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Property/Casualty Insurance Industry Underwriting Expenses, 2021 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	87.1%
Incurred losses	75.0
Defense and cost containment expenses incurred	4.8
Adjusting and other expenses incurred	7.4
Underwriting expenses (3)
Expense ratio	32.1%
Net commissions and brokerage expenses incurred	13.8
Taxes, licenses and fees	2.8
Other acquisition and field supervision expenses incurred	7.8
General expenses incurred	7.8
Dividends to policyholders (2)	0.7%
Combined ratio after dividends (4)	119.9%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($687.5 billion in 2021). (3) As a percent of net premiums written ($713.9 billion in 2021) (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.