The absence of major natural disasters last year helped insurance market Lloyd's of London return to profitability after its loss in 2005.
The market recorded a profit of £3.6bn in 2006, compared with a £103m loss it made the year before when it had to pay out damages on hurricane Katrina.
Lloyd's said the "exceptionally low level of catastrophes" had helped it.
But it also warned that it was "unrealistic" to expect this situation to be repeated in future years.
Catastrophe trend
"After two years of hurricane activity, 2006 was an exceptional year but for very different reasons"
Lloyd's, which is made up of more than 70 individual underwriting syndicates, was badly hit by the multiple hurricanes of 2005.
Katrina cost the insurer £1.9bn alone while Wilma and Rita cost it an additional £1bn.
But conditions were very different in 2006, a year Lloyd's described as "exceptional".
"After two years of hurricane activity, 2006 was an exceptional year but for very different reasons," said chairman Lord Levene.
"It would be unrealistic to expect such a favourable claims experience this year. With a trend for more frequent and severe natural catastrophes, we must continue our focus on underwriting for profit."
Lloyd's said climate change was a major challenge for the business but stressed that it had improved the way it managed climatic risks.
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