The British insurance industry will this week unveil its plans to encourage the UK's consumers and businesses to tackle climate change.

The new global initiative aims to positively effect climate change - which in turn should have benefits for life and health insurers as well as general insurers. The plans have received the backing of the Prince of Wales.

General insurers are commonly thought to have been impacted upon the most by climate change, in the wake of this summer's UK floods, which cost the industry a reported £3 billion.

But life and health insurers have also been hit - with the Reuters news agency citing southern Europe's unusual summer heat as one example of the climate change's impact upon this segment of the industry.

"If you manage risk, you can manage premiums, but if you don't, costs will rise," an ABI spokesman is quoted by the news wire as saying at the launch of the initiative.

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