这一题不应该比较underwriting expense ratio吗？为什么解析里说要比较combined ratio

NO.PZ2020021601000006 问题如下 Viktoria Smith is a recently hirejunior analyst Aries Investments. Smith anher supervisor, IngriJohansson, meet to scuss some of the firm’s investments in banks aninsurancompanies.Johansson asks Smith to review key performanratios for three P C insurers in whiAries is investe The ratios are presentein Exhibit 1.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The combineratio= unrwriting expense ratio+ loss anloss austment expense ratio，三个ratio都是越低越好，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。 老师在知识框架里面写关于combineratiothis ratio incates the overall efficienof unrwriting operation. A combineratio of less th100 is consireefficient.以及会不会出现combineratio两个部分比较结果不一样的情况？比如loss anloss austment ratio更高但是unrwriting expense ratio更低， 这个时候是优先比较combineratio么？