Are insurers ready for the risks posed by climate change? New study finds most aren’t fully prepared, but the industry says it can handle claims.

Most insurance companies do not have comprehensive strategies to cope with climate change despite mounting weather-related claims, says a report to be released Thursday.

Of 184 companies surveyed, only 23 had such strategies, and 13 of those that did were foreign-owned, according to report by Ceres, a Boston-based non-profit that promotes eco-minded business practices. The report says the most prepared tend to be the largest companies with scientists on staff and those that insure property rather than life or health.

Many companies ‘won’t talk about climate change’ and if they do, they use ‘hedged’ language to avoid the controversial issue of whether it’s man-made, says author Sharlene Leurig, senior manager of Ceres’ insurance program. She says the issue is less politically divisive in Europe, where insurers are often better prepared.

The report comes as weather-related disasters cost an estimated $100 billion in damages last year, and the U.S. government’s latest National Climate Assessment says climate change increases the risks and severity of of heat waves, downpours, droughts and wildfires as well as the intensity of hurricanes.

The report’s findings […]