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Natural hazard insurance has been increasingly considered in the literature of climate change. Based on a comprehensive literature review, this paper reviews how peer-reviewed literature on natural hazard insurance discusses the risks of climate change. The study highlights the increasing role of natural hazard insurance as a business opportunity contributing to adaptation and working in cooperation with governmental sectors. In response to these challenges, the insurance industry has started to develop adaptation strategies and measures to adjust data collection, catastrophe modelling and risk analysis despite the limitations of these strategies and difficulties arising from the requirement of considering a significant number of partners and systems.