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Private Passenger Auto 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	66.2%
Incurred losses	55.9
Defense and cost containment expenses incurred	2.4
Adjusting and other expenses incurred	8.0
Operating expenses (3)
Expense ratio	24.3%
Net commissions and brokerage expenses incurred	8.9
Taxes, licenses and fees	2.1
Other acquisition and field supervision expenses incurred	7.5
General expenses incurred	5.8
Dividends to policyholders (2)	2.0%
Combined ratio after dividends (4)	92.6%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($244.0 billion in 2020). (3) As a percent of net premiums written ($243.7 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.