Percentage of each premium dollar a property/casualty insurer spends on claims and expenses. A decrease in the combined ratio means financial results are improving; an increase means they are deteriorating.

"Combined Ratio" In Context

"Reflecting the higher reimbursement of health care costs to its contributors, EBS's combined ratio had increased for three consecutive years from 95% in 2008 to 109% in 2011. A significant deterioration in the company's capital and surplus could ..."