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Property/Casualty Insurance Industry Underwriting Expenses, 2024 (1)

Expense Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio 70.9%
    Incurred losses 61.5
    Defense and cost containment expenses incurred 3.8
    Adjusting and other expenses incurred 5.5
Operating expenses (3)
Expense ratio 25.3%
    Net commissions and brokerage expenses incurred 10.7
    Taxes, licenses and fees 2.3
    Other acquisition and field supervision expenses incurred 5.9
    General expenses incurred 6.4
Dividends to policyholders (2) 0.5%
Combined ratio after dividends (4) 96.6%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($902.4 billion in 2024).
(3) As a percent of net premiums written ($932.5 billion in 2024).
(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.

Property/Casualty Insurance Industry Underwriting Expenses, 2023 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 76.3%
    Incurred losses 66.5
    Defense and cost containment expenses incurred 3.9
    Adjusting and other expenses incurred 6.0
Operating expenses (3)  
Expense ratio 24.9%
    Net commissions and brokerage expenses incurred 10.8
    Taxes, licenses and fees 2.3
    Other acquisition and field supervision expenses incurred 5.5
    General expenses incurred 6.4
Dividends to policyholders (2) 0.4%
Combined ratio after dividends (4) 101.7%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($821.3 billion in 2023).
(3) As a percent of net premiums written ($857.3 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.

Property/Casualty Insurance Industry Underwriting Expenses, 2022 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 92.4%
    Incurred losses 80.5
    Defense and cost containment expenses incurred 4.6
    Adjusting and other expenses incurred 7.3
Underwriting expenses (3)  
Expense ratio 31.6%
    Net commissions and brokerage expenses incurred 14.1
    Taxes, licenses and fees 2.8
    Other acquisition and field supervision expenses incurred 7.4
    General expenses incurred 7.3
Dividends to policyholders (2) 0.5%
Combined ratio after dividends (4) 124.4%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($697 billion in 2022).
(3) As a percent of net premiums written ($724.6 billion in 2022)
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add due to rounding.

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

Property/Casualty Insurance Industry Underwriting Expenses, 2021 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 87.1%
    Incurred losses 75.0
    Defense and cost containment expenses incurred 4.8
    Adjusting and other expenses incurred 7.4
Underwriting expenses (3)  
Expense ratio 32.1%
    Net commissions and brokerage expenses incurred 13.8
    Taxes, licenses and fees 2.8
    Other acquisition and field supervision expenses incurred 7.8
    General expenses incurred 7.8
Dividends to policyholders (2) 0.7%
Combined ratio after dividends (4) 119.9%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($687.5 billion in 2021).
(3) As a percent of net premiums written ($713.9 billion in 2021)
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add due to rounding.

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

Property/Casualty Insurance Industry Underwriting Expenses, 2020 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 70.2%
    Incurred losses 59.4
    Defense and cost containment expenses incurred 4.2
    Adjusting and other expenses incurred 6.6
Underwriting expenses (3)  
Expense ratio 27.4%
    Net commissions and brokerage expenses incurred 11.5
    Taxes, licenses and fees 2.3
    Other acquisition and field supervision expenses incurred 6.6
    General expenses incurred 7.0
Dividends to policyholders (2) 1.2%
Combined ratio after dividends (4) 98.7%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($642.5 billion in 2020).
(3) As a percent of net premiums written ($655.5 billion in 2020).
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add due to rounding.

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

Property/Casualty Insurance Industry Underwriting Expenses, 2019 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 70.2%
    Incurred losses 59.2
    Defense and cost containment expenses incurred 4.4
    Adjusting and other expenses incurred 6.6
Underwriting expenses (3)  
Expense ratio 27.8%
    Net commissions and brokerage expenses incurred 11.3
    Taxes, licenses and fees 2.4
    Other acquisition and field supervision expenses incurred 7.0
    General expenses incurred 7.1
Dividends to policyholders (2) 0.9%
Combined ratio after dividends (4) 98.9%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($574.3 billion in 2019).
(3) As a percent of net premiums written ($585.0 billion in 2019).
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add due to rounding.

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

Property/Casualty Insurance Industry Losses And Underwriting Expenses, 2018 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 71.3%
    Incurred losses 60.6
    Defense and cost containment expenses incurred 4.1
    Adjusting and other expenses incurred 6.6
Underwriting expenses (3)  
Expense ratio 27.1%
    Net commissions and brokerage expenses incurred 11.5
    Taxes, licenses and fees 2.4
    Other acquisition and field supervision expenses incurred 6.7
    General expenses incurred 6.5
Dividends to policyholders (2) 0.6%
Combined ratio after dividends (4) 99.0%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($598.6 billion in 2018).
(3) As a percent of net premiums written ($617.0 billion in 2018).
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add due to rounding.

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

Property/Casualty Insurance Industry Underwriting Expenses, 2017 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 75.9%
     Incurred losses 64.2
     Defense and cost containment expenses incurred 4.3
     Adjusting and other expenses incurred 7.4
Underwriting expenses (3)  
Expense ratio 27.0%
     Net commissions and brokerage expenses incurred 10.5
     Taxes, licenses and fees 2.4
     Other acquisition and field supervision expenses incurred 7.1
     General expenses incurred 7.0
Dividends to policyholders (2) 0.6%
Combined ratio after dividends (4) 103.6%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($546.0 billion in 2017).
(3) As a percent of net premiums written ($558.2 billion in 2017).
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add up due to rounding.

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

Property/Casualty Insurance Industry Underwriting Expenses, 2016 (1)

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 72.3%
    Incurred losses 60.7
    Defense and cost containment expenses incurred 4.2
    Adjusting and other expenses incurred 7.4
Underwriting expenses (3)  
Expense ratio 27.8%
    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 7.0
Dividends to policyholders (2) 0.6%
Combined ratio after dividends (4) 100.6%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($528.6 billion in 2016).
(3) As a percent of net premiums written ($533.5 billion in 2016).
(4) Sum of loss and LAE, expense and dividends ratios.

Note: Totals may not add due to rounding.

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

Property/Casualty Insurance Industry Underwriting Expenses, 2015 (1)

Expense Percent of premiums
Losses And Related Expenses (2)  
Loss and loss adjustment expense (LAE) ratio 69.3%
    Incurred losses 57.4
    Defense and cost containment expenses incurred 4.5
    Adjusting and other expenses incurred 7.4
Underwriting Expenses (3)  
Expense ratio 27.9%
    Net commissions and brokerage expenses incurred 10.9
    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) 97.7%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($511.5 billion in 2015).
(3) As a percent of net premiums written ($519.8 billion in 2015).
(4) Sum of loss and LAE, expense and dividends ratios.

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

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.

Property/Casualty Insurance Industry Underwriting Expenses, 2025 (1)

Expense Percent of premiums
Losses and related expenses (2)
Loss and loss adjustment expense (LAE) ratio 66.6%
    Incurred losses 57.7
    Defense and cost containment expenses incurred 3.7
    Adjusting and other expenses incurred 5.3
Operating expenses (3)
Expense ratio 25.8%
    Net commissions and brokerage expenses incurred 10.7
    Taxes, licenses and fees 2.4
    Other acquisition and field supervision expenses incurred 6.0
    General expenses incurred 6.7
Dividends to policyholders (2) 0.6%
Combined ratio after dividends (4) 93.1%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($959.5 billion in 2025).
(3) As a percent of net premiums written ($979.1 billion in 2025).
(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.