,127 3,014 3,007
North American Personal P&C [Member] | Other Insurance Product Line [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 663 643 613
North America Agricultural Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 1,569 1,508 1,316
Overseas General Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 8,612 8,131 8,132
Overseas General Insurance | Property and other short-tail [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 2,134 2,076 [1] 2,133 [1]
Overseas General Insurance | Casualty and all other [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 2,429 2,266 [1] 2,177 [1]
Overseas General Insurance | Accident and Health [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 2,265 2,180 2,196
Overseas General Insurance | Personal lines [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 1,784 1,609 1,626
Global Reinsurance                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 670 704 710
Global Reinsurance | Property and other short-tail [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 123 132 118
Global Reinsurance | Casualty and all other [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 377 374 407
Global Reinsurance | Property catastrophe [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 170 198 185
Life Insurance                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 2,218 2,101 2,055
Life Insurance | Accident and Health [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 1,196 1,121 1,053
Life Insurance | Life Insurance Product Line [Member]                      
Segment Reporting Information [Line Items]                      
Net premiums earned                 $ 1,022 $ 980 $ 1,002
[1] For the Year Ended December 31 (in millions of U.S. dollars)2018 2017 2016North America Commercial P&C Insurance Property & other short-tail lines$1,861 $1,899 $1,963Casualty & all other9,773 9,554 9,552A&H768 738 702Total North America Commercial P&C Insurance12,402 12,191 12,217North America Personal P&C Insurance Personal automobile803 742 699Personal homeowners3,127 3,014 3,007Personal other663 643 613Total North America Personal P&C Insurance4,593 4,399 4,319North America Agricultural Insurance1,569 1,508 1,316Overseas General Insurance Property & other short-tail lines2,134 2,076 2,133Casualty & all other2,429 2,266 2,177Personal lines1,784 1,609 1,626A&H2,265 2,180 2,196Total Overseas General Insurance8,612 8,131 8,132Global Reinsurance Property & other short-tail lines123 132 118Property catastrophe170 198 185Casualty & all other377 374 407Total Global Reinsurance670 704 710Life Insurance Life1,022 980 1,002A&H1,196 1,121 1,053Total Life Insurance2,218 2,101 2,055Total net premiums earned$30,064 $29,034 $28,749
v3.10.0.1
Segment Information (Net Premiums Earned By Geographic Region) (Details)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
North America [Member]      
Segment Reporting Information [Line Items]      
Percentage of net premiums earned by geographic region 70.00% 70.00% 70.00%
Europe [Member]      
Segment Reporting Information [Line Items]      
Percentage of net premiums earned by geographic region [1] 11.00% 11.00% 12.00%
Asia Pacific and Far East [Member]      
Segment Reporting Information [Line Items]      
Percentage of net premiums earned by geographic region 12.00% 12.00% 11.00%
Latin America [Member]      
Segment Reporting Information [Line Items]      
Percentage of net premiums earned by geographic region 7.00% 7.00% 7.00%
[1] (1) Europe includes Eurasia and Africa regions.
v3.10.0.1
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Earnings Per Share [Abstract]                      
Stock Issued During Period, Shares, New Issues                 0 0 136,951,452
Net income $ 355 $ 1,231 $ 1,294 $ 1,082 $ 1,533 $ (70) $ 1,305 $ 1,093 $ 3,962 $ 3,861 $ 4,135
Weighted-average shares outstanding                 463,629,203 467,145,716 462,519,789
Share-based compensation plans                 3,173,145 4,051,185 3,429,610
Adjusted weighted-average shares outstanding and assumed conversions                 466,802,348 471,196,901 465,949,399
Basic earnings per share $ 0.77 $ 2.66 $ 2.78 $ 2.32 $ 3.29 $ (0.15) $ 2.79 $ 2.33 $ 8.55 $ 8.26 $ 8.94
Diluted earnings per share $ 0.76 $ 2.64 $ 2.76 $ 2.30 $ 3.27 $ (0.15) $ 2.77 $ 2.31 $ 8.49 $ 8.19 $ 8.87
Potential anti-dilutive share conversions                 3,543,188 1,776,025 1,206,828
v3.10.0.1
Related party transaction (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Related Party Transaction [Line Items]                      
Ceded Premiums Written                 $ 7,389 $ 7,132 $ 6,838
Losses and loss expenses $ 4,610 $ 4,868 $ 4,487 $ 4,102 $ 4,272 $ 6,247 $ 4,146 $ 3,789 18,067 18,454 16,052
Reinsurance recoverable on losses and loss expenses 15,993       15,034       15,993 15,034  
Insurance and reinsurance balances payable 6,437       5,868       6,437 5,868  
Net premiums written                 30,579 29,244 28,145
