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Components of the Net Combined Ratio, Property/Casualty Insurance, 2014-2023 (1)

Year Loss and loss
adjustment
expense ratio (2)		 Expense ratio (3) Combined ratio Dividends to
policyholders (4)		 Combined ratio
after dividends
2014 69.0 27.7 96.7 0.6 97.3
2015 69.3 27.9 97.2 0.6 97.7
2016 72.3 27.7 100.0 0.6 100.6
2017 76.0 27.1 103.0 0.6 103.6
2018 71.4 27.1 98.5 0.6 99.1
2019 71.0 27.0 98.0 0.8 98.8
2020 70.2 27.3 97.5 1.2 98.7
2021 72.4 26.4 98.8 0.7 99.5
2022 76.3 25.7 102.0 0.4 102.4
2023 76.3 24.9 101.3 0.4 101.7

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: NAIC data, sourced from S&P Global market Intelligence: Insurance Expense Exhibit, Insurance Information Institute.

Components Of The Combined Ratio, Property/Casualty Insurance, 2013-2022 (1)

Year Loss and
loss adjustment
expense ratio (2)		 Expense ratio (3) Combined ratio Dividends to
policyholders (4)		 Combined ratio
after dividends
2013 67.5 28.2 95.7 0.6 96.3
2014 69.0 27.6 96.6 0.6 97.2
2015 69.3 28.0 97.4 0.6 98.0
2016 72.3 27.9 100.2 0.6 100.8
2017 76.0 27.3 103.2 0.6 103.9
2018 71.4 27.3 98.7 0.6 99.3
2019 71.0 27.2 98.2 0.8 99.0
2020 70.2 27.5 97.6 1.2 98.8
2021 72.4 26.5 99.0 0.7 99.7
2022 76.3 25.9 102.3 0.4 102.7

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: NAIC data, sourced from S&P Global market Intelligence, Insurance Information Institute.

Components Of The Combined Ratio, Property/Casualty Insurance, 2012-2021 (1)

Year Loss and
loss adjustment
expense ratio (2)		 Expense
ratio (3)		 Combined
ratio		 Dividends to
policyholders (4)		 Combined ratio
after dividends
2012 74.5 28.2 102.6 0.6 103.2
2013 67.5 28.2 95.7 0.6 96.3
2014 69.0 27.6 96.6 0.6 97.2
2015 69.3 28.0 97.4 0.6 98.0
2016 72.3 27.9 100.2 0.6 100.8
2017 76.0 27.3 103.2 0.6 103.9
2018 71.4 27.3 98.7 0.6 99.3
2019 71.0 27.2 98.2 0.8 99.0
2020 70.2 27.5 97.6 1.2 98.8
2021 72.4 26.5 99.0 0.7 99.7

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: NAIC data, sourced from S&P Global market Intelligence, Insurance Information Institute.

Components Of The Combined Ratio, Property/Casualty Insurance, 2010-2019 (1)

Year Loss ratio (2) Expense ratio (3) Combined ratio Dividends to
policyholders (4)		 Combined ratio
after dividends
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.4 28.2 95.6 0.5 96.2
2014 68.7 27.8 96.5 0.5 97.0
2015 69.2 28.0 97.3 0.5 97.8
2016 72.3 27.9 100.2 0.4 100.6
2017 75.9 27.3 103.2 0.5 103.7
2018 71.4 27.3 98.7 0.5 99.2
2019 71.1 27.2 98.3 0.6 98.9

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® business.

Components Of The Combined Ratio, Property/Casualty Insurance, 2009-2018 (1)

Year Loss ratio (2) Expense ratio (3) Combined ratio Dividends to
policyholders (4)		 Combined ratio
after dividends 
2009 72.5 28.0 100.5 0.5 101.0
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.4 28.2 95.6 0.5 96.2
2014 68.7 27.8 96.5 0.5 97.0
2015 69.2 28.0 97.3 0.5 97.8
2016 72.3 27.9 100.2 0.4 100.6
2017 75.9 27.3 103.2 0.5 103.7
2018 71.4 27.3 98.7 0.5 99.2

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® business.

