The insurance industry, a sector with assets worth around USD 15 trillion, needs to urgently step up its low-carbon investments and prepare its portfolios for climate-related financial risks, according to an Asset Owners Disclosure Project report.

The world’s biggest investors are responding to the global commitment to tackle climate change and are rapidly scaling up action to protect their portfolios, reveals this annual benchmark report on the industry from the Asset Owners Disclosure Project

Climate change poses a double threat to the insurance industry. It faces mounting costs from claims relating to the physical impacts of climate change and knock-on events such as the disruption of global supply chains.

The fourth AODP Global Climate 500 Index launches against a backdrop of positive change.