Starr Technical Risk Agency and Affiliates [Member]                      
Related Party Transaction [Line Items]                      
Premiums Written, Gross                 411 464 658
Ceded Premiums Written                 188 175 208
Paid commissions                 84 101 145
Commissions received                 42 37 56
Losses and loss expenses                 188 438 313
Reinsurance recoverable on losses and loss expenses 514       557       514 557  
Insurance and reinsurance balances payable 75       44       75 44  
Minimum Amount of Program Business to be Written to Earn Profit Sharing                 20    
ABR Reinsurance Capital Holdings Ltd. [Member]                      
Related Party Transaction [Line Items]                      
Ceded Premiums Written                 329 342 288
Commissions received                 96 94 $ 66
Reinsurance recoverable on losses and loss expenses 557       365       557 365  
Insurance and reinsurance balances payable $ 47       $ 51       $ 47 $ 51  
Equity Method Investment, Ownership Percentage 11.70%               11.70%    
Warrants & Rights Outstanding 0.50%               0.50%    
v3.10.0.1
Statutory Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Statutory Accounting Practices [Line Items]      
Dividends available to be paid $ 6,100    
Approximate increase in statutory capital and surplus resulting from discount of certain A&E liabilities 160 $ 169  
Minimum statutory capital and surplus required to satisfy regulatory requirements 25,900 23,900  
Statutory Accounting Practices, Permitted Practice, Amount 183 156  
PropertyAndCasualtySubsidiaries [Member]      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 40,985 39,927  
Statutory net income 7,499 8,178 $ 6,903
LifeSubsidiaries [Member] [Member]      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 1,310 1,515  
Statutory net income $ (111) $ 49 $ 55
v3.10.0.1
Information provided in connection with outstanding debt of subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Investments $ 100,968 $ 102,444    
Cash 1,247 [1] 728 [2] $ 985  
Restricted Cash 93 [1] 123 [2] 103  
Insurance and reinsurance balances receivable 10,075 9,334    
Reinsurance recoverable on losses and loss expenses 15,993 15,034    
Reinsurance Recoverable Future Policy Benefits 202 184    
Value of business acquired 295 326 355 $ 395
Goodwill 21,414 22,054    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 0 0    
Other assets 17,484 16,795    
Total assets 167,771 167,022    
Unpaid losses and loss expenses 62,960 63,179 60,540 37,303
Unearned premiums 15,532 15,216    
Future policy benefits 5,506 5,321    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling program 0 [1] 0 [2]    
Repurchase agreements 1,418 1,408    
Short-term debt 509 1,013    
Long-term debt 12,087 11,556    
Trust preferred securities 308 308    
Other liabilities 19,139 17,849    
Total liabilities 117,459 115,850    
Total shareholders' equity 50,312 51,172    
Total liabilities and shareholders’ equity 167,771 167,022    
Consolidating Adjustments        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Investments 0 0    
Cash (652) [1] (115) [2]    
Restricted Cash 0 [1] 0 [2]    
Insurance and reinsurance balances receivable (1,786) (1,486)    
Reinsurance recoverable on losses and loss expenses (10,429) (12,480)    
Reinsurance Recoverable Future Policy Benefits (104) (1,010)    
Value of business acquired 0 0    
Goodwill 0 0    
Investments in subsidiaries (93,740) (93,074)    
Due from subsidiaries and affiliates, net (7,672) (9,639)    
Other assets (1,628) (4,073)    
Total assets (116,011) (121,877)    
Unpaid losses and loss expenses (9,897) (11,588)    
Unearned premiums (1,079) (3,659)    
Future policy benefits (104) (1,010)    
Due to subsidiaries and affiliates, net (7,672) (9,639)    
Affiliated notional cash pooling program (652) [1] (115) [2]    
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities (2,867) (2,792)    
Total liabilities (22,271) (28,803)    
Total shareholders' equity (93,740) (93,074)    
Total liabilities and shareholders’ equity (116,011) (121,877)    
Chubb limited (Parent Guarantor)        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Investments 0 0    
Cash 1 [1] 3 [2] $ 1 $ 1
Restricted Cash 0 [1] 0 [2]    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance Recoverable Future Policy Benefits 0 0    
Value of business acquired 0 0    
Goodwill 0 0    
Investments in subsidiaries 43,531 41,909    
Due from subsidiaries and affiliates, net 7,074 9,639    
Other assets 3 3    
Total assets 50,609 51,554    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling program [3] 35 [1] 0 [2]    
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities 262 382    
Total liabilities 297 382    
Total shareholders' equity 50,312 51,172    
Total liabilities and shareholders’ equity 50,609 51,554    
