Willis and Deloitte have joined forces with the University of Reading in an attempt to analyse the effects of climate change on business.
The partnership will seek to involve further stakeholders, including insurers.
Deloitte partner Lis Gibson said that the scheme would have a vital part to play in risk assessment.
She said: “In five years’ time it will be the norm for chief risk officers to have contingency plans based around the impact of climate on their business.”
Professor Nigel Arnell, director of Reading University’s Walker Institute for Climate System Research, added: “The ABI is warning of dramatic increases in UK insurance costs which could render some properties effectively uninsurable.
“It is conceivable that we will see these kinds of changes in the next 20 years.”
The ABI recently launched its Climate Wise initiative, which has signed up 39 insurers.