辛苦老师帮忙再详细对比一下 underwriting expense ratio 和combined ratio

问题如下：

Based on Exhibit 1, Smith should conclude that the insurer with the most efficient underwriting operation is:

选项：

Insurer A.

Insurer B.

Insurer C.

解释：

C is correct.

The combined ratio, which is the sum of the underwriting expense ratio and the loss and loss adjustment expense ratio, is a measure of the efficiency of an underwriting operation. A combined ratio of less than 100% is considered efficient; a combined ratio greater than 100% indicates an underwriting loss. Insurer C is the only insurer that has a combined ratio less than 100%.

解析：

考点：Analysis of Financial Institutions - An Insurance Company - Property and Casualty Insurance Companies - Earnings Characteristics

题目问哪家公司的 underwriting operation 承保业务效率最高。首先明确需要看的指标是 the combined ratio ( underwriting expense ratio + loss and loss adjustment expense ratio)

其次，combined ratio 越低越好；低于 100% 的 combined ratio 代表有效率，大于 100% 的 combined ratio 说明收到的保费无法覆盖运营成本及理赔支出，说明保险公司的业务做的不好，在赔钱。

所以根据数据，Insurer C 的 combined ratio 最低，选 C