Chubb INA Holdings Inc. (Subsidiary Issuer)        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Investments 214 168    
Cash 2 [1] 1 [2]    
Restricted Cash 0 [1] 0 [2]    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance Recoverable Future Policy Benefits 0 0    
Value of business acquired 0 0    
Goodwill 0 0    
Investments in subsidiaries 50,209 51,165    
Due from subsidiaries and affiliates, net 0 0    
Other assets 1,007 287    
Total assets 51,432 51,621    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 7,672 9,432    
Affiliated notional cash pooling program 617 [1] 115 [2]    
Repurchase agreements 0 0    
Short-term debt 500 1,013    
Long-term debt 12,086 11,546    
Trust preferred securities 308 308    
Other liabilities 2,545 1,411    
Total liabilities 23,728 23,825    
Total shareholders' equity 27,704 27,796    
Total liabilities and shareholders’ equity 51,432 51,621    
Other Chubb Limited Subsidiaries and Eliminations        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Investments 100,754 102,276    
Cash 1,896 [1] 839 [2]    
Restricted Cash 93 [1] 123 [2]    
Insurance and reinsurance balances receivable 11,861 10,820    
Reinsurance recoverable on losses and loss expenses 26,422 27,514    
Reinsurance Recoverable Future Policy Benefits 306 1,194    
Value of business acquired 295 326    
Goodwill 21,414 22,054    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 598 0    
Other assets 18,102 20,578    
Total assets 181,741 185,724    
Unpaid losses and loss expenses 72,857 74,767    
Unearned premiums 16,611 18,875    
Future policy benefits 5,610 6,331    
Due to subsidiaries and affiliates, net 0 207    
Affiliated notional cash pooling program 0 [1] 0 [2]    
Repurchase agreements 1,418 1,408    
Short-term debt 9 0    
Long-term debt 1 10    
Trust preferred securities 0 0    
Other liabilities 19,199 18,848    
Total liabilities 115,705 120,446    
Total shareholders' equity 66,036 65,278    
Total liabilities and shareholders’ equity $ 181,741 $ 185,724    
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
v3.10.0.1
Information provided in connection with outstanding debt of subsidiaries (Condensed Consolidating Statement Of Operations and Comprehensive Income) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]                      
Net Realized Gain (Loss) $ (687) $ 19 $ 18 $ (2)         $ (652)    
Net premiums written                 30,579 $ 29,244 $ 28,145
Net premiums earned 7,465 7,908 7,664 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 30,064 29,034 28,749
Net Investment Income 848 823 828 806 797 813 770 745 3,305 3,125 2,865
Equity in earnings of subsidiaries                 0 0 0
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments           (10) 101 (7)   84 (145)
Losses and loss expenses 4,610 4,868 4,487 4,102 4,272 6,247 4,146 3,789 18,067 18,454 16,052
Policy benefits 162 127 150 151 176 169 163 168 590 676 588
Policy acquisition costs and administrative expenses                 8,798 8,614 8,985
Interest (income) expense                 641 607 605
Other (Income) Expense                 (434) (400) (222)
Amortization of Purchased Intangibles                 339 260 19
Chubb integration expenses                 59 310 492
Income tax expense (benefit)                 695 (139) 815
Net income $ 355 $ 1,231 $ 1,294 $ 1,082 $ 1,533 $ (70) $ 1,305 $ 1,093 3,962 3,861 4,135
Comprehensive income                 1,242    
Chubb limited (Parent Guarantor)                      
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]                      
Net premiums written                 0 0 0
Net premiums earned                 0 0 0
Net Investment Income                 6 4 3
Equity in earnings of subsidiaries                 3,753 3,640 3,901
Losses and loss expenses                 0 0 0
Policy benefits                 0 0 0
Policy acquisition costs and administrative expenses                 87 75 64
Interest (income) expense                 (299) (332) (353)
Other (Income) Expense                 (24) (12) (25)
Amortization of Purchased Intangibles                 0 0 0
Chubb integration expenses                 14 32 62
Income tax expense (benefit)                 19 20 21
Net income                 3,962 3,861 4,135
Comprehensive income                 1,242 4,718 4,556
Chubb INA Holdings Inc. (Subsidiary Issuer)                      
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]                      
Net Realized Gain (Loss)                 117    
Net premiums written                 0 0 0
Net premiums earned                 0 0 0
Net Investment Income                 13 14 11
Equity in earnings of subsidiaries                 2,578 2,424 2,555
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments                   (25) 3
Losses and loss expenses                 0 0 0
Policy benefits                 0 0 0
Policy acquisition costs and administrative expenses                 (58) 40 82
