PROPERTY/CASUALTY INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2014 (1)
Expense Percent of premiums
LOSSES AND RELATED EXPENSES (2)  
Loss and loss adjustment expense (LAE) ratio 69.0%
     Incurred losses 57.2
     Defense and cost containment expenses incurred 4.4
     Adjusting and other expenses incurred 7.4
UNDERWRITING EXPENSES (3)  
Expense ratio 27.7%
     Net commissions and brokerage expenses incurred 10.7
     Taxes, licenses and fees 2.5
     Other acquisition and field supervision expenses incurred 7.6
     General expenses incurred 6.9
DIVIDENDS TO POLICYHOLDERS (2) 0.6%
COMBINED RATIO AFTER DIVIDENDS (4) 97.2%
(1) After reinsurance transactions. (2) As a percent of net premiums earned ($493.3 billion in 2014). (3) As a percent of net premium written ($502.6 billion in 2014). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.