The likelihood that extreme weather will become more and more common as a result of climate change will put insurance firms in "the eye of the storm", a new report states.

A study from F&C Asset Management, entitled 'In the Front Line: The Insurance Industry's Response to Climate Change', says that some insurance companies have been "too slow" to react to the threat climate change poses to the industry - and claims that these firms must quickly "develop climate change strategies".

"Insurers are currently standing at a crossroads," Vicki Bakhshi, associate director of governance and sustainable investment at F&C, and co-author of the report, commented.

"If they don't act they are in real danger of becoming the victims of climate change, subject to ever increasing risks in their investment portfolios and claims that exceed their projections. However, it doesn't have to be like that.

"By acting now the insurance industry can play a key role in shaping and financing the solutions to climate change. Insurers can work with governments and regulators to get the right conditions in place both to maintain a healthy insurance industry, and to help society cope as climate change hits home."

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