Interest (income) expense                 806 847 908
Other (Income) Expense                 26 93 35
Amortization of Purchased Intangibles                 0 0 0
Chubb integration expenses                 1 69 126
Income tax expense (benefit)                 (148) (742) (416)
Net income                 2,081 2,106 1,834
Comprehensive income                 (27) 3,075 2,001
Other Chubb Limited Subsidiaries and Eliminations                      
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]                      
Net Realized Gain (Loss)                 (769)    
Net premiums written                 30,579 29,244 28,145
Net premiums earned                 30,064 29,034 28,749
Net Investment Income                 3,286 3,107 2,851
Equity in earnings of subsidiaries                 0 0 0
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments                   109 (148)
Losses and loss expenses                 18,067 18,454 16,052
Policy benefits                 590 676 588
Policy acquisition costs and administrative expenses                 8,769 8,499 8,839
Interest (income) expense                 134 92 50
Other (Income) Expense                 (436) (481) (232)
Amortization of Purchased Intangibles                 339 260 19
Chubb integration expenses                 44 209 304
Income tax expense (benefit)                 824 583 1,210
Net income                 4,250 3,958 4,622
Comprehensive income                 1,808 4,430 5,045
Consolidating Adjustments                      
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]                      
Net premiums written                 0 0 0
Net premiums earned                 0 0 0
Net Investment Income                 0 0 0
Equity in earnings of subsidiaries                 (6,331) (6,064) (6,456)
Losses and loss expenses                 0 0 0
Policy benefits                 0 0 0
Policy acquisition costs and administrative expenses                 0 0 0
Interest (income) expense                 0 0 0
Other (Income) Expense                 0 0 0
Amortization of Purchased Intangibles                   0 0
Chubb integration expenses                 0 0 0
Income tax expense (benefit)                 0 0 0
Net income                 (6,331) (6,064) (6,456)
Comprehensive income                 $ (1,781) $ (7,505) $ (7,046)
v3.10.0.1
Information provided in connection with outstanding debt of subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
 [3]
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Net Cash Provided by (Used in) Operating Activities, Continuing Operations $ 5,480 $ 4,503 $ 5,292  
Payments To Acquire Available For Sale Securities Debt Condensed (24,735) (25,747) (30,815)  
Purchases of fixed maturities held to maturity (456) (352) (282)  
Purchases of equity securities (207) (173) (146)  
Proceeds From Sale Of Available For Sale Securities Debt Condensed 14,030 13,255 16,677  
Sales of equity securities 315 187 1,000  
Maturities and redemptions of fixed maturities available for sale 7,352 10,425 9,349  
Maturities and redemptions of fixed maturities held to maturity 1,124 879 958  
Net change in short-term investments 516 (537) 12,350  
Net derivative instruments settlements 16 (265) (168)  
Private equity distributions 980 1,084 958  
Payments to Acquire Businesses, Net of Cash Acquired     (14,248)  
Private equity contributions (1,337) (648) (553)  
Payment Of Contributions To Subsidiary 0   0  
Other (533) (530) (402)  
Net cash flows used for investing activities (2,935) (2,422) (5,322)  
Dividends paid on Common Shares (1,337) (1,308) (1,173)  
Common Shares repurchased (1,044) (801)    
Proceeds from issuance of long-term debt 2,171 0    
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase 2,029 2,353 2,310  
Repayments of Long-term Debt (2,001) (501) 0  
Payments for Securities Purchased under Agreements to Resell (2,019) (2,348) (2,311)  
Proceeds from share-based compensation plans 115 151 167  
Advances from (to) affiliates 0 0 0  
Dividends to parent company 0 0 0  
Capital contribution     0  
Proceeds from Contributions from Parent 0      
Net proceeds from (Repayments to) affiliated notional cash pooling program 0 0 [1] 0  
Policyholder contract deposits 453 442 522  
Policyholder contract withdrawals (358) (307) (253)  
Other 0 0 (4)  
Net cash flows used for financing activities (1,991) (2,319) (742)  
Effect of foreign currency rate changes on cash and restricted cash (65) 1 (25)  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 489 (237) (797)  
Cash and restricted cash 1,340 [2] 851 [1],[2] 1,088 [2],[3] $ 1,885
Parent Company Only        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Net Cash Provided by (Used in) Operating Activities, Continuing Operations 256 781 3,618  
Payments To Acquire Available For Sale Securities Debt Condensed 0 0 0  
Purchases of fixed maturities held to maturity 0 0 0  
Purchases of equity securities 0 0 0  
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0 0 0  
