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Private Passenger Auto Insurance Industry Underwriting Expenses, 2019 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	75.5%
Incurred losses	64.6
Defense and cost containment expenses incurred	2.8
Adjusting and other expenses incurred	8.0
Operating expenses (3)
Expense ratio	22.7%
Net commissions and brokerage expenses incurred	8.6
Taxes, licenses and fees	2.1
Other acquisition and field supervision expenses incurred	7.3
General expenses incurred	4.7
Dividends to policyholders (2)	0.6%
Combined ratio after dividends (4)	98.7%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($245.7 billion in 2019). (3) As a percent of net premiums written ($247.7 billion in 2019). (4) Sum of loss and LAE, expense and dividends ratios. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.