balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred accident year claims development information included in the table below. The following table details our Property segment incurred claims and claim expenses, net of reinsurance, as of December 31, 2021. Incurred Claims and Claim Expenses, Net of Reinsurance (in thousands) For the year ended December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 560,348 $ 429,885 $ 395,605 $ 375,439 $ 358,509 $ 346,756 $ 338,877 $ 334,347 $ 325,042 $ 322,871 2013 — 318,033 294,315 272,191 250,014 238,734 235,016 235,356 238,404 240,779 2014 — — 302,158 278,813 265,569 260,542 259,379 256,845 250,647 247,708 2015 — — — 372,338 357,065 334,099 323,211 311,964 305,847 295,081 2016 — — — — 455,503 469,120 452,922 434,706 415,572 411,698 2017 — — — — — 1,644,982 1,461,953 1,350,684 1,328,419 1,273,461 2018 — — — — — — 938,309 1,020,102 979,598 857,217 2019 — — — — — — — 992,526 956,445 898,472 2020 — — — — — — — — 1,580,564 1,600,743 2021 — — — — — — — — — 2,370,891 Total $ 8,518,921 Our initial and subsequent estimates of incurred claims and claim expenses, net of reinsurance, are impacted by available information derived from claims information from customers and brokers, industry assessments of losses, proprietary models, historical reinsurance and insurance loss experience and statistics, management’s experience and judgment to assist the establishment of appropriate claims and claim expense reserves, and the terms and conditions of our contracts. As described above, given the complexity in reserving for claims and claims expenses associated with property losses, and catastrophe excess of loss reinsurance contracts in particular, which make up a significant proportion of our Property segment, we have experienced development, both favorable and unfavorable, in any given accident year. For example, net claims and claim expenses associated with the 2017 accident year have experienced favorable development. This is largely driven by reductions in estimated net ultimate claims and claim expenses associated with the 2017 Large Loss Events. In comparison, net claims and claim expenses associated with 2020 accident year have experienced adverse development . The adverse development was driven by an increase in expected net claims and claim expenses as new and additional claims information was received associated with the 2020 Weather-Related Large Loss Events. In accident years with a low level of insured catastrophe losses, our other property lines of business contribute a greater proportion of our overall incurred claims and claim expenses within our Property segment, compared to years with a high level of insured catastrophe losses. We expect that certain of our other property lines of business will tend to generate less volatility in future calendar years and, as such, we would expect to see a slower more stable increase or decrease in estimated incurred net claims and claim expenses over time in such business. Certain of our other property contracts are also exposed to catastrophe events, resulting in increased volatility of incurred claims and claim expenses driven by the occurrence of catastrophe events. In addition, volatility in the initial estimate associated with large catastrophe losses and the speed at which we settle claims can vary significantly based on the type of event. We also anticipate that losses from the COVID-19 pandemic will be highly complex and uncertain, given the unprecedented situation, and will take longer to develop given the nature of the losses, thus potentially adding volatility to our incurred net claims and claim expenses. Sensitivity Analysis The table below shows the impact on our reserve for claims and claim expenses, net income (loss) and shareholders’ equity as of and for the year ended December 31, 2021 of a reasonable range of possible outcomes associated with our estimates of gross ultimate losses for claims and claim expenses incurred within our Property segment. The reasonable range of possible outcomes is based on a distribution of 62