The latest Intergovernmental Panel on Climate Change (IPCC) report is a “compelling reminder” to take action, according to Insurance Council of New Zealand CEO Tim Grafton.

It is “particularly helpful” in promoting the need for greater planning, adaptation and mitigation, he says.

The report describes global warming as “unequivocal” and says there is now a 95% certainty that climate change is being caused by human activities.

Temperatures are likely to rise 0.3-4.8 degrees by the late 21st century, the panel finds.

Sea levels are likely to rise 26-82cm, following a 19cm rise in the 19th century. In the worst-case scenario, sea levels could be 98cm higher in the year 2100.

“We need research for better understanding of the likely impacts,” Mr Grafton told insuranceNEWS.com.au. “We need better building designs for resilience and better consenting of where we build.”

He also wants to see a gradual retreat from coastal areas.

“It is a message of sustainable insurance. We want insurance to remain affordable and we want high levels of penetration maintained. If measures are not taken there will be a high incidence of property loss and, sadly, life loss, and insurance may be withdrawn.”

The Insurance Council of Australia (ICA) says the industry “closely monitors the climate change debate” and is focused on the need to become more resilient to the increasing risks of extreme weather.

However, it says “any climate change signal that may be present is being overwhelmed by the losses directly attributable to population changes, building costs and codes and land-use planning”.

“The insurance industry and ICA continue to advocate the importance of state and local governments investing in physical mitigation measures to protect communities from natural hazards, as well as improving land-use planning and making buildings more resilient to extreme weather,” a spokesman told insuranceNEWS.com.au.

IPCC Working Group Co-Chairman Thomas Stocker says limiting climate change will require “substantial and sustained reductions of greenhouse gas emissions”.

“Heatwaves are very likely to occur more frequently and last longer,” he said. “As the Earth warms, we expect to see currently wet regions receiving more rainfall and dry regions receiving less, although there will be exceptions.”

Even if carbon dioxide emissions stop now, the world is “committed to climate change, and effects will persist for many centuries”.