Glossary

combined ratio

The combined ratio is the underwriting profitability metric comparing losses plus expenses to premiums earned - below 100% indicates an underwriting profit. Triple-I publishes combined ratios for US homeowners and renters insurance alongside state premium tables, and Lloyd's reported an 87.6% combined ratio with 10.6bn pounds profit before tax for 2025.

What is the combined ratio?

The combined ratio adds two components - losses incurred divided by earned premium, and expenses divided by earned premium - and reads the sum as a percentage. Under 100%, premium covers both claims and costs; over 100%, underwriting loses money and investment income must fill the gap.

It functions as a tagging and aggregation axis in the cataloged insurance sources.

At market level, Lloyd's publishes the ratio as a headline KPI beside gross written premium and profit: 57.9bn pounds GWP, an 87.6% combined ratio and 10.6bn pounds profit before tax for 2025, with archives back to 2014 and syndicate accounts beneath the aggregate.

Why does the combined ratio matter when choosing a dataset?

The combined ratio is the fastest read on whether a book of business is structurally profitable, which is why it anchors carrier comparisons. But sourcing it badly produces misleading comparisons: Triple-I's US personal-lines figures and Lloyd's market-level results are computed over different books and periods, and neither substitutes for the other.

The buyer consequence is licence gating. Both cataloged Triple-I records carry non-commercial-use terms - the homeowners statistics page is free to access but limited to personal or educational purposes - while Lloyd's material is copyright Society of Lloyd's with background-use disclaimers. Redistributing extracted ratio tables in a commercial product needs permission regardless of how public the pages look.

Granularity is the second trap: a market-level 87.6% tells you nothing about a specific syndicate or line, so buyers needing drill-down must confirm syndicate accounts (100+ covered annually from 2014) or line-of-business tables exist before subscribing to the headline.

How do you evaluate combined ratio data in a data source?

Run these checks:

  1. Confirm the numerator definition. Losses plus expenses against earned premium is the standard construction; sources dropping expense ratios report loss ratios instead.
  2. Check the aggregation level. Market (Lloyd's 87.6% for 2025), line (homeowners via Triple-I) and syndicate levels answer different questions.
  3. Verify period alignment. Quarterly Lloyd's results versus annual Triple-I statistics pages cannot be mixed mid-year without restatement risk.

Gross written premium is the market-size KPI published beside the ratio - 57.9bn pounds for Lloyd's in 2025 - and catastrophe losses are the volatility driver behind its loss component; both appear as tags on the same Triple-I research records.

Copyright all rights reserved describes the licensing posture of sources like Lloyd's, whose material carries Society of Lloyd's copyright with background-use disclaimers.

Class of business is the product subdivision that determines which book a given combined ratio actually describes.

Industries where the catalog applies this term: multi-line-insurance data and property-casualty-insurance data.

Frequently asked questions

What does a combined ratio below 100% mean?

It means premium income covered both claims and expenses, leaving an underwriting profit. Lloyd's 2025 result illustrates the scale: an 87.6% combined ratio alongside 10.6bn pounds profit before tax and 57.9bn pounds gross written premium per the cataloged record.

Where can I find combined ratio data?

In the cataloged sources: Triple-I's Homeowners and Renters Insurance Statistics page (roughly 16 HTML tables combining ratios with state premiums and FAIR Plan exposure, annual updates) and Lloyd's Market Financial Performance & Syndicate Reports (quarterly KPIs with archives back to 2014).

Datasets containing this field

Datasets containing combined ratio

6 datasets carry combined ratio in the catalog. Open one, count the fields, judge for yourself.

Industries All EU member states plus EFTA and… · Historical series through current…

EU Open Data Portal Advanced Search

title · description · catalog …+11 more

Industries

Insurance Information Institute (Triple-I) Research & Data

article_title · insurance_line · statistical_table …+2 more

Industries

NAIC Resource Center - Regulatory Data & Publications

COMPANY NAME · STATE OF DOMICILE · GROUP CODE …+6 more

Multi-Line Insurance

World Bank World Development Indicators - Insurance & Financial Sector

BX.GSR.INSF.ZS · BM.GSR.INSF.ZS · TX.VAL.INSF.ZS.WT …+3 more

Industries

NAIC Research and Insurance Data

title · doc_type · publication_year …+6 more

Industries United States · 1980-2024, event level with start…

NOAA NCEI Billion-Dollar Weather and Climate Disasters

Name · Disaster · Begin Date …+8 more

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