The study “Climate Change and Insurance: An Agenda for Action in the United States” was issued by the Allianz Group (FRA:ALV) and World Wildlife Fund (WWF).
As detailed in the report, climate change has the potential to significantly alter and intensify destructive weather patterns in the US, leading to increased flooding, forest fires, and storm damage.
The most direct risk to the US will likely come from hurricanes, which are expected to become more frequent and powerful.
Additionally, rising sea levels over the coming decades could inundate many US coastal cities, and portions of some coastal states. 
Forest fires could become even more frequent and larger.
The report points to the need by regulators to consider carefully the impact of programs like the National Flood Insurance Program, which keep insurance rates artificially low. By masking the real price of risk, such policies encourage overdevelopment in high-risk areas.
Read also:
Climate Change & the Financial Sector: An Agenda for Action, June 2005, Allianz, WWF
Interview Clem Booth: “Climate change is a serious emerging risk”
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