After logging significant catastrophe losses in the fourth quarter of 2018, The Hartford Financial Services Group Inc. executives said the company is refining their underwriting approaches for catastrophes, part of which includes raising rates.

The Hartford reported fourth-quarter 2018 net income figures that included pretax catastrophe losses of $361 million, which was more than double the prior-year period's losses of $179 million.

"We continue to evolve our catastrophe risk management strategies based on the loss events in recent years, with increased focus on wildfire," Douglas Elliot, president of The Hartford, said on an earnings conference call. Elliot said 2018 was the second year marked by severe wildfire losses and hurricane activity.

Given the catastrophic events of that year, Elliot said he was "generally pleased" with how the book of business performed, adding that the company is continuing to refine loss models, exposure limits, underwriting guidelines and risk transfer arrangements.

The Hartford has decided to raise rates in its personal lines business because of what CEO Chris Swift called an "undeniable" trend, not just from wildfires but also from winter storm activity, tornadoes and hail.

"I think it's more realistic. Ultimately, we need to begin to price for it and collect the cash from the policyholders," Swift said. "It will be baked into our pricing model going forward, and then it's a matter of trying to collect from policyholders over a longer period of time."

Elliot also said he is keeping his eye on increased economic activity, which can put pressure on the workers' compensation business. In certain sectors, an increased need in output may lead to a "loss that we might not have had last year, or the year before," he said.