In a report published Friday from ClimateWise, a group from the University of Cambridge, including some of the world’s biggest insurers, warned that increasing catastrophes from climate change might triple losses on property investments over the next 30 years.
Insurers are worried that rising temperatures will lead to a decline in property values that could feed into more economic turmoil. The warning adds to concerns over floods, fires and violent storms that have doubled the normal amount of insurable losses reinsurance corporations have seen.
The warning is the latest from the financial industry of the physical and financial risks from climate change. The report recommends investors take scientists climate projections into their own catastrophe models.
The Bank of England and the US Defense Department have started making preparations for climate change.