AIG has reported a third-quarter net loss of $US1.7 billion ($2.2 billion), mainly dragged down by hurricanes in the US and Caribbean.

The US insurer made a $US462 million ($601 million) profit in the corresponding period last year.

“In the third quarter the insurance industry witnessed unprecedented catastrophic events,” CEO and President Brian Duperreault said.

Pre-tax catastrophe losses – mainly from hurricanes Harvey, Irma and Maria – totalled $US3 billion ($3.9 billion) in the September quarter.

The commercial insurance arm reported a $US2.86 billion ($3.72 billion) pre-tax operating loss, which included $US2.7 billion ($3.5 billion) of catastrophe-related losses net of reinsurance, while the combined operating ratio blew out to 195.4% from 105.8%.

Net premiums from the division decreased 13% to $US3.8 billion ($4.9 billion).

In consumer insurance, pre-tax operating income fell 18% to $US1 billion ($1.3 billion) and the combined operating ratio weakened to 105.6% from 97.5%.

AIG repurchased 4.6 million units of common stock for $US275 million ($357 million) during the quarter, and about $US2.2 billion ($2.6 billion) remained under its share buyback authorisation program as of last Thursday.