Chubb says early indications are promising this year after its fourth quarter net income more than doubled to $US2.42 billion ($3.18 billion), from $US1.17 billion ($1.54 billion) a year earlier.

Net premium written rose 5% to $US8.41 billion ($11.04 billion) in the final three months of last year, with Commercial Property & Casualty lines up 10% globally.

"We are off to a good start in 2021 with both growth and the level of commercial P&C rate increases resembling the underwriting conditions of the fourth quarter,” Chairman and CEO Evan Greenberg said.

“We are confident in our ability to continue growing revenue and expanding underwriting margins."

Fourth quarter P&C underwriting income was $US969 million ($1.27 billion), up 82%, leading to a P&C combined ratio of 87.6%, versus 92.7% in the prior year.

Chubb’s “excellent” fourth quarter finish to last year resulted from continued underwriting margin improvement and double-digit commercial lines premium growth globally. The improved combined ratio was a result of both expense and loss ratio improvements that were broad based.

“Virtually all of our commercial P&C lines of business are achieving rates that exceed loss costs,” Mr Greenberg said.

The pricing environment was the strongest seen since rates in certain classes began to rise about three years ago, he revealed, seeing Chubb’s commercial rate increases average 16.5% in North America and 18.5% in its international businesses.

“I expect the favourable underwriting conditions to continue,” Mr Greenberg said.

“On the other hand, net premiums declined 3.9% in our consumer lines businesses globally, which have been impacted by the pandemic's effects on consumer activity but will improve as the year progresses.”

Chubb’s fourth quarter catastrophe losses were $US314 million ($412.19 million), compared with $US430 million ($564.46 million) a year earlier.