7 out of 8 US insurers are still ignoring soaring climate risks.

So a Ceres report surveying 88 companies shows. The cumulative total for damages from floods, tornadoes and heat waves has topped $35bn this year. Plus insurers are increasingly facing legal risks associated with climate change, with more than 120 law suits filed in 2010. On top of all this, the report warns that climate impacts threaten to undermine the performance of the sector’s $23tn global investment portfolio.