Climate change is an unavoidable process which business insurance policyholders need to plan for in order to be in the best possible position, the government has warned.
Environment secretary Caroline Spelman made the comments after a new survey of UK business insurance policyholders carried out for Defra by Ipsos MORI found that preparations for the impact of climate change are not well advanced.
According to the data, three-quarters of the firms - which could include those with business insurance - surveyed were concerned about the effects of climate change on the UK, but only 23 per cent had started doing something about the risks.
Speaking at the Met Office Hadley Centre, Ms Spelman said that a warmer climate will bring both opportunities and challenges for business insurance policyholders of all sizes.
"I want to ensure that UK businesses are well placed to take advantage of the new opportunities that arise as well as ensuring they are ready for the difficulties that higher temperatures and more adverse weather could mean," she said.
It comes after a recent Confederation of British Industry report encouraged those in the aviation industry to start laying the groundwork for an international cap and trade scheme to meet climate change obligations.