天美传媒

Homeowners Insurance Industry Underwriting Expenses, 2015 (1)

Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	61.6%
Incurred losses	52.5
Defense and cost containment expenses incurred	1.5
Adjusting and other expenses incurred	7.5
Operating expenses (3)
Expense ratio	29.1%
Net commissions and brokerage expenses incurred	12.6
Taxes, licenses and fees	2.6
Other acquisition and field supervision expenses incurred	8.6
General expenses incurred	5.3
Dividends to policyholders (2)	0.5%
Combined ratio after dividends (4)	91.3%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($78.6 billion in 2015). (3) As a percent of net premiums written ($79.9 billion in 2015). (4) Sum of loss and LAE, expense and dividends ratios. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.