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Private Passenger Auto 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	79.5%
Incurred losses	67.9
Defense and cost containment expenses incurred	2.6
Adjusting and other expenses incurred	9.0
Operating expenses (3)
Expense ratio	22.8%
Net commissions and brokerage expenses incurred	8.5
Taxes, licenses and fees	2.1
Other acquisition and field supervision expenses incurred	7.2
General expenses incurred	5.0
Dividends to policyholders (2)	0.4%
Combined ratio after dividends (4)	102.7%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($217.4 billion in 2017). (3) As a percent of net premiums written ($222.2 billion in 2017). (4) Sum of loss and LAE, expense and dividends ratios. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.