The largest liability on property-casualty insurers' balance sheet as of 2012 was

Question

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Loss reserve and loss adjustment expenses are the largest liability on property-casualty insurers' balance sheet as they represent the estimated amount that insurers will need to pay out for claims that have been incurred but not yet paid. This liability is typically calculated based on actuarial estimates and historical claims data. Unearned premiums, cash, policyholder surplus, and conditional reserve funds are also important items on the balance sheet but typically do not represent as large a liability as loss reserves.

The Largest Liability on Property-Casualty Insurers' Balance Sheet as of 2012