A United Nations report stressing the financial losses from climate change has called for the insurance industry to take a more strategic approach to managing future claims.

Underinsurance in poorer nations is one of the most pressing issues highlighted in the Insuring for Sustainability report, produced by the UN Environment Program Finance Initiative, which also questions the viability of “green” personal lines.

The report notes that despite most people in the UK saying they believe climate change will affect their future, only a small percentage are taking out environmentally friendly policies.

Other risks are cited in the report, including insurance for the poor, natural resource protection, nanotechnology and income.