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Private Passenger Auto Insurance Industry Underwriting Expenses, 2015 (1)

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Expense	Percent of premiums
Losses And Related Expenses (2)
Loss and loss adjustment expense (LAE) ratio	79.8%
Incurred losses	67.5
Defense and cost containment expenses incurred	2.7
Adjusting and other expenses incurred	9.6
Operating Expenses (3)
Expense ratio	24.3%
Net commissions and brokerage expenses incurred	8.9
Taxes, licenses and fees	2.1
Other acquisition and field supervision expenses incurred	7.9
General expenses incurred	5.3
Dividends To Policyholders (2)	0.5%
Combined Ratio After Dividends (4)	104.6%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($189.2 billion in 2015). (3) As a percent of net premiums written ($192.8 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.