问一道题：NO.PZ201812170100000106 第6小题

NO.PZ201812170100000106 问题如下 Baseon Exhibit 1, Smith shoulconclu ththe insurer with the most efficient unrwriting operation is: A.Insurer B.Insurer C.Insurer C is correct.The combineratio, whiis the sum of the unrwriting expense ratio anthe loss anloss austment expense ratio, is a measure of the efficienof unrwriting operation. A combineratio of less th100% is consireefficient; a combineratio greater th100% incates unrwriting loss. Insurer C is the only insurer thha combineratio less th100%.解析考点Analysis of FinanciInstitutions - InsuranCompany - Property anCasualty InsuranCompanies - Earnings Characteristics题目问哪家公司的 unrwriting operation 承保业务效率最高。首先明确需要看的指标是 the combineratio ( unrwriting expense ratio + loss anloss austment expense ratio)其次，combineratio 越低越好；低于 100% 的 combineratio 代表有效率，大于 100% 的 combineratio 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 combineratio 最低，选 Johansson 强调获得新保费的效率，主要看的是 C unrwriting expense ratio 运营费用率（运营费用 / 净保费），衡量的是每获得一块钱的保费，需要付出去多少运营成本（销售人员佣金、工资等）