Sales of equity securities 0 0 0  
Maturities and redemptions of fixed maturities available for sale 0 0 0  
Maturities and redemptions of fixed maturities held to maturity 0 0 0  
Net change in short-term investments 0 0 0  
Net derivative instruments settlements 0 0 0  
Private equity distributions 0 0 0  
Payments to Acquire Businesses, Net of Cash Acquired     0  
Private equity contributions 0 0 0  
Payment Of Contributions To Subsidiary (1,475)   (2,330)  
Other 0 0 0  
Net cash flows used for investing activities (1,475) 0 (2,330)  
Dividends paid on Common Shares (1,337) (1,308) (1,173)  
Common Shares repurchased 0 0    
Proceeds from issuance of long-term debt 0 0    
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase 0 0 0  
Repayments of Long-term Debt 0 0    
Payments for Securities Purchased under Agreements to Resell 0 0 0  
Proceeds from share-based compensation plans 0 0 0  
Advances from (to) affiliates 2,519 892 404  
Dividends to parent company 0 0 0  
Capital contribution     0  
Proceeds from Contributions from Parent 0      
Net proceeds from (Repayments to) affiliated notional cash pooling program [4] 35 (363) (519)  
Policyholder contract deposits 0 0 0  
Policyholder contract withdrawals 0 0 0  
Other     0  
Net cash flows used for financing activities 1,217 (779) (1,288)  
Effect of foreign currency rate changes on cash and restricted cash 0 0 0  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (2) 2 0  
Cash and restricted cash 1 [2] 3 [1],[2] 1 [2],[3] 1
Chubb INA Holdings Inc. (Subsidiary Issuer)        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Net Cash Provided by (Used in) Operating Activities, Continuing Operations 4,654 1,648 4,305  
Payments To Acquire Available For Sale Securities Debt Condensed (38) (9) (156)  
Purchases of fixed maturities held to maturity 0 0 0  
Purchases of equity securities 0 0 0  
Proceeds From Sale Of Available For Sale Securities Debt Condensed 11 99 66  
Sales of equity securities 0 0 0  
Maturities and redemptions of fixed maturities available for sale 17 29 66  
Maturities and redemptions of fixed maturities held to maturity 0 0 0  
Net change in short-term investments 3 189 7,943  
Net derivative instruments settlements (7) (15) (9)  
Private equity distributions 0 0 0  
Payments to Acquire Businesses, Net of Cash Acquired     (14,282)  
Private equity contributions 0 0 0  
Payment Of Contributions To Subsidiary (3,550)   (215)  
Other (18) (10) (3)  
Net cash flows used for investing activities (3,582) 283 (6,590)  
Dividends paid on Common Shares 0 0 0  
Common Shares repurchased 0 0    
Proceeds from issuance of long-term debt 2,171 0    
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase 0 0 0  
Repayments of Long-term Debt (2,000) (500)    
Payments for Securities Purchased under Agreements to Resell 0 0 0  
Proceeds from share-based compensation plans 0 0 0  
Advances from (to) affiliates (1,744) (927) (572)  
Dividends to parent company 0 0 0  
Capital contribution     2,330  
Proceeds from Contributions from Parent 0      
Net proceeds from (Repayments to) affiliated notional cash pooling program 502 (504) 530  
Policyholder contract deposits 0 0 0  
Policyholder contract withdrawals 0 0 0  
Other     (4)  
Net cash flows used for financing activities (1,071) (1,931) 2,284  
Effect of foreign currency rate changes on cash and restricted cash 0 0 0  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 1 0 (1)  
Cash and restricted cash 2 [2] 1 [1],[2] 1 [2],[3] 2
Other Chubb Limited Subsidiaries and Eliminations        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Net Cash Provided by (Used in) Operating Activities, Continuing Operations 5,878 4,598 5,536  
Payments To Acquire Available For Sale Securities Debt Condensed (24,697) (25,738) (30,659)  
Purchases of fixed maturities held to maturity (456) (352) (282)  
Purchases of equity securities (207) (173) (146)  
Proceeds From Sale Of Available For Sale Securities Debt Condensed 14,019 13,156 16,611  
Sales of equity securities 315 187 1,000  
Maturities and redemptions of fixed maturities available for sale 7,335 10,396 9,283  
Maturities and redemptions of fixed maturities held to maturity 1,124 879 958  
Net change in short-term investments 513 (726) 4,407  
Net derivative instruments settlements 23 (250) (159)  
Private equity distributions 980 1,084 958  
Payments to Acquire Businesses, Net of Cash Acquired     34  
Private equity contributions (1,337) (648) (553)  
Payment Of Contributions To Subsidiary     (2,330)  
Other (515) (520) (399)  
Net cash flows used for investing activities (2,903) (2,705) (1,277)  
Dividends paid on Common Shares 0 0 0  
Common Shares repurchased (1,044) (801)    
Proceeds from issuance of long-term debt 0 0    
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase 2,029 2,353 2,310  
Repayments of Long-term Debt (1) (1)    
Payments for Securities Purchased under Agreements to Resell (2,019) (2,348) (2,311)  
