1. (8 points) JKL Insurance Company reported the following information on its accounting statements last year: Premiums Written Loss Adjustment Expenses Underwriting Expenses Premiums Earned Incurred Losses a) What was JKL's loss ratio last year? b) What was JKL's expense ratio last year? c) What was JKL's combined ratio last year? $90,000,000 $4,000,000 $30,000,000 $100,000,000 $70,000,000 d) Please comment on the results you get from a) b) and c) and indicate what kind of the market ("soft" or "hard") is the last year according to the underwriting cycle measure