(Reuters) - Loews Corp (NYSE: L ) reported a fall in first-quarter profit on Monday, hurt by higher catastrophe losses in its insurance subsidiary.

Extreme weather has been a persistent trouble for the insurance industry, which is liable to pay for damages caused by such events.

The Los Angeles wildfires in January, which reduced entire neighborhoods to smoldering ruins and left an apocalyptic landscape, were one of the costliest in U.S. history in terms of insured losses and may have caused up to $150 billion worth of damage, according to AccuWeather estimates.

Loews earns most of its revenue from its insurance unit CNA Financial Corporation, in which it holds more than a 90% stake, according to LSEG data.

The company said its insurance unit’s property and casualty catastrophe losses were $97 million, including $53 million from the California wildfires, compared with $88 million a year earlier.

Loews’ insurance unit reported an underlying combined ratio of 92.1% in its property and casualty business, compared with 91% a year earlier.

A ratio below 100% means an insurer earned more in premiums than it paid out in claims.

The New York-based company’s investment income fell to $608 million in the quarter compared with $669 million a year earlier.

U.S. President Donald Trump’s erratic trade policies have unsettled the market, raised concerns about rising inflation and a potential recession, and hurt investment returns for companies such as Loews.

Net income attributable to Loews fell to $370 million, or $1.74 per share, in the three months ended March 31, compared with $457 million, or $2.05 per share, a year earlier.

Loews stock rose nearly 4% so far this year, compared with the 3.3% decline in the benchmark S&P 500 index .