Components Of The Combined Ratio, Property/Casualty Insurance, 2008-2017 (1)

Year Loss ratio (2) Expense ratio (3) Combined ratio Dividends to
policyholders (4)		 Combined ratio
after dividends
2008 77.1 27.5 104.6 0.4 105.0
2009 72.5 28.0 100.5 0.5 101.0
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.4 28.2 95.6 0.5 96.2
2014 68.7 27.8 96.5 0.5 97.0
2015 69.2 28.0 97.3 0.5 97.8
2016 72.3 27.9 100.2 0.4 100.6
2017 75.9 27.3 103.2 0.5 103.7

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® business.

Components Of The Combined Ratio, Property/Casualty Insurance, 2007-2016 (1)

Year Loss ratio (2) Expense ratio (3) Combined ratio Dividends to policyholders (4) Combined ratio after dividends
2007 67.7 27.3 94.9 0.6 95.5
2008 77.1 27.5 104.6 0.4 105.0
2009 72.5 28.0 100.5 0.5 101.0
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.4 28.2 95.6 0.5 96.2
2014 68.7 27.8 96.5 0.5 97.0
2015 69.2 28.0 97.3 0.5 97.8
2016 72.3 28.0 100.2 0.4 100.7

(1) Excludes state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® business.

Components Of The Combined Ratio, Property/Casualty Insurance, 2006-2015 (1)

Year Loss ratio (2) Expense ratio (3) Combined ratio Dividends to policyholders (4) Combined ratio after dividends
2006 65.2 26.4 91.6 0.8 92.4
2007 67.7 27.3 94.9 0.6 95.5
2008 77.1 27.5 104.6 0.4 105.0
2009 72.5 28.0 100.5 0.5 101.0
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.4 28.2 95.6 0.5 96.2
2014 68.7 27.8 96.5 0.5 97.0
2015 69.2 28.1 97.3 0.5 97.8

(1) Excluding state funds and other residual market insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® business.

COMPONENTS OF THE COMBINED RATIO, PROPERTY/CASUALTY INSURANCE, 2005-2014 (1)

Year Loss
ratio (2)		 Expense
ratio (3)		 Combined
ratio		 Dividends to
policyholders (4)		 Combined ratio
after dividends 
2005 74.6 25.8 100.4 0.4 100.9
2006 65.2 26.4 91.6 0.8 92.4
2007 67.7 27.3 94.9 0.6 95.5
2008 77.1 27.5 104.6 0.4 105.0
2009 72.5 28.0 100.5 0.5 101.0
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.4 28.2 95.6 0.5 96.2
2014 68.7 27.8 96.5 0.5 97.0

(1) Excludes state funds and other residual insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® business.

COMPONENTS OF THE COMBINED RATIO, PROPERTY/CASUALTY INSURANCE, 2004-2013 (1)

Year Loss
ratio (2)		 Expense
ratio (3)		 Combined
ratio		 Dividends to
policyholders (4)		 Combined ratio
after dividends 
2004 72.7 25.2 97.9 0.4 98.3
2005 74.6 25.8 100.4 0.4 100.9
2006 65.2 26.4 91.6 0.8 92.4
2007 67.7 27.3 94.9 0.6 95.5
2008 77.1 27.5 104.6 0.4 105.0
2009 72.5 28.0 100.5 0.5 101.0
2010 73.6 28.3 101.8 0.5 102.4
2011 79.3 28.4 107.7 0.4 108.1
2012 74.2 28.2 102.5 0.5 102.9
2013 67.3 28.2 95.6 0.5 96.1

(1) Excludes state funds and other residual insurers.
(2) Incurred loss and loss adjustment expenses as a percent of earned premiums.
(3) Other underwriting expenses as a percent of written premiums.
(4) Dividends to policyholders as a percent of earned premiums.

Source: ISO®, a Verisk Analytics® company.