Governments must act fast to improve disaster resilience, the Geneva Association has warned.

The insurance industry think tank’s call follows the latest Intergovernmental Panel on Climate Change (IPCC) report and the first anniversary of Superstorm Sandy, which caused $US68 billion ($70.64 billion) of damage and killed at least 286 people.

Michael Butt, co-chairman of the association’s climate risk and insurance working group, says insurers are already taking steps to adapt to environmental change.

“But the way we construct our societies needs reconsideration because risks are not being accounted for correctly and this is the responsibility of governments.”

Authorities must recognise the urgency of the IPCC report and take action, the international think tank says.

The association’s conference in Japan this week aims to bring governments, non-governmental organisations and insurers together to discuss co-operation on disaster risks.