“Much of the latest science suggests that climate change will take place faster than we thought,” says Lloyd’s of London in its new 360 Risk Project report, “Climate Change: Adapt or Bust.” (PDF)

“The industry must take a new approach to underwriting, looking ahead and not simply basing decisions on historical patterns,” reads the report. “Insurer pricing and capital allocation models must be updated regularly–and not just in extremis–to reflect the latest scientific evidence.” Lloyd’s suggests that insurers need to reconsider their portfolios as well as their underwriting policies–and that people need to quit moving to hazardous areas (i.e. the coasts) and to reduce carbon-dioxide emissions.

Now why do you suppose Lloyd’s is far more worried about climate change than the U.S. government or a number of “think” tanks that profess devotion to the free market? Maybe it has something to do with the fact the Lloyd’s faces real consequences in the market if it disregards a pressing danger. And maybe, just maybe, it’s because the current Republican administration and the “think” tanks are subject to some incentives that encourage them to take mediocre fiction writers more seriously than the overwhelming weight of peer-reviewed climate science.

(Hat tip to Joel Makower.)