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Homeowners 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	76.0%
Incurred losses	67.0
Defense and cost containment expenses incurred	1.9
Adjusting and other expenses incurred	7.0
Operating expenses (3)
Expense ratio	27.9%
Net commissions and brokerage expenses incurred	12.1
Taxes, licenses and fees	2.6
Other acquisition and field supervision expenses incurred	7.8
General expenses incurred	5.4
Dividends to policyholders (2)	0.4%
Combined ratio after dividends (4)	104.3%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($99.5 billion in 2021). (3) As a percent of net premiums written ($104.2 billion in 2021). (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.