The world's second-largest reinsurer, Swiss Re, has warned that the costs of natural disasters, aggravated by global warming, are likely to spiral out of control.
In a report revealing how climate change is rising on the corporate agenda, Swiss Re said the economic costs of such disasters threatened to double to $150 billion a year in 10 years, hitting insurers with $30-40 billion in claims, or the equivalent of one World Trade Centre attack annually.
"There is a danger that human intervention will accelerate and intensify natural climate changes to such a point that it will become impossible to adapt our socio-economic systems in time," Swiss Re said in the report.
"The human race can lead itself into this climatic catastrophe - or it can avert it."
The report comes as a growing number of policy experts warn that the environment is emerging as the security threat of the 21st century, eclipsing terrorism.
Scientists expect global warming to trigger increasingly frequent and violent storms, heat waves, flooding, tornadoes, and cyclones while other areas slip into cold or drought.
"Sea levels will continue to rise, glaciers retreat and snow cover decline," the insurer wrote.
Losses to insurers from environmental events have risen exponentially over the past 30 years, and are expected to rise even more rapidly still, said Swiss Re climate expert Pamela Heck.
Over the past century, the average global temperature has increased by 0.6 degrees Centigrade, the largest rise for the northern hemisphere in the past 1,000 years, Swiss Re said.
In the short- and medium-term, simply knowing that the planet is warming will allow society to adapt, for example, through infrastructure to cope with more-frequent floods or by instructing farmers to use drought-resistant cereals.
In other cases, governments need to restrict risk-taking, such as approving housing developments in low-lying areas, and improve catastrophe management capabilities.
In the long term, Swiss Re said, greenhouse gases widely thought to trigger global warming will need to be reduced, the use of fossil fuels cut and new energy technologies developed.