Insurers need to account for climate change in their underwriting, according to a consulting firm, which says insurers' greatest risk of natural catastrophe comes from hurricanes.

Insurers "need to factor in issues surrounding climate change and must look to incorporate long-term weather trends into their pricing," advised Tom Hettinger, managing director of the San Diego-based actuarial consultants EMB America.

"Companies should not be resting on their laurels when developing risk management strategies and determining prices," Mr. Hettinger said.

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