US catastrophe losses have dragged Chubb Corporation net income down, with net third-quarter income at $US298 million ($288 million), compared with $US572 ($553 million) in the corresponding quarter last year.

The company has incurred pre-tax catastrophe losses totalling $US420 million ($406 million).

It predicted losses of between $US400-$US475 million ($409-$475 million) citing catastrophes in the US – particularly Hurricane Irene – as the main factor.

Chubb Chairman and CEO John Finnegan says that despite the challenging environment the company still produced net income for the quarter.

He says US premium rates will continue to increase to offset the negative impact of the prolonged soft market, a record level of catastrophe losses and lower yields on investments.