A new report by Lloyd’s warns insurers to act now on manage the risks of climate change, or “risk being swept away” by the phenomenon.

The report, “Climate Change – Adapt or Bust,” says climate change is happening faster that previously thought, and a change in the industry’s attitude towards the issue is “long overdue”.

The report’s findings suggest that recent natural disasters have proven the inadequacy of capital and pricing models, and say catastrophe models must be updated regularly to keep pace with the latest scientific evidence.

Lloyd’s also suggests the industry needs to take a new approach to underwriting climate-related risks.

“Climate change is today’s problem, not tomorrow’s,” Director of Franchise Performance Rolf Tolle said. “If we don’t take action now to understand the changing nature of our planet and its impact, we will face extinction.”