天美传媒

Property/Casualty Insurance Industry Underwriting Expenses, 2015 (1)

Expense	Percent of premiums
Losses And Related Expenses (2)
Loss and loss adjustment expense (LAE) ratio	69.3%
Incurred losses	57.4
Defense and cost containment expenses incurred	4.5
Adjusting and other expenses incurred	7.4
Underwriting Expenses (3)
Expense ratio	27.9%
Net commissions and brokerage expenses incurred	10.9
Taxes, licenses and fees	2.5
Other acquisition and field supervision expenses incurred	7.6
General expenses incurred	6.9
Dividends To Policyholders (2)	0.6%
Combined Ratio After Dividends (4)	97.7%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($511.5 billion in 2015). (3) As a percent of net premiums written ($519.8 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.