RSA given a lift by its pet subject

The company – Chile's biggest insurer – took a 30m hit on the

earthquake that struck the country in February and an 80m blow from the severe winter weather endured by the UK, Ireland and Scandinavia.

But the firm added it had seen "good momentum" with overall net written premiums up 5 per cent to 1.9bn during the quarter.

In the UK, RSA also enjoyed 7 per cent premium growth as the insurer saw strong new business levels – including 11 per cent growth in pet insurance over the period.

The company was boosted by a deal with supermarket giant Tesco which will see the firm provide cover for more than 700,000 pets.

Despite the extra claims, RSA still expects its combined operating ratio – the share of premiums it pays out in claims and running costs – to be 95 per cent this year.

The insurer – which has withdrawn from some UK markets to focus on those which offer better returns – said the Tesco deal was expected to deliver premiums of around 100m within the first year, creating 230 jobs.

Chief executive Andy Haste said the company – celebrating its 300th birthday this year – was looking forward to the future "with confidence".

The insurer expects UK growth to remain in positive territory this year, with a "mid-single digit" improvement from its international arm.