Incurred Losses and LAE.
The following table presents the incurred losses and LAE for the U. S.  Reinsurance segment for the periods indicated.
## Table 0 ##
Incurred losses increased by 29.5% to $1,068.5 million in 2016 compared to $825.1 million in 2015, primarily due to an increase of $155.4 million in current year attritional losses, resulting mainly from the impact of the increase in premiums earned and the impact of the new crop reinsurance contract effective upon the sale of Heartland, and $117.4 million in current year catastrophe losses.
The $126.4 million of favorable prior years attritional loss development in 2016 is primarily due to U.
S property and marine business, partially offset by $47.1 million of adverse development on A&E reserves.
There was also an increase in favorable development of $26.1 million on prior years’ catastrophe losses in 2016 compared to 2015.
The $35.3 million of favorable development on prior years catastrophes in 2016 mainly related to the 2011 Japan earthquake ($15.5 million), the 2015 U. S.  storms ($11.6 million) and the 2013 U. S.  storms ($9.6 million).
The $134.1 million of current year catastrophe losses in 2016 related to Hurricane Matthew ($86.2 million), the 2016 U. S.  storms ($20.4 million), 2016 Tennessee wildfire ($14.7 million) and Hurricane Hermine ($13.5 million).
The $16.7 million of current year catastrophe losses in 2015 were mainly due to the US storms ($16.2 million).
Incurred losses decreased by 13.6% to $825.1 million in 2015 compared to $954.5 million in 2014, primarily due to an increase in favorable development of $147.6 million on prior year attritional losses in 2015 compared to 2014 related to treaty property, treaty casualty, marine lines of business and less year over year development on A&E reserves.
This favorable development was partially offset by the increase in current year attritional losses of $7.3 million resulting primarily from $14.2 million related to the explosion at the Chinese port of Tianjin.
Current year catastrophe losses for 2015 are outlined above.
The $12.5 million of current year catastrophe losses in 2014 related to the Japan snowstorm ($7.8 million) and Hurricane Odile ($4.7 million).
Segment Expenses.
Commission and brokerage expenses decreased by 5.5% to $466.0 million in 2016 compared to $493.3 million in 2015.
The decrease is mainly due to the impact of the new crop reinsurance contract effective upon the sale of Heartland, the impact of quota share contracts and changes in the mix of business.
Segment other underwriting expenses increased to $54.1 million in 2016 from $50.1 million in 2015.
The increase was primarily due to the impact of changes in the mix of business and higher compensation costs
The following table displays the estimated components of net earned but not reported premiums by segment for the periods indicated.
## Table 1 ##
Investment Valuation.
Our fixed income investments are classified for accounting purposes as available for sale and are carried at market value or fair value in our consolidated balance sheets.
Our equity securities are all carried at fair value, as of January 1, 2018, due to the adoption of ASU 2016-01.
Most securities we own are traded on national exchanges where market values are readily available.
Some of our commercial mortgage-backed securities (“CMBS”) are valued using cash flow models and risk-adjusted discount rates.
We hold some privately placed securities, less than 2.9% of the portfolio, that are either valued by brokers or investment advisors.
In most instances, values provided by an investment advisor are supported with opinions from qualified independent third parties.
In limited circumstances when broker or investment advisor prices are not available for a private placement, we will value the securities using comparable market information.
At December 31, 2018 and 2017, our investment portfolio included $1,427.8 million and $1,074.6 million, respectively, of limited partnership investments whose values are reported pursuant to the equity method of accounting.
We carry these investments at values provided by the managements of the limited partnerships and due to inherent reporting lags, the carrying values are based on values with “as of” dates from one month to one quarter prior to our financial statement date.
At December 31, 2018, we had net unrealized losses, net of tax, of $179.4 million compared to unrealized gains, net of tax, of $50.0 million at December 31, 2017.
Gains and losses from market fluctuations for investments held at market value are reflected as comprehensive income (loss) in the consolidated balance sheets.
Gains and losses from market fluctuations for investments held at fair value are reflected as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss).
Market value declines for the fixed income portfolio, which are considered credit other-thantemporary impairments, are reflected in our consolidated statements of operations and comprehensive income (loss), as realized capital losses.
We consider many factors when determining whether a market value decline is other-than-temporary, including: (1) we have no intent to sell and, more likely than not, will not be required to sell prior to recovery, (2) the length of time the market value has been below book value, (3) the credit strength of the issuer, (4) the issuer’s market sector, (5) the length of time to maturity and (6) for asset-backed securities, changes in prepayments, credit enhancements and underlying default rates.
If management’s assessments change in the future, we may ultimately record a realized loss after management originally concluded that the decline in value was temporary.
See also ITEM 8, “Financial Statements and Supplementary Data” - Note 1 of Notes to the Consolidated Financial Statements.
FINANCIAL CONDITION Cash and Invested Assets.
Aggregate invested assets, including cash and short-term investments, were $18,433.1 million at December 31, 2018, a decrease of $193.5 million compared to $18,626.5 million at December 31, 2017.
This decrease was primarily the result of $329.4 million in fair value remeasurements, $250.9 million of pre-tax unrealized depreciation, $216.2 million paid out in dividends to shareholders, $143.1 million due to fluctuations in foreign currencies, repurchases of 0.3 million common shares for $75.3 million and $8.1 million of other-than-temporary impairments, partially offset by $610.1 million of cash flows from operations, $102.1 million in equity adjustments of our limited partnership investments, $46.1 million of unsettled securities and $29.3 million of amortization bond premium.
Our principal investment objectives are to ensure funds are available to meet our insurance and reinsurance obligations and to maximize after-tax investment income while maintaining a high quality diversified investment portfolio.
Considering these objectives, we view our investment portfolio as having two components: 1) the investments needed to satisfy outstanding liabilities (our core fixed maturities portfolio) and 2) investments funded by our shareholders’ equity.
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2013 market condition is based on the Company’s total shareholder return ranked against that of other companies that are included in the Standard & Poor’s 500 Index.
The fair value of the performancebased shares, incorporating the market condition, is estimated on the grant date using a Monte Carlo simulation model.
The grant-date fair value of performance-based shares in fiscal 2013, 2012 and 2011 was $164.14, $97.84 and $85.05 per share, respectively.
Earned performance shares granted in fiscal 2013 and 2012 vest approximately three years from the initial grant date.
Earned performance shares granted in fiscal 2011 vest in two equal installments approximately two and three years from their respective grant dates.
All performance awards are subject to earlier vesting in full under certain conditions.
Compensation cost for performance-based shares is initially estimated based on target performance.
It is recorded net of estimated forfeitures and adjusted as appropriate throughout the performance period.
At September 30, 2013, there was $15 million of total unrecognized compensation cost related to unvested performance-based shares, which is expected to be recognized over a weighted-average period of approximately 1.0 years.
Note 17—Commitments and Contingencies Commitments.
The Company leases certain premises and equipment throughout the world with varying expiration dates.
The Company incurred total rent expense of $94 million, $89 million and $76 million in fiscal 2013, 2012 and 2011, respectively.
Future minimum payments on leases, and marketing and sponsorship agreements per fiscal year, at September 30, 2013, are as follows:
## Table 2 ##
Select sponsorship agreements require the Company to spend certain minimum amounts for advertising and marketing promotion over the life of the contract.
For commitments where the individual years of spend are not specified in the contract, the Company has estimated the timing of when these amounts will be spent.
In addition to the fixed payments stated above, select sponsorship agreements require the Company to undertake marketing, promotional or other activities up to stated monetary values to support events which the Company is sponsoring.
The stated monetary value of these activities typically represents the value in the marketplace, which may be significantly in excess of the actual costs incurred by the Company.
Client incentives.
The Company has agreements with financial institution clients and other business partners for various programs designed to build payments volume, increase Visa-branded card and product acceptance and win merchant routing transactions.
These agreements, with original terms ranging from one to thirteen years, can provide card issuance and/or conversion support, volume/growth targets and marketing and program support based on specific performance requirements.
These agreements are designed to encourage client business and to increase overall Visa-branded payment and transaction volume, thereby reducing per-unit transaction processing costs and increasing brand awareness for all Visa clients.
Payments made that qualify for capitalization, and obligations incurred under these programs are reflected on the consolidated balance sheet.
Client incentives are recognized primarily as a reduction

