A Senate committee tasked with reviewing climate change impacts has failed to find common ground on an action plan.

The bipartisan Standing Committee on Environment and Communications’ report notes only that its inquiry presented an overview of challenges and potential policy options.

Recommendations are made separately by the Greens and Labor, while the Coalition has provided no proposals.

Insurance industry submissions note about $9 billion is paid each year on claims linked to extreme weather, and the figure – excluding climate change scenarios – is expected to increase to $39 billion by 2050.

Labor says climate change will exacerbate the challenges facing insurers.

“Labor senators note the Government has indicated support for consumer education campaigns and efforts to improve transparency in the insurance sector,” they say. 

“These efforts are welcome. However, they likely will be insufficient to deal with the issues the insurance market will face due to climate change.”