Proceeds from share-based compensation plans 115 151 167  
Advances from (to) affiliates (775) 35 168  
Dividends to parent company (5,308) (2,524) (8,167)  
Capital contribution     2,545  
Proceeds from Contributions from Parent 5,025      
Net proceeds from (Repayments to) affiliated notional cash pooling program 0 0 0  
Policyholder contract deposits 453 442 522  
Policyholder contract withdrawals (358) (307) (253)  
Other     0  
Net cash flows used for financing activities (1,883) (3,000) (5,019)  
Effect of foreign currency rate changes on cash and restricted cash (65) 1 (25)  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 1,027 (1,106) (785)  
Cash and restricted cash 1,989 [2] 962 [1],[2] 2,068 [3] 2,853
Consolidating Adjustments        
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Line Items]        
Net Cash Provided by (Used in) Operating Activities, Continuing Operations (5,308) (2,524) (8,167)  
Payments To Acquire Available For Sale Securities Debt Condensed 0 0 0  
Purchases of fixed maturities held to maturity 0 0 0  
Purchases of equity securities 0 0 0  
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0 0 0  
Sales of equity securities 0 0 0  
Maturities and redemptions of fixed maturities available for sale 0 0 0  
Maturities and redemptions of fixed maturities held to maturity 0 0 0  
Net change in short-term investments 0 0 0  
Net derivative instruments settlements 0 0 0  
Private equity distributions 0 0 0  
Payments to Acquire Businesses, Net of Cash Acquired     0  
Private equity contributions 0 0 0  
Payment Of Contributions To Subsidiary 5,025   4,875  
Other 0 0 0  
Net cash flows used for investing activities 5,025 0 4,875  
Dividends paid on Common Shares 0 0 0  
Common Shares repurchased 0 0    
Proceeds from issuance of long-term debt   0    
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase 0 0 0  
Repayments of Long-term Debt 0 0    
Payments for Securities Purchased under Agreements to Resell 0 0 0  
Proceeds from share-based compensation plans 0 0 0  
Advances from (to) affiliates 0 0 0  
Dividends to parent company 5,308 2,524 8,167  
Capital contribution     (4,875)  
Proceeds from Contributions from Parent (5,025)      
Net proceeds from (Repayments to) affiliated notional cash pooling program (537) 867 [1] (11)  
Policyholder contract deposits 0 0 0  
Policyholder contract withdrawals 0 0 0  
Other     0  
Net cash flows used for financing activities (254) 3,391 3,281  
Effect of foreign currency rate changes on cash and restricted cash 0 0 0  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (537) 867 (11)  
Cash and restricted cash $ (652) [2] $ (115) [1],[2] $ (982) [2],[3] $ (971)
[1] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[4] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
v3.10.0.1
Condensed Unaudited Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Condensed Income Statements, Captions [Line Items]                      
Net premiums earned $ 7,465 $ 7,908 $ 7,664 $ 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 $ 30,064 $ 29,034 $ 28,749
Net Investment Income 848 823 828 806 797 813 770 745 3,305 3,125 2,865
Net Realized Gain (Loss) (687) 19 18 (2)         (652)    
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments           (10) 101 (7)   84 (145)
Total revenues 7,626 8,750 8,510 7,831 8,015 8,610 8,108 7,510 32,717 32,243 31,469
Losses and loss expenses 4,610 4,868 4,487 4,102 4,272 6,247 4,146 3,789 18,067 18,454 16,052
Policy benefits 162 127 150 151 176 169 163 168 590 676 588
Net income $ 355 $ 1,231 $ 1,294 $ 1,082 $ 1,533 $ (70) $ 1,305 $ 1,093 $ 3,962 $ 3,861 $ 4,135
Basic earnings per share $ 0.77 $ 2.66 $ 2.78 $ 2.32 $ 3.29 $ (0.15) $ 2.79 $ 2.33 $ 8.55 $ 8.26 $ 8.94
Diluted earnings per share $ 0.76 $ 2.64 $ 2.76 $ 2.30 $ 3.27 $ (0.15) $ 2.77 $ 2.31 $ 8.49 $ 8.19 $ 8.87
v3.10.0.1
Condensed Unaudited Quarterly Financial Data Condensed Unaudited Quarterly Financial Data (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]            
Loss from Catastrophes $ 506   $ 1,500      
Income tax (benefit) credit related to 2017 Tax Act       $ (25) $ (450) $ 0
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount   $ 475        
Scenario, Plan [Member]            
Condensed Financial Statements, Captions [Line Items]            
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount   $ 450        
v3.10.0.1
Schedule I (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Other Investments $ 5,277 $ 4,672
Cost or Amortized Cost 101,697  
Fair Value 100,668  
Amount at Which Shown in the Balance Sheet 100,844  
All Related Party [Member]    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Other Investments 124  
Fixed maturities available for sale    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 79,323  
Fair Value 78,470  
Amount at Which Shown in the Balance Sheet 78,470  
