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Homeowners Insurance Industry Losses And Underwriting Expenses, 2019 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	68.7%
Incurred losses	59.8
Defense and cost containment expenses incurred	1.7
Adjusting and other expenses incurred	7.1
Operating expenses (3)
Expense ratio	28.6%
Net commissions and brokerage expenses incurred	12.3
Taxes, licenses and fees	2.6
Other acquisition and field supervision expenses incurred	8.2
General expenses incurred	5.5
Dividends to policyholders (2)	0.6%
Combined ratio after dividends (4)	97.9%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($90.5 billion in 2019). (3) As a percent of net premiums written ($93.0 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.