Natural catastrophes have cost Brit Insurance £141.9 million ($210 million) for the year ending December 31.

The Brisbane floods and Cyclone Yasi cost Brit £8.4 million ($12.4 million), but the biggest loss was for the Christchurch earthquakes – £41.6 million ($61.6 million).

These losses sent the insurer’s after-tax profit down from £110.5 million ($163.6 million) in the 2010 full year to £76 million ($112.5 million).

Gross written premium also fell in 2011 to £1.48 billion ($2.1 billion). This compared to £1.53 billion ($2.2 billion) in the corresponding 12 months ending December 31 2010.

The combined ratio for 2011 rose to 99.6% compared to 97.1% at the end of December 2010.

Brit CEO Mark Cloutier says premium levels reflect a competitive market, and the company is taking a disciplined approach to renewals and new business.

Premium rate increases for the year were 1.8% compared to 1% in the previous year.

The strongest rate increases were achieved in the UK business, up 5.9%, while the reinsurance business reported premium increases of 2.3%. This was offset by modest premium increases (0.7%) in Brit’s global markets.

The year ahead also will be competitive, but the company is continuing to push for rate increases.

“Conditions remain highly competitive across the majority of Brit’s core markets,” Mr Cloutier said.

“Our continuing focus achieving positive rate increases, exiting unprofitable lines of business and reducing operating costs is expected to result in improved profitability.”