Chubb’s first quarter core operating income rose 12% to $US1.84 billion ($2.78 billion) while the property & casualty (P&C) combined ratio worsened to 86.3% as Chubb clocked up catastrophe losses of $US458 million ($693 million).

Almost a quarter, or $110 million ($166.44 million), was due to natural hazards in Australia and New Zealand, which was struck by record floods and Cyclone Gabrielle in the North Island during the quarter. The rest was from winter storms and other severe weather events in the US.

Excluding catastrophe losses, Chubb’s January-March P&C current accident year underwriting income rose 7% to $US1.48 billion ($2.23 billion) for a record combined ratio of 83.4%.

Chairman and CEO Evan Greenberg says the record quarter included broad-based double-digit premium revenue growth globally, net investment income up more than 30%, and life insurance segment income that more than doubled driven by the Asia life operations.

"We had an excellent quarter and have had a strong start to the year with a lot of momentum heading into the second quarter,” Mr Greenberg said.

Net written premiums rose 17%. P&C net premiums written were up 9%, with commercial lines up 12% and consumer/personal lines up 9%. North America was up 11% and Asia up 19%

“The fundamentals for our business are excellent. Our P&C underwriting performance was simply excellent in what was an active quarter for natural catastrophes,” he said. “I expect the pattern to continue.”

Mr Greenberg recently visited Korea and plans to present Chubb’s third quarter earnings from Singapore as he plans to spend almost two months in the region later this year.

“I am energised by what I see in Asia and what we have bubbling,” he told analysts. “The majority of Asia is off to a good start to the year.

“Asia is on my mind. It's roughly a $10 billion region for us. It has the greatest growth potential economically I think of any region in the world over the next two decades. It's just – it's massive. Australia is part of Asia to us.”