Chubb says its premium income increased in the second quarter, but higher catastrophe losses triggered a 14% drop in profit to $US499 million ($530.89 million).

The half-year result fell 23% to $US948 million ($1 billion).

Chairman and CEO John Finnegan says he is encouraged by rate increases in the mid-single digits in the US during the quarter.

Net written premium grew 4% to $US3.22 billion ($3.43 billion) for the quarter and by 2% to $US6.29 billion ($6.69 billion) in the first half.

Catastrophes have cost the company $US345 million ($367.05 million) this year, and its combined operating ratio for the half was 91.6% compared with 86.7% in 2013.

Mr Finnegan says it was a solid quarter, despite losses from severe weather in the US and an unusually high level of fire losses on retail and commercial lines.