Combined Ratio Calculator
From incurred losses, expenses and earned premiums, compute the combined ratio — the core underwriting profitability gauge for insurers.
輸入資料
計算結果
重點速覽：Combined ratio = (incurred losses + underwriting expenses) / earned premiums. It splits into loss ratio (losses/premiums) and expense ratio (expenses/premiums). Below 100% = profitable underwriting; above 100% = underwriting loss (only investment income can rescue it). Example: premiums 1m, losses 600k, expenses 280k → (600k+280k)/1m = 88% — profitable. WARNING: Excludes investment income and capital gains; a >100% ratio is not necessarily a net loss; based on accounting figures that can shift with reserves. Education, not advice.
計算公式
賠款率 = 已發生賠款 ÷ 已賺保費 × 100%。
費用率 = 承保費用 ÷ 已賺保費 × 100%。
綜合成本率 = 賠款率 + 費用率。
$$賠款率：$LR=\dfrac{Losses}{EarnedPremium}\times100\%$$$$$費用率：$ER=\dfrac{Expenses}{EarnedPremium}\times100\%$$$$$綜合成本率：$CR = LR + ER$$$$$示例：$\dfrac{600{,}000}{1{,}000{,}000}+\dfrac{250{,}000}{1{,}000{,}000}=60\%+25\%=85\%$$$使用說明
- Enter earned premiums, incurred losses and underwriting expenses.
- View the combined, loss and expense ratios.
已賺保費 HK$1,000,000 下不同賠款與費用組合的綜合成本率
| 已發生賠款 (HK$) | 承保費用 (HK$) | 賠款率 | 費用率 | 綜合成本率 | 承保結果 |
|---|---|---|---|---|---|
| 550,000 | 200,000 | 55% | 20% | 75% | 承保利潤 |
| 600,000 | 250,000 | 60% | 25% | 85% | 承保利潤 |
| 700,000 | 250,000 | 70% | 25% | 95% | 承保利潤 (偏薄) |
| 800,000 | 300,000 | 80% | 30% | 110% | 承保虧損 |
理財情境案例
案例一：健康的承保業務 (綜合成本率 85%)
某產險公司在一個年度內，已賺保費 HK$1,000,000、已發生賠款 HK$600,000、承保費用 HK$250,000。
賠款率 = 600,000 ÷ 1,000,000 = 60%；費用率 = 250,000 ÷ 1,000,000 = 25%；綜合成本率 = 60% + 25% = 85%。
解讀：綜合成本率 85% 低於 100%，代表每收 100 元保費，只花了 85 元在賠款與費用上，承保業務本身賺了 15 元 (承保利潤)。這反映公司的風險定價與成本控制良好，是財務健康的表現。再加上保費在賠付前拿去投資的收益，公司整體盈利會更佳。
案例二：綜合成本率超過 100%，公司就一定虧損嗎？
另一家公司這一年賠款激增 (可能因天災或理賠增多):已賺保費 HK$1,000,000、已發生賠款 HK$800,000、承保費用 HK$300,000。
賠款率 = 80%、費用率 = 30%、綜合成本率 = 80% + 30% = 110%。這代表賠款加費用 (HK$1,100,000) 超過了保費 (HK$1,000,000)，承保業務虧損 HK$100,000。
解讀：綜合成本率 110% 意味著承保本業虧損，但公司未必整體虧損。保險公司有兩個利潤來源：承保利潤與投資收益。它們在收保費後、賠付前持有大量資金 (浮存金)，拿去投資賺取回報。若這一年投資收益超過 HK$100,000，就足以填補承保虧損，公司仍可整體盈利。因此綜合成本率專門衡量『承保紀律』,而非公司的全部盈利——這是解讀這個指標最關鍵的觀念。
常見問題
What does a combined ratio below 100% mean?
It means the insurer's core underwriting (collecting premiums vs paying claims and running the business) is profitable — it makes money before any investment income. Below 100% is the goal; the lower, the better the underwriting.
Why can a ratio above 100% still be fine?
Because the combined ratio ignores investment income. Insurers invest the 'float' (premiums held before claims are paid); strong investment returns can offset an underwriting loss, so the firm can still net profit with a combined ratio above 100%. But relying on that is riskier than underwriting profit.
What do the loss and expense ratios tell me?
Loss ratio = claims / premiums — how much of premium goes to claims (pricing adequacy and risk quality). Expense ratio = underwriting expenses / premiums — acquisition and admin efficiency. A high loss ratio points to poor pricing/claims; a high expense ratio to bloated costs. Combined = the two.
Why use earned, not written, premiums?
Written premium is the total sold; earned premium is the portion that applies to the period (premium is earned as coverage is provided). Using earned premium matches the losses and expenses of the same period, giving a meaningful ratio. Written premium alone overstates the current period's result.
What is the Hong Kong angle?
The Insurance Authority (IA) supervises Hong Kong insurers' solvency and conduct; the combined ratio is a standard indicator analysts use to assess underwriting health alongside solvency and investment results. This is a simplified educational measure; for actual insurer analysis consult the IA's disclosures and filings. Education, not advice.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。