The Association of British Insurers is raising global awareness of climate change by holding a conference to precede the G8 summit.

The conference, Financial Risks of Climate Change, takes place on 29 June. The conference will reveal research from insurers, including Lloyd's and reinsurers.

Policy adviser Sebastian Catovsky said: "Insurers are here to spread the risks but can't remove the costs - it will all come out in either taxes or higher premiums."

Catovsky added the research also included analysis of the consequences of large claims on capital markets. "Insurers need to hold onto large sums of money which can be more costly."