Chartis, the non-life insurance division of AIG, made a Q1 2011 operating loss of $463m after paying out $1.7bn in catastrophe losses.
The insurer made an operating profit of $879m in Q1 2010, when it had a much smaller catastrophe bill of $500m.
Chartis attributed $1.3bn of the catastrophe losses to the March 11 earthquake and tsunami, which included losses from the Japanese state-backed private property earthquake reinsurer Japan Earthquake Reinsurance Company.
The remaining $400m of the bill stemmed caused by non-Japan events, including the New Zealand earthquake and Australian floods.
Chartis’s first-quarter 2011 combined ratio was 119%, which included 19.9 percentage points for catastrophes. This compares with a 102.5% combined ratio for the first quarter of 2010.
Parent company AIG made a Q1 2011 profit of $269m, down 85% on the $1.8bn in made in the same period last year.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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