Fixed maturities available for sale | U.S. Treasury and agency    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 4,158  
Fair Value 4,145  
Amount at Which Shown in the Balance Sheet 4,145  
Fixed maturities available for sale | Foreign    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 21,370  
Fair Value 21,416  
Amount at Which Shown in the Balance Sheet 21,416  
Fixed maturities available for sale | Corporate securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 27,183  
Fair Value 26,583  
Amount at Which Shown in the Balance Sheet 26,583  
Fixed maturities available for sale | Mortgage-backed securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 15,758  
Fair Value 15,540  
Amount at Which Shown in the Balance Sheet 15,540  
Fixed maturities available for sale | States, municipalities, and political subdivisions    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 10,854  
Fair Value 10,786  
Amount at Which Shown in the Balance Sheet 10,786  
Fixed maturities held to maturity    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 13,435  
Fair Value 13,259  
Amount at Which Shown in the Balance Sheet 13,435  
Fixed maturities held to maturity | U.S. Treasury and agency    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 1,185  
Fair Value 1,182  
Amount at Which Shown in the Balance Sheet 1,185  
Fixed maturities held to maturity | Foreign    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 1,549  
Fair Value 1,542  
Amount at Which Shown in the Balance Sheet 1,549  
Fixed maturities held to maturity | Corporate securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 2,601  
Fair Value 2,508  
Amount at Which Shown in the Balance Sheet 2,601  
Fixed maturities held to maturity | Mortgage-backed securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 2,524  
Fair Value 2,486  
Amount at Which Shown in the Balance Sheet 2,524  
Fixed maturities held to maturity | States, municipalities, and political subdivisions    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 5,576  
Fair Value 5,541  
Amount at Which Shown in the Balance Sheet 5,576  
Industrial, miscellaneous, and all others    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 770  
Fair Value 770  
Amount at Which Shown in the Balance Sheet 770  
Short-term investments    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 3,016  
Fair Value 3,016  
Amount at Which Shown in the Balance Sheet 3,016  
Other investments    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 5,153  
Fair Value 5,153  
Amount at Which Shown in the Balance Sheet $ 5,153  
v3.10.0.1
Schedule II (BALANCE SHEETS - Parent Company Only) (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Assets        
Investments in subsidiaries and affiliates on equity basis $ 0 $ 0    
Cash 1,247 [1] 728 [2] $ 985  
Due from subsidiaries and affiliates, net 0 0    
Other assets 6,531 6,235    
Total assets 167,771 167,022    
Liabilities        
Affiliated notional cash pooling program 0 [1] 0 [2]    
Accounts payable, accrued expenses, and other liabilities 10,472 9,545    
Total liabilities 117,459 115,850    
Stockholders' Equity Attributable to Parent [Abstract]        
Common Shares 11,121 11,121    
Common Shares in treasury (20,580,486 and 15,950,685 shares) (2,618) (1,944)    
Retained earnings 31,700 27,474    
Accumulated other comprehensive income (2,448) 543    
Total shareholders' equity 50,312 51,172 48,275  
Total liabilities and shareholders’ equity 167,771 167,022    
Parent Company Only        
Assets        
Investments in subsidiaries and affiliates on equity basis 43,531 41,909    
Total investments 43,531 41,909    
Cash 1 [1] 3 [2] $ 1 $ 1
Due from subsidiaries and affiliates, net 7,074 9,639    
Other assets 3 3    
Total assets 50,609 51,554    
Liabilities        
Affiliated notional cash pooling program [3] 35 [1] 0 [2]    
Accounts payable, accrued expenses, and other liabilities 262 382    
Total liabilities 297 382    
Stockholders' Equity Attributable to Parent [Abstract]        
Common Shares 11,121 11,121    
Common Shares in treasury (20,580,486 and 15,950,685 shares) (2,618) (1,944)    
Additional paid-in capital 12,557 13,978    
Retained earnings 31,700 27,474    
Accumulated other comprehensive income (2,448) 543    
Total shareholders' equity 50,312 51,172    
Total liabilities and shareholders’ equity $ 50,609 $ 51,554    
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
v3.10.0.1
Schedule II Schedule II (STATEMENTS OF OPERATIONS - Parent Company Only) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]                      
Equity in net income of subsidiaries and affiliates                 $ 514 $ 418 $ 264
Total revenues $ 7,626 $ 8,750 $ 8,510 $ 7,831 $ 8,015 $ 8,610 $ 8,108 $ 7,510 32,717 32,243 31,469
Administrative and other (income) expense                 2,886 2,833 3,081
Business Combination, Integration Related Costs                 59 310 492
Income tax expense (benefit)                 695 (139) 815
