Lloyd's has put pressure on scientists to share their findings on the potential impact of climate change despite continued uncertainty over its effect.
In its latest report on climate change, Lloyd's warned that not having all the answers must not stop businesses preparing for a range of possible outcomes, even if some of them seemed implausible.
Trevor Maynard, Lloyd's emerging risks manager, said: "Global models of our climate do not yet agree on regional impacts and the extreme effects of climate change.
"But they still contain much useful information and we urge scientists to share this with the business community, rather than wait until their models agree.
"Science can only point towards the measures we need to take, but it seems clear that the insurance industry should start to prepare now for more severe and more frequent losses as a result of climate change by the middle of the century."
The report, Rapid Climate Change, explores what climate change could mean in four areas of particular relevance to the insurance industry: sea level rise, melting icecaps, flood and drought.