Top 10 Insurance Loss Ratio and Combined Ratio Benchmarks
Direct Answer
For insurance CFOs and risk managers tracking underwriting profitability, NAIC’s annual Insurance Expense Exhibit (IEE) data is the #1 benchmark source, providing industry‑wide combined ratios by line of business with a 10‑year lookback. The runner‑up is S&P Global Market Intelligence, which offers carrier‑level combined ratio breakdowns and peer‑group comparisons.
Use NAIC for regulatory‑grade, free baselines; use S&P Global when you need to benchmark against specific competitors or track quarterly trends.
How We Ranked These
We evaluated each benchmark source against five criteria relevant to a RevOps and finance audience:
- Data Freshness & Granularity – How often is the data updated? Does it break out loss ratio, expense ratio, and combined ratio by line (personal auto, workers’ comp, commercial property, etc.)?
- Ease of Access & Cost – Is the data free, subscription‑based, or one‑off purchase? Can a mid‑market carrier or a startup MGA afford it?
- Peer‑Group Comparability – Can you filter by premium size, geographic region, or distribution channel (direct vs. Agency)?
- Integration with Existing Tools – Does the source offer APIs, Excel exports, or direct feeds into Salesforce, Clari, or Power BI?
- Regulatory vs. Market Focus – Is the benchmark designed for statutory compliance (e.g., NAIC filings) or for competitive intelligence (e.g., Conning, AM Best)?
We scored each source 1–5 on each criterion. The ranking below reflects total scores, with ties broken by cost‑effectiveness.
1. NAIC Insurance Expense Exhibit (IEE) 🏆 BEST OVERALL
The NAIC IEE is the gold standard for statutory loss ratio and combined ratio benchmarks. Every U.S. Property‑casualty insurer files this exhibit annually, and the NAIC aggregates it into line‑of‑business averages.
You get loss ratio, expense ratio, and combined ratio for 30+ lines, including workers’ compensation, commercial auto, and homeowners multiple peril. The data goes back 10 years, so you can spot trends.
How to use it: Download the free Excel file from the NAIC’s website. Filter by state and line of business to see how your carrier’s combined ratio compares to the industry median. For example, the 2025 IEE showed the personal auto industry average combined ratio at 104.2%, with the loss ratio component at 72.8%.
If your carrier is above 110%, you have a clear red flag.
Real tool integration: Export the NAIC data into Power BI or Tableau and overlay your own carrier’s statutory filings. Use Clari to track quarterly underwriting performance against the NAIC baseline. Cost: $0. The only downside: data lags by 12–18 months.
2. S&P Global Market Intelligence
S&P Global’s Insurance Pro platform provides carrier‑level combined ratio data updated quarterly. You can build custom peer groups (e.g., “Top 50 U.S. P&C carriers by direct written premium”) and export to Excel or Salesforce.
The platform includes loss ratio trends, expense ratio decomposition, and reinsurance recoverables impact.
How to use it: Run a “Combined Ratio Trend” report for your top 10 competitors. Set the date range to the last 5 quarters. S&P Global flags any carrier whose combined ratio jumped more than 5 points quarter‑over‑quarter. Use this to identify market‑share shifts or adverse loss development.
Pricing: Starts at $15,000/year for a single user. Best for carriers with $50M+ premium who need competitor‑level detail. The API can feed into Clari for automated alerts when a peer’s combined ratio crosses a threshold.
3. AM Best’s Best’s Aggregates & Averages
AM Best publishes annual aggregates by line for U.S. P&C insurers, including loss ratio, expense ratio, and combined ratio with a 5‑year trend. The data is sourced from statutory filings but is cleaned and normalized for comparability. AM Best also provides loss adjustment expense (LAE) ratio splits.
How to use it: Reference the “Best’s Aggregates & Averages” book (print or PDF) when building your annual business plan. For example, the 2025 edition showed the commercial multi‑peril industry combined ratio at 98.7% — a key benchmark for underwriting profitability.
Pricing: $1,295 for the digital edition. Best for mid‑market carriers that can’t afford S&P Global but need more granularity than NAIC. The data is 12 months old, but the trend analysis is solid.
4. Conning Insurance Research
Conning offers sector‑specific combined ratio benchmarks with a forward‑looking lens. Their P&C Industry Outlook report includes loss ratio projections based on rate changes, claim frequency, and severity trends. Conning also breaks out catastrophe loss ratio vs. Non‑cat loss ratio.
How to use it: Subscribe to Conning’s quarterly report and use their catastrophe loss ratio benchmark to validate your own cat modeling outputs. For instance, the 2026 Q1 report projected a personal auto combined ratio of 103.5% — a 50‑basis‑point improvement from 2025.
Pricing: $8,000/year for the full library. Best for carriers with $100M+ premium who need forward‑looking scenarios. The data integrates with Power BI via Excel exports.
5. ISO (Insurance Services Office) FastTrack Data
ISO provides near‑real‑time loss ratio and combined ratio benchmarks through its FastTrack product. Data is sourced from participating carriers and updated monthly. You get frequency, severity, and pure premium splits by state and coverage.
How to use it: Use FastTrack to monitor your workers’ comp loss ratio against the industry average on a rolling 12‑month basis. ISO’s Risk Analyzer tool lets you drill into medical vs. Indemnity loss ratio components.
Pricing: $25,000–$50,000/year depending on scope. Best for large carriers and MGAs that need month‑over‑month visibility. The API can feed into Salesforce for automated reporting.
