不太理解为什么该ratio越小代表估计更准

问题如下：

Based only on the information in Exhibit 1, in 2017 Vermillion most likely:

选项：

experienced a decrease in overall efficiency.

improved its ability to estimate insured risks.

was more efficient in obtaining new premiums.

解释：

B is correct.

The loss and loss adjustment expense ratio decreased from 61.3% to 59.1% between 2016 and 2017. This ratio is calculated as follows: (Loss Expense + Loss Adjustment Expense)/Net Premiums Earned. The loss and loss adjustment expense ratio indicates the degree of success an underwriter has achieved in estimating the risks insured. A lower ratio indicates greater success in estimating insured risks.

解析：

考点：Analysis of Financial Institutions - An Insurance Company -Property and Casualty Insurance Companies - Earnings Characteristics

这道题需要的知识储备有两点：一是看到选项描述的业务方面，反应要查看哪个指标；二是指标数据的变化，如何反应业务的变化

选项 A 错误。overall efficiency 总体效率的变化，要看指标 combined ratio，数值从 97.1% 降至 95.4%, 反应总体效率提升。而选项 A 的描述是 decrease，错误。

选项 B 正确。ability to estimate insured risks 评估承保风险的能力，要看指标 loss and loss adjustment expense ratio 损失和损失调整费用比例。分子是理赔带来的支出，分母是承保带来的收入。如果 ratio 变小，说明相比赚到的钱，发生理赔支出变少；或者相对于发生理赔的支出，保险公司收的保费更多，说明保险公司对承保风险的估计更准了。数值从 61.3% 降至 59.1%，表明在估计承保风险方面取得了提升。选项 B 的描述是 improved，正确。

选项 C 错误。obtaining new premiums 获取新保费，要看指标 Underwriting expense ratio，underwriting expense ratio = underwriting expense / premiums。比例越高，为了得到一笔保费，所支付的佣金和其他运营费用越高，说明效率越低。数值从 35.8% 升至 36.3%，反应效率下降。而选项 C 的描述是 more efficient，错误。