Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1670

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 3
Chunk 1670
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collectible reinsurance, see Note 8 – Reinsurance of Notes to Consolidated Financial Statements.

 Reinsurance Recoverables as of December 31,

Property and CasualtyEmployee BenefitsCorporateTotal20242023202420232024202320242023Paid loss and loss adjustment expenses$317 $273 $7 $5 $— $— $324 $278 Unpaid loss and loss adjustment expenses6,381 6,429 284 256 226 244 6,891 6,929 Gross reinsurance recoverables 6,698 6,702 291 261 226 244 7,215 7,207 Allowance for uncollectible reinsurance(72)(100)(1)(1)(2)(2)(75)(103)Net reinsurance recoverables$6,626 $6,602 $290 $260 $224 $242 $7,140 $7,104 

Guaranty Funds and Other Insurance-related AssessmentsAs part of its risk management strategy, the Company regularly monitors the financial strength of other insurers and, in particular, activity by insurance regulators and various state guaranty associations in the U.S. relating to troubled insurers. In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund.|OPERATIONAL RISKOperational risk is the risk of loss resulting from inadequate or failed internal processes and systems, human error, or from external events.Sources of Operational Risk Operational risk is inherent in the Company's business and functional areas. Operational risks include: compliance with laws and regulations, cybersecurity, business disruption, technology failure, inadequate execution or process management, reliance on model and data analytics, internal fraud, external fraud, third party dependency and attraction and retention of talent.Impact Operational risk can result in financial loss, disruption of our business, regulatory actions or damage to our reputation.Management Responsibility for day-to-day management of operational risk lies within each business unit and functional area. ERM provides an enterprise-wide view of the Company's operational risk on an aggregate basis. ERM is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. Operational risk mitigation strategies include the following:•Establishing policies and monitoring risk tolerances and exceptions;•Conducting business risk assessments and implementing action plans where necessary;•Validating existing crisis management protocols;•Identifying and monitoring emerging risks; and