A 25% jump in average annual windstorm insurance losses for the UK by 2060 is among the projections in a new report on climate change commissioned by the Association of British Insurers (ABI).

Using current climate and insurance catastrophe models, the study by Britain’s national weather service and AIR Worldwide concluded a rise in global temperatures could lead to more expensive and scarce property insurance worldwide.

The study found average annual insured losses from river flooding and flash floods in the UK could rise 14%, based on a four-degree rise in global temperatures that could occur in the next 50 years.

That would put UK losses for windstorm at £827 million ($1.5 billion) and flooding at £633 million ($1.2 billion).

The insured cost of extreme flood losses occurring on average once every 100 years in Britain could soar 30% to £5.4 billion ($9.8 billion). Once-in-100 years extreme windstorm costs could jump 14% to £7.3 billion ($13.3 billion).

The ABI report says average annual insured losses from typhoons in China could jump by 32% to £345 million ($627 million), based on a global temperature rise of four degrees.