['

Years Ended December 31,
(Dollars in millions)	Current Year	Ratio %/ Pt Change	Prior Years	Ratio %/ Pt Change	Total Incurred	Ratio %/ Pt Change
2016
Attritional	$1,096.0	52.9%	$-126.4	-6.1%	$969.7	46.8%
Catastrophes	134.1	6.5%	-35.3	-1.7%	98.8	4.8%
Total segment	$1,230.1	59.4%	$-161.6	-7.8%	$1,068.5	51.6%
2015
Attritional	$940.6	48.2%	$-123.1	-6.3%	$817.5	41.9%
Catastrophes	16.7	0.9%	-9.2	-0.5%	7.6	0.4%
Total segment	$957.4	49.1%	$-132.3	-6.8%	$825.1	42.3%
2014
Attritional	$933.3	47.0%	$24.5	1.2%	$957.8	48.2%
Catastrophes	12.5	0.6%	-15.8	-0.8%	-3.3	-0.2%
Total segment	$945.8	47.6%	$8.7	0.4%	$954.5	48.0%
Variance 2016/2015
Attritional	$155.4	4.7	pts	$-3.3	0.2	pts	$152.2	4.9	pts
Catastrophes	117.4	5.6	pts	-26.1	-1.2	pts	91.2	4.4	pts
Total segment	$272.8	10.3	pts	$-29.4	-1.0	pts	$243.4	9.3	pts
Variance 2015/2014
Attritional	$7.3	1.2	pts	$-147.6	-7.5	pts	$-140.3	-6.3	pts
Catastrophes	4.2	0.3	pts	6.6	0.3	pts	10.9	0.6	pts
Total segment	$11.6	1.5	pts	$-141.0	-7.2	pts	$-129.4	-5.7	pts
(Some amounts may not reconcile due to rounding.)

', '

At December 31,
(Dollars in millions)	2018	2017	2016
U.S. Reinsurance	$592.9	$354.3	$385.5
International	330.6	275.2	235.4
Bermuda	439.5	270.3	258.4
Total	$1,362.9	$899.8	$879.3
(Some amounts may not reconcile due to rounding.)

', '

(in millions)	2014	2015	2016	2017	2018	Thereafter	Total
Operating leases	$100	$77	$43	$35	$20	$82	$357
Marketing and sponsorships	116	117	61	54	54	178	580
Total	$216	$194	$104	$89	$74	$260	$937

']

Question: what will be the percentage increase in rent expense from 2013 to 2014?
Answer: 0.06383000000000001