Nicholas Stern isn’t the only one issuing reports on climate change. Lloyd’s has also published a report on the effects of global warming, its second in six months.

In a debate-style review, What Next on Climate Change? records the views and opinions of more than 200 executives in insurance, general business and government.

It found 84% of participants believe the insurance industry is not doing enough to understand and manage risk associated with climate change. That’s in spite of 92% saying climate-friendly behaviour represented good risk management for all kinds of business.

Lloyd’s Chairman Lord Levene says fewer than one in four businesses have reviewed their risk management strategy in relation to the changing weather and growing risk of natural catastrophes.

“This is particularly worrying when it is considered that the economic cost of global warming could double to $US250 billion ($322 billion) a year over the next decade.”

Insurers around the world should concentrate less on the debate and more on researching the changing risk.

“Insurers need to take action now to manage it. They need to invest more in research to understand climate change better. They also need a deeper comprehension of the financial impact of weather-related catastrophes.”