Climate change will be swifter and more dramatic than previously thought, according to a new study by Lloyd’s.

In the third instalment of its 360 Climate Change report, Lloyd’s says new research shows the effects of climate change will be felt in our lifetime, including changes in weather patterns that will require insurers to modify their risk modelling.

The report says sea levels will rise faster this century that in the previous one, large portions of ice sheets will melt, flood frequency will increase and drought patterns will continue to change.

“The latest science presented in this report suggests that climate change is likely to bring increasingly dramatic, and possibly rapid, effects at a local level which differ in their intensity and even in their outcome.”