Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1422

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 1422
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 by favorable development
for Battle Creek, American West, and Nodak Insurance. During the year ended December 31, 2022, the Company’s incurred reported losses
and loss adjustment expenses included $1,149 of net unfavorable development on prior accident years, primarily attributable to unfavorable
development for the Westminster commercial business partially offset by favorable development for Battle Creek and Nodak Insurance. During
2024, Westminster was sold and all associated liabilities were included in the sale.

Changes in unpaid losses and loss adjustment expense
reserves are generally the result of ongoing analysis of recent loss development trends. As additional information becomes known regarding
individual claims, original estimates are increased or decreased accordingly.

74 

The tables for current and prior year continuing and discontinued
operations showing the liability for unpaid losses and loss adjustment expense are shown below:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Continuing operations: 

    Balance, beginning of year: 

    Liability for unpaid losses and loss adjustment expenses 
    $119,185  
    $114,296  
    $108,000 
  
    Reinsurance recoverables on losses 
     6,460  
     8,586  
     12,478 
  
    Net balance, beginning of year 
     112,725  
     105,710  
     95,522 

    Incurred related to: 

    Current year 
     193,948  
     184,210  
     247,635 
  
    Prior years 
     13,517  
     2,306  
     (5,885)
  
    Total incurred 
     207,465  
     186,516  
     241,750 

    Paid related to: 

    Current year 
     126,006  
     121,466  
     181,434 
  
    Prior years 
     69,457  
     58,036  
     50,128 
  
    Total paid 
     195,463  
     179,502  
     231,562 

    Balance, end of year: 

    Liability for unpaid losses and loss adjustment expenses 
     137,288  
     119,185  
     114,296 
  
    Reinsurance recoverables on losses