QBE Group CEO John Neal says global warming is real and insurers have a responsibility to help slow it.

In an article posted on LinkedIn last week, he wrote climate change is arguably one of “the greatest challenges in the long-term wellbeing of the global economy”.

“The statistics are incontrovertible. For the second year in a row, last year was the warmest year on record.

“Arctic sea ice coverage has shrunk every decade since the 1970s and sea levels have risen by more than three centimetres in the past decade – twice as much as in the whole of the 20th century.

“The number of people exposed to flooding each year is at risk of rising from 21 million to 54 million by 2030, according to a study from the World Resources Institute.”

Mr Neal says it is estimated climate change could displace 250 million people around the world by 2050.

Insurers are seeing risks increase globally at an “alarming rate”.

Storms and floods are growing more frequent in Europe, as are severe droughts and bushfires in Australia and snowstorms and hurricanes in North America.

Events previously classified as “one in every 200 years” are now classified as frequent.

Mr Neal says insurers can help influence policy on climate change.

“Through initiatives such as the United Nations… Principles for Sustainable Insurance we can work together as a global community of insurers, regulators and other bodies to drive awareness, encourage wider debate and influence policymaking.

“We also have the opportunity to assist with the transition to a low-carbon economy by working with the renewable energy sector.”