Lloyd’s calls on insurers to take into account climate-change risk

A home damaged by Superstorm Sandy in 2013 in the Staten Island borough of New York City. Photograph: John Moore/Getty Images

Lloyd’s of London, the world’s oldest and biggest insurance market, has for the first time called on insurers to incorporate climate change into their models.

The call to action comes a day after a landmark US report, named the National Climate Assessment, which has warned that climate change is wreaking havoc across the US.

Lloyd’s says damage and weather-related losses around the world have increased from an annual average of $50bn in the 1980s to close to $200bn over the last 10 years.

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