The first round of global insurance financials have revealed an industry buffeted by claims but ultimately still profitable.

Last year was the most expensive year on record, with estimates putting the cost claims from disasters in Japan, New Zealand, Australia, the US and Asia at more than $US105 billion ($US98.2 billion).

US-based insurers Chubb Insurance and WR Berkley, and Swiss-based insurer Ace released their year-end forecasts last week, with all three reporting net income falls of between 13% and 49%.

WR Berkley fared the best of the three, posting a 13% fall in full-year net income to $US394.8 million ($369.5 million) on increased gross written premiums of $US1.25 billion ($1.16 billion), up 16%. Net income in the fourth quarter fell 8% to $US177.9 million ($166.5 million).

Investment income for the full year was flat at $US526.3 million ($492.6 million). WR Berkley is a Fortune 500 company operating 47 different businesses across commercial and reinsurance lines.

Swiss-based Ace was hit the hardest by natural catastrophe claims last year, which despite an improved investment result posted a 49% drop in full-year net income on gross written premiums (GWP) of $US4.864 billion ($4.55 billion), up 7%.

The fourth quarter showed signs of a rebound at Ace, with net premiums growing 6% on net income of $US750 million ($702 million), down from $US1 billion ($936 million) in 2010.

“Ace had a very good fourth quarter and year given the record natural catastrophe losses the industry incurred globally,” Chairman and CEO Evan Greenberg said.

Chubb’s net income fell 23% to $US1.7 billion ($1.6 billion) on fourth-quarter net income of $US452 million ($423 million), down from $US620 million ($580.3 million) in 2010. Combined ratios for the full year rose to 95.3% from 89.3% the previous year.

Net written premiums in 2011 were up marginally to $US11.8 billion ($11.04 billion).