The comprehensive, scientific study was conducted by Ceres, a nonprofit organization advocating for sustainability leadership. It was released this week.

The paper, which was “peer-reviewed,” i.e., checked for accuracy by outside researchers, said that that there is strong scientific consensus on climate change, and that the insurance industry is on the “front line” of those affected. And, industry liability is increasing, not declining, the paper says.

At the same time, the study found that only eight property and casualty reinsurers and one life insurer were considered to have implemented leading practices in climate change management.

The nine insurers cited as on the front lines on climate control issues were ACE, Allianz, The Hartford, Munich Re, Sompo Japan, Swiss Re, XL Group and Zurich Insurance, among p&c reinsurers, as well as Prudentiala life and annuities insurer.

The 330 companies contacted on the survey, which was conducted with the help of the National Association of Insurance Commissioners, represent about 87 percent of the U.S. insurance market by direct premiums written, the study found.

The study found that P&C insurers “demonstrated far more advanced understandings” of the risks that climate change poses to their business, and “are much further along” in developing tools needed to manage climate change risks when compared to the life and annuity and health insurance segments.

Indeed, the study found that, despite increased evidence that extreme heat waves and other climate-related impacts will influence morbidity and mortality trends, life and health insurers show “widespread indifference” to climate risk, both in regard to their core business lines and their investment strategies.

A key finding of the report was that “barely 10 percent of the insurers overall, 38 of 330 companies,” have issued public climate risk management statements articulating the company’s understanding of climate science and its implications for core underwriting and investment portfolios.

The study also found that larger insurers showed stronger climate risk management practices than smaller companies.

The P&C insurance sector is on the "front line" of climate change risks, and the evidence suggests that those risks are on the rise. The report noted that rising sea levels and extreme weather events will cause an increasing amount of damage to a large amount of both insured and uninsured property. But, the P&C industry's reaction has just been to limit coverage or withdraw entirely from catastrophe-prone markets, the report said.

The report suggests that climate change will increase the need for insurers and regulators to promote risk-based pricing based on escalating risks, but that despite these risks, most P&C insurers are still not addressing climate risks comprehensively.

For life insurers, climate change poses risks through their investment portfolios.

Life insurers should consider how global warming will affect human health and mortality - as growing air pollution impacts on vulnerable populations - and take into account the risk of extreme weather and wildfire.

Despite these concerns, the life and annuities segment's response to climate risks is "materially inadequate," the report said.