NO.PZ201812170100000106
问题如下：
Based on Exhibit 1, Smith should conclude that the insurer with the most efficient underwriting operation is:
选项：
A.
Insurer A.
B.
Insurer B.
C.
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
这里明明要看underwriting的运营效率却用combined ratio看，第四小问主人公却也说了efficiency of spending on new premium这类的话，意思接近却要用underwriting expense ratio。我就想知道这会是cfa的出题方向吗？很难评
