PROPERTY/CASUALTY INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2013 (1)
Expense Percent of  premiums
LOSSES AND RELATED EXPENSES (2)  
Loss and loss adjustment expense (LAE) ratio 67.4%
    Incurred losses 55.5
    Defense and cost containment expenses incurred 4.6
    Adjusting and other expenses incurred 7.3
UNDERWRITING EXPENSES (3)  
Expense ratio 28.3%
    Net commissions and brokerage expenses incurred 10.5
    Taxes, licenses and fees 2.6
    Other acquisition and field supervision expenses incurred 8.0
    General expenses incurred 7.2
DIVIDENDS TO POLICYHOLDERS (2) 0.6%
COMBINED RATIO AFTER DIVIDENDS (4) 96.3%
(1) After reinsurance transactions. (2) As a percent of net premiums earned ($471.6 billion in 2013). (3) As of percent of net premiums written ($481.2 billion in 2013). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.