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Homeowners Insurance Industry Underwriting Expenses, 2023 (1)

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Expense	Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio	84.5%
Incurred losses	75.5
Defense and cost containment expenses incurred	1.7
Adjusting and other expenses incurred	7.3
Operating expenses (3)
Expense ratio	26.1%
Net commissions and brokerage expenses incurred	11.8
Taxes, licenses and fees	2.7
Other acquisition and field supervision expenses incurred	6.6
General expenses incurred	5.0
Dividends to policyholders (2)	0.4%
Combined ratio after dividends (4)	110.9%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($119.9 billion in 2023). (3) As a percent of net premiums written ($128.0 billion in 2023). (4) Sum of loss and LAE, expense and dividends ratios. Calculated from unrounded data. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.