Total expenses                 28,060 28,521 26,519
Net income $ 355 $ 1,231 $ 1,294 $ 1,082 $ 1,533 $ (70) $ 1,305 $ 1,093 3,962 3,861 4,135
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest                 1,242    
Chubb limited (Parent Guarantor)                      
Condensed Financial Statements, Captions [Line Items]                      
Investment income, including intercompany interest income                 305 336 356
Equity in net income of subsidiaries and affiliates                 3,753 3,640 3,901
Total revenues                 4,058 3,976 4,257
Administrative and other (income) expense                 63 63 39
Business Combination, Integration Related Costs                 14 32 62
Income tax expense (benefit)                 19 20 21
Total expenses                 96 115 122
Net income                 3,962 3,861 4,135
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest                 $ 1,242 $ 4,718 $ 4,556
v3.10.0.1
Schedule II (STATEMENTS OF CASH FLOWS - Parent Company Only) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]      
Net cash flows used for investing activities $ (2,935) $ (2,422) $ (5,322)
Dividends paid on Common Shares (1,337) (1,308) (1,173)
Net proceeds from (payments to) affiliated notional cash pooling programs 0 0 [1] 0
Cash and restricted cash – beginning of year 728 [2] 985  
Cash and restricted cash – end of year 1,247 [3] 728 [2] 985
Chubb limited (Parent Guarantor)      
Condensed Financial Statements, Captions [Line Items]      
Net cash flows from operating activities [4] 256 781 3,618
Capital contributions to subsidiaries (1,475) 0 (2,330)
Net cash flows used for investing activities (1,475) 0 (2,330)
Dividends paid on Common Shares (1,337) (1,308) (1,173)
Payments To From Affiliates 2,519 892 404
Net proceeds from (payments to) affiliated notional cash pooling programs [5] 35 (363) (519)
Net cash flows (used for) from financing activities 1,217 (779) (1,288)
Net increase (decrease) in cash and restricted cash (2) 2 0
Cash and restricted cash – beginning of year 3 [2] 1 1
Cash and restricted cash – end of year 1 [3] 3 [2] 1
Cash dividend paid by Affiliates $ 75 $ 450 $ 3,400
[1] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[4] Includes cash dividends received from subsidiaries of $75 million, $450 million, and $3.4 billion in 2018, 2017, and 2016, respectively.
[5] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
v3.10.0.1
Schedule IV (SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                      
Direct Amount                 $ 34,108 $ 32,782 $ 31,811
Ceded To Other Companies                 7,219 7,080 6,806
Assumed From Other Companies                 3,175 3,332 3,744
Net Amount $ 7,465 $ 7,908 $ 7,664 $ 7,027 $ 7,218 $ 7,807 $ 7,237 $ 6,772 $ 30,064 $ 29,034 $ 28,749
Percentage of Amount Assumed to Net                 11.00% 11.00% 13.00%
Property and Casualty [Member]                      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                      
Direct Amount                 $ 28,793 $ 27,774 $ 26,919
Ceded To Other Companies                 6,792 6,650 6,407
Assumed From Other Companies                 2,812 2,891 3,284
Net Amount                 $ 24,813 $ 24,015 $ 23,796
Percentage of Amount Assumed to Net                 11.00% 12.00% 14.00%
Accident and Health [Member]                      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                      
Direct Amount                 $ 4,409 $ 4,167 $ 4,047
Ceded To Other Companies                 342 349 315
Assumed From Other Companies                 162 221 219
Net Amount                 $ 4,229 $ 4,039 $ 3,951
Percentage of Amount Assumed to Net                 4.00% 5.00% 6.00%
Life [Member]                      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                      
Direct Amount                 $ 906 $ 841 $ 845
Ceded To Other Companies                 85 81 84
Assumed From Other Companies                 201 220 241
Net Amount                 $ 1,022 $ 980 $ 1,002
Percentage of Amount Assumed to Net                 20.00% 22.00% 24.00%
v3.10.0.1
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]      
Deferred Policy Acquisition Costs $ 3,926 $ 3,805 $ 3,537
Net Reserves for Unpaid Losses 48,271 49,165 47,832
Unearned Premiums 15,532 15,216 14,779
Net Premiums Earned 29,042 28,054 27,747
Net Investment Income 3,047 2,890 2,656
Current Year Claim and Claim Adjustment Expense 19,048 19,391 17,256
Prior Year Claim and Claim Adjustment Expense (981) (937) (1,204)
Net Losses and Loss Expenses Incurred Related to Prior Year [1] (981) (937) (1,204)
Amortization of Deferred Policy Acquisition Costs 5,630 5,519 5,654
Net Paid Losses and Loss Expenses 18,340 17,448 15,715
Net Premiums Written $ 29,505 $ 28,225 $ 27,074
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $85 million, $108 million and $69 million for 2018, 2017, and 2016, respectively.