Floods are the greatest risk of all natural catastrophes facing UK insurers, according to a customer survey by a major emergency management consultancy.

EMB says last year’s UK floods cost the industry £2.5 billion ($5.4 billion), and warns companies should be better prepared for future risks.

Spokesman Karl Murphy says the UK floods hit people previously unaffected by such events, suggesting insurers need to rethink their pricing strategies and calculations, which are based on river flood models.

The consultancy says insurers also need to factor in climate change and long-term weather trends to their pricing.