Chubb has recorded a $US70 million ($91.17 million) net loss for the three months to September 30, with after-tax catastrophe losses at $1.53 billion ($1.99 billion).

Net income for the corresponding period last year was $US1.36 billion ($1.77 billion).

The property and casualty combined operating ratio for the quarter was 110.8%, deteriorating from 86%.

But Chairman and CEO Evan Greenberg is positive about the future.

“While it was a tough quarter for [catastrophes], it’s the business we’re in,” he said.

“We experienced a series of significant natural catastrophes, including three hurricanes and two earthquakes, which will likely produce the third $US100 billion-plus year for insured catastrophe losses globally for the industry in the past 12 years.

“I believe we are at the beginning of a firming price environment, driven by years of soft pricing that has resulted in inadequate rates in many classes.

“The magnitude of this year’s losses simply adds to the pressure to return to pricing that produces an adequate risk-adjusted return.”