In this briefing note, we will explore claims ratios in more detail, looking at the potential reasons for low claims ratios, their significance in inclusive insurance, and some of the concerns that we and some of our members have raised relating to them. We will draw on our previous work on the topic, our 2020 Landscape Study data and some key secondary sources, and – most prominently – from two sessions we hosted for our members in our 2021 June Members’ Meeting (JMM) that focused on better understanding claims ratios...