1. (8 points) JKL Insurance Company reported the following information on its accounting statements last year: Premiums

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1 8 Points Jkl Insurance Company Reported The Following Information On Its Accounting Statements Last Year Premiums 1 (99.98 KiB) Viewed 106 times

1. (8 points) JKL Insurance Company reported the following information on its accounting statements last year: Premiums Written $90,000,000 Loss Adjustment Expenses $4,000,000 Underwriting Expenses $30,000,000 Premiums Earned $100,000,000 Incurred Losses $70,000,000 a) What was JKL's loss ratio last year? b) What was JKL's expense ratio last year? c) W1 was JKL's combined ratio last year? d) Please comment on the results you get from a) b) and c) and indicate what kind of the market (“soft” or “hard”) is the last year according to the underwriting cycle measure.