天美传媒

Property/Casualty Insurance Industry Underwriting Expenses, 2016 (1)

Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	72.3%
Incurred losses	60.7
Defense and cost containment expenses incurred	4.2
Adjusting and other expenses incurred	7.4
Underwriting expenses (3)
Expense ratio	27.8%
Net commissions and brokerage expenses incurred	10.7
Taxes, licenses and fees	2.5
Other acquisition and field supervision expenses incurred	7.6
General expenses incurred	7.0
Dividends to policyholders (2)	0.6%
Combined ratio after dividends (4)	100.6%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($528.6 billion in 2016). (3) As a percent of net premiums written ($533.5 billion in 2016). (4) Sum of loss and LAE, expense and dividends ratios. Note: Totals may not add due to rounding. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.