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management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts. 

## (4) POLICY LIABILITIES AND SHORT DURATION CONTRACTS 

Various assumptions used to determine the future policy benefit reserves of life insurance include valuation interest rates, mortality assumptions and withdrawals. 

The following table presents information on changes in the liability for life, accident and health and property policy and contract claims for the years ended December 31, 2019, 2018 and 2017. 

<img src='content_image/1055499.jpg'>

The Company experienced unfavorable development in 2019 of $0.5 million and favorable development of $0.2 million in 2018 and 2017. No unusual claims or trends have been noted. 

## (5) REINSURANCE 

In the normal course of business, the Company reinsures portions of certain policies that we underwrite to limit disproportionate risks. During 2019 and 2018, we retained varying amounts of individual insurance up to a maximum retention of $100,000 on any life. The Company also reinsures 100% of our accidental death benefit rider coverage. Catastrophe reinsurance is in place for our property policies. In 2019 and 2018, this reinsurance provided $10.0 million of coverage above a $500,000 deductible. Our health insurance policies are substantially all reinsured on a 100% coinsurance basis. We remain contingently liable to the extent that the reinsuring companies cannot meet their obligations under these reinsurance treaties. 

Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers. We obtain reinsurance from multiple reinsurers, and we monitor concentration as well as financial strength ratings of our principal reinsurers. The ratings by A.M. Best Company range from B+ (Good) to A+ (Superior). 

