Hail and storm damage in Australia over recent months have been nominated by global insurer Zurich Financial Services as one of the factors for a first-quarter combined ratio fall to 99% from 95.8% in the first quarter of last year.

Zurich Financial Services has reported a 76% surge in first-quarter net profit of $US935 million ($1.05 billion) as the insurer’s diversified global portfolio offset losses from major natural catastrophes.

Zurich achieved the result despite a 30% slump in general insurance operating profit of $US621 million ($697 million).

It earned a total of $US19 billion ($21.3 billion) in GWP, insurance deposits and fees during the quarter, up 11% on the previous first quarter.

Global CEO Martin Senn says the Zurich general insurance business continues to protect its profit margins, “managing to absorb both the significant impact from the Chilean earthquake as well as the top-line pressures driven by reduced economic activity among our customers”.

Positive movement in general insurance rates across all major operations offset some of those losses, Mr Senn says.