Underwriting Expenses

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Underwriting Expenses

The expenses associated with running an insurance agency. Underwriting expenses include salaries and commissions for agents, travel, training sessions, rent on offices and so forth. Underwriting expenses do not include taxes.
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However, underwriting expense growth has outpaced premium growth through the first two quarters of 2015, with total underwriting expenses up 4.
Best's Global Insurance & Banking Database, includes earned premium; losses incurred; loss adjustment expense incurred; and underwriting expense incurred.
The underwriting expense ratio and net underwriting combined ratio at a class of business level have also been included in the quarterly publication.
Partially offsetting rating factors for TSP are the company's geographic risk concentration, competitive operating environment and above average underwriting expense ratio relative to the commercial casualty composite.
These positives are counterbalanced by the company's geographic risk concentration and above-average underwriting expense ratio, which is however somewhat offset by the adequate underlying book of business, AM Best added.
Also, the company s underwriting expense ratio is above the personal property composite average, primarily driven by higher commission rates.
The ratings acknowledge WMIC s solid capitalization, established market presence in Wisconsin and favorable underwriting expense ratio.
Despite notable reduction in expenses, underwriting expense ratio is on the higher side.