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Property/Casualty Insurance Industry Underwriting Expenses, 2017 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	75.9%
Incurred losses	64.2
Defense and cost containment expenses incurred	4.3
Adjusting and other expenses incurred	7.4
Underwriting expenses (3)
Expense ratio	27.0%
Net commissions and brokerage expenses incurred	10.5
Taxes, licenses and fees	2.4
Other acquisition and field supervision expenses incurred	7.1
General expenses incurred	7.0
Dividends to policyholders (2)	0.6%
Combined ratio after dividends (4)	103.6%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($546.0 billion in 2017). (3) As a percent of net premiums written ($558.2 billion in 2017). (4) Sum of loss and LAE, expense and dividends ratios. Note: Totals may not add up due to rounding. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.