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Property/Casualty Insurance Industry Underwriting Expenses, 2020 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	70.2%
Incurred losses	59.4
Defense and cost containment expenses incurred	4.2
Adjusting and other expenses incurred	6.6
Underwriting expenses (3)
Expense ratio	27.4%
Net commissions and brokerage expenses incurred	11.5
Taxes, licenses and fees	2.3
Other acquisition and field supervision expenses incurred	6.6
General expenses incurred	7.0
Dividends to policyholders (2)	1.2%
Combined ratio after dividends (4)	98.7%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($642.5 billion in 2020). (3) As a percent of net premiums written ($655.5 billion in 2020). (4) Sum of loss and LAE, expense and dividends ratios. Note: Totals may not add due to rounding. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.