US insurer Chubb has warned the Queensland floods will result in losses of $US75 million-$US100 million ($74 million-$98 million) before tax in its 2011 first-quarter results.

Chubb announced the figure in reporting its results for the fourth quarter of 2010 and the full year to December 31. The company recorded a full-year net profit of $US2.17 billion ($2.14 billion), down slightly from $US2.18 billion ($2.15 billion) in 2009.

Total net written premiums in 2010 increased 1% to $US11.2 billion ($11 billion), but the company said that excluding the effects of currency fluctuations, premiums were flat. 

Chubb reported a combined ratio of 89.3% for 2010, up from 86% in 2009. Catastrophes accounted for the increase in the combined ratio; excluding catastrophes, the company’s combined ratio was 83.6% in 2010 and 85.2% in 2009. 

The company is forecasting catastrophe losses will have a lesser impact on its combined ratio in 2011 with a ratio of between 91% and 93% predicted for the year ahead. It says net written premium will range from flat to up 2% in 2011.

CEO John Finnegan says the results demonstrate the company’s “ability to generate superior financial results, even in a challenging economic and industry environment”.