Chubb Corp, the New Jersey-based insurer of commercial property and high-end residences, saw its net income for Q4 and all of 2011 fall as catastrophe-related losses offset premium growth. For the full year, earnings declined 23% to $1.68bn, as cat losses helped reduce underwriting income by 53% to $574m and realized investment gains fell by $90m to $187m. Earned premiums rose 3.7% to $11.64bn but were outpaced by claims costs, which jumped 14% to $7.41bn. Chubb's combined ratio for the year rose six points to 95.3%, as cat losses accounted for 8.9 points against 5.7 points a year earlier. For Q4, net income dropped 27% to $452m on a 20% decline in underwriting income to $284m and a swing to $8m in realized investment losses from gains of $101m. Earned premiums for the quarter rose 3.8% to $2.95bn, while claims costs advanced 9.7% to $1.74bn and the combined ratio rose to 89.9% from 87%. Chubb chairman president and chief executive John Finnegan said that the group secured an average annual renewal rate increase of 6% in its standard commercial business during Q4.