For the past calendar year, a property insurer reported the following financial information for a specific line of insurance: mining Premiums written Expenses incurred Incurred losses and loss adjustment expenses $25,000,000 5,000,000 14,000,000 Earned premiums 20,000,000 a. What was the insurer's loss ratio for this line of coverage? b. Calculate the expense ratio for this line of coverage. What was the combined ratio for this line of coverage 5. a. Why are property and casualty insurance companies required to maintain loss reserves? ne the pany