| Components of the Net Combined Ratio, Property/Casualty Insurance, 2014-2023 (1) |
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|
| Year |
Loss and loss
adjustment
expense ratio (2) |
Expense ratio (3) |
Combined ratio |
Dividends to
policyholders (4) |
Combined ratio
after dividends |
| 2014 |
69.0 |
27.7 |
96.7 |
0.6 |
97.3 |
| 2015 |
69.3 |
27.9 |
97.2 |
0.6 |
97.7 |
| 2016 |
72.3 |
27.7 |
100.0 |
0.6 |
100.6 |
| 2017 |
76.0 |
27.1 |
103.0 |
0.6 |
103.6 |
| 2018 |
71.4 |
27.1 |
98.5 |
0.6 |
99.1 |
| 2019 |
71.0 |
27.0 |
98.0 |
0.8 |
98.8 |
| 2020 |
70.2 |
27.3 |
97.5 |
1.2 |
98.7 |
| 2021 |
72.4 |
26.4 |
98.8 |
0.7 |
99.5 |
| 2022 |
76.3 |
25.7 |
102.0 |
0.4 |
102.4 |
| 2023 |
76.3 |
24.9 |
101.3 |
0.4 |
101.7 |
(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.
Source: NAIC data, sourced from S&P Global market Intelligence: Insurance Expense Exhibit, Insurance Information Institute. |
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