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Homeowners Insurance Industry Underwriting Expenses, 2016 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	63.8%
Incurred losses	54.8
Defense and cost containment expenses incurred	1.6
Adjusting and other expenses incurred	7.4
Operating expenses (3)
Expense ratio	28.9%
Net commissions and brokerage expenses incurred	12.3
Taxes, licenses and fees	2.6
Other acquisition and field supervision expenses incurred	8.8
General expenses incurred	5.3
Dividends to policyholders (2)	0.4%
Combined ratio after dividends (4)	93.1%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($81.1 billion in 2016). (3) As a percent of net premiums written ($81.2 billion in 2016). (4) Sum of loss and LAE, expense and dividends ratios. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.