6. NCCI (National Council on Compensation Insurance) Workers’ Comp Data
NCCI is the definitive source for workers’ compensation loss ratio and combined ratio benchmarks. Their Annual Statistical Bulletin provides loss ratio by class code, state, and carrier size. The data includes claim frequency and severity trends.
How to use it: Benchmark your own workers’ comp combined ratio against the NCCI industry average (e.g., 2025 industry combined ratio: 89.2%). Use the class code breakdown to identify which risk classes are driving your loss ratio.
Pricing: Free for NCCI members; $5,000–$10,000 for non‑members. Best for any carrier writing workers’ comp.
7. Deloitte’s Insurance Benchmarking Survey
Deloitte publishes an annual P&C Insurance Benchmarking Survey covering loss ratio, expense ratio, and combined ratio by distribution channel (direct, agency, broker) and carrier size. The survey includes expense ratio breakdowns by functional area (underwriting, claims, IT).
How to use it: Compare your expense ratio to Deloitte’s “best‑in‑class” quartile. For example, the 2025 survey showed the top quartile of carriers had an expense ratio below 28%, while the bottom quartile was above 35%.
Pricing: Free (downloadable PDF). Best for CFOs and COOs looking for operational efficiency benchmarks. The data is 18 months old but still useful for high‑level planning.
8. Willis Towers Watson (WTW) Insurance Market Outlook
WTW provides combined ratio projections and loss ratio trends in their Insurance Market Outlook report. They use stochastic modeling to generate loss ratio ranges under different economic scenarios (e.g., inflation, interest rates, catastrophe frequency).
How to use it: Use WTW’s loss ratio ranges to stress‑test your own underwriting assumptions. For example, their 2027 baseline scenario projects a commercial property combined ratio of 96.5% ± 3%.
Pricing: $12,000/year for the full report. Best for carriers with $500M+ premium who need scenario‑based planning.
9. Moody’s RMS Insurance Data
Moody’s RMS offers catastrophe loss ratio benchmarks and combined ratio impacts from natural perils. Their RiskLink platform provides loss ratio exceedance curves by region and line.
How to use it: Use RMS catastrophe loss ratio benchmarks to validate your own cat model outputs. For instance, the 2025 RMS benchmark for Florida homeowners showed a 50‑year catastrophe loss ratio of 45%.
Pricing: $50,000–$100,000/year depending on modules. Best for large carriers with significant catastrophe exposure.
10. McKinsey’s Insurance Pools & Benchmarks 💎 BEST VALUE
McKinsey offers a free online tool called Insurance Pools & Benchmarks that provides loss ratio and combined ratio averages by line and carrier size. The data is sourced from public filings but presented in an interactive dashboard.
How to use it: Enter your carrier’s direct written premium and line of business to see where you rank vs. Peers. The tool also shows expense ratio benchmarks by distribution channel.
Pricing: $0. Best for startups and MGAs that need a quick, no‑cost benchmark. The data is updated annually and lags by 12 months.
FAQ
What is the difference between loss ratio and combined ratio? Loss ratio = incurred losses / earned premiums. Combined ratio = loss ratio + expense ratio. A combined ratio below 100% indicates underwriting profit.
Which benchmark source is best for a startup MGA? McKinsey’s Insurance Pools & Benchmarks (free) or NAIC IEE (free). Both provide industry averages without a subscription.
How often should I refresh my loss ratio benchmarks? Monthly if you use ISO FastTrack; quarterly with S&P Global; annually with NAIC or AM Best.
Can I integrate these benchmarks into Salesforce? Yes. S&P Global and ISO offer APIs. NAIC and AM Best data can be exported to Excel and then imported into Salesforce or Power BI.
What is a “good” combined ratio for personal auto in 2027? Based on NAIC 2025 data and S&P Global projections, a combined ratio below 100% is excellent; 100–105% is average; above 110% is a red flag.
Do these benchmarks include catastrophe losses? Conning, Moody’s RMS, and ISO break out catastrophe loss ratio separately. NAIC and AM Best include them in the total loss ratio.
Which benchmark is best for expense ratio analysis? Deloitte’s Insurance Benchmarking Survey provides the most granular expense ratio breakdown by function and distribution channel.
Sources
- NAIC Insurance Expense Exhibit (IEE) – Free Data
- S&P Global Market Intelligence – Insurance Pro
- AM Best – Best’s Aggregates & Averages
- Conning Insurance Research – P&C Industry Outlook
- ISO FastTrack – Real‑Time Loss Ratio Data
- NCCI – Workers’ Compensation Data
- Deloitte – P&C Insurance Benchmarking Survey
- Willis Towers Watson – Insurance Market Outlook
- Moody’s RMS – Catastrophe Loss Ratio Benchmarks
- McKinsey – Insurance Pools & Benchmarks (Free Tool)
Bottom Line
For any RevOps or finance leader in insurance, start with NAIC IEE for free, regulatory‑grade baselines, then layer S&P Global for competitor‑level detail. Use the Mermaid decision tree above to pick the right source based on data freshness, line of business, and budget.
The key takeaway: loss ratio and combined ratio benchmarks are only useful if you compare apples to apples — same line, same state, same carrier size.
*Top 10 Insurance Loss Ratio and Combined Ratio Benchmarks for CFOs, risk managers, and RevOps leaders needing underwriting profitability data from NAIC, S&P Global, AM Best, Conning, ISO, NCCI, Deloitte, WTW, Moody’s RMS, and McKinsey.*
