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Homeowners 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	77.0%
Incurred losses	67.5
Defense and cost containment expenses incurred	1.8
Adjusting and other expenses incurred	7.7
Operating expenses (3)
Expense ratio	28.3%
Net commissions and brokerage expenses incurred	12.3
Taxes, licenses and fees	2.5
Other acquisition and field supervision expenses incurred	7.9
General expenses incurred	5.6
Dividends to policyholders (2)	0.5%
Combined ratio after dividends (4)	105.9%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($94.6 billion in 2020). (3) As a percent of net premiums written ($97.0 billion in 2020). (4) Sum of loss and LAE, expense and dividends ratios. Calculated from unrounded numbers. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.