What is Markel's unpaid losses and loss expenses?

Markel (MKL) reported unpaid losses and loss expenses of $993.44M in Q4 2025.

How has Markel's unpaid losses and loss expenses changed year-over-year?

Markel's unpaid losses and loss expenses increased by 22.2% year-over-year, from $812.65M to $993.44M.

What is the long-term trend for Markel's unpaid losses and loss expenses?

Over 4 years (2021 to 2025), Markel's unpaid losses and loss expenses has grown at a 18.1% compound annual growth rate (CAGR), from $2.04B to $3.97B.

What does unpaid losses and loss expenses mean?

The change in the amount of money the company expects to pay out for insurance claims.

Operating

Unpaid losses and loss expenses

Markel Unpaid losses and loss expenses remained flat by 0.0% to $993.44M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 22.2%, from $812.65M to $993.44M. Over 4 years (FY 2021 to FY 2025), Unpaid losses and loss expenses shows an upward trend with a 18.1% CAGR.

Analysis

StatementCash Flow Statement

SectionOperating

CategoryRisk

SignalContext dependent

VolatilityModerate

First reportedQ1 2013

Last reportedQ4 2025Feb 26, 2026

How to read this metric

An increase suggests higher expected future claims, while a decrease may indicate favorable claims experience or reserve releases.

Detailed definition

This represents the change in the estimated liability for insurance claims that have been incurred but not yet paid. It...

Peer comparison

Core metric for all insurance peers; directly tied to underwriting performance and actuarial assumptions.

Metric ID: operating_increase_decrease_in_liability_for_claims_and__8d2ae9

Historical Data

5 years

	FY'21	FY'22	FY'23	FY'24	FY'25
Value	$2.04B	$2.38B	$2.44B	$3.25B	$3.97B
YoY Change	—	+16.7%	+2.5%	+33.0%	+22.2%

Range$2.04B – $3.97B

CAGR+18.1%

Avg YoY Growth+18.6%

Median YoY Growth+19.5%

Current Streak4+ years growth

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Frequently Asked Questions

What is Markel's unpaid losses and loss expenses?: Markel (MKL) reported unpaid losses and loss expenses of $993.44M in Q4 2025.
How has Markel's unpaid losses and loss expenses changed year-over-year?: Markel's unpaid losses and loss expenses increased by 22.2% year-over-year, from $812.65M to $993.44M.
What is the long-term trend for Markel's unpaid losses and loss expenses?: Over 4 years (2021 to 2025), Markel's unpaid losses and loss expenses has grown at a 18.1% compound annual growth rate (CAGR), from $2.04B to $3.97B.
What does unpaid losses and loss expenses mean?: The change in the amount of money the company expects to pay out for insurance claims.