Commercial and industrial property insurer FM Global’s net income fell to $US254 million ($330 million) last year from $US797 million ($1.03 billion) in 2016, amid losses from “unprecedented” catastrophes.

The combined operating ratio blew out to 129.9% from 83.2% and the natural disaster loss ratio moved to 50% from 19.8%.

Gross earned premium increased to $US5.34 billion ($6.9 billion) from $US5.03 billion ($6.5 billion), but overall losses including loss adjustments soared to $US5.3 billion ($6.8 billion) from $US3.2 billion ($4.2 billion).

“In addition to hurricanes, earthquakes, wildfires and other natural events, we also experienced an untypical increased frequency in risk losses,” Chairman and CEO Thomas Lawson said.