The insurance industry has shown a “profound lack of preparedness” in addressing climate-related risk and opportunities, says a report on a survey conducted by an advocacy group.

Boston-based Ceres surveyed 330 insurance companies in a survey developed by the National Association of Insurance Commissioners, which represents 87% of the U.S. insurance market by direct premiums written, according to this report, “Insurer Climate Risk Disclosure Survey Report & Scorecard: 2014 Findings & Recommendations,” which was issued Wednesday.

According to the report, only nine insurers earned top ratings from the organization. The report said larger insurers showed stronger climate risk management practices than smaller companies.

In addition, property and casualty insurers “demonstrated far more understandings of the risks that climate changes poses to their business, and are much further along in developing tools needed to manage climate change risks” when compared to life and annuity and health insurers, who “show widespread indifference to climate risk both in regard to their core business lines and their investment strategies.”

It said also that only 38 of the 330 insures who responded have issued public climate risk management statements “articulating the company's understanding of climate science and its implications for core underwriting and investment portfolios.”

The report's recommendations include that insurers develop climate risk oversight at the board and C-suite level, and that they issue comprehensive public corporate policies on climate risk.

In his introduction to the report, Mike Kreidler, Washington Insurance commissioner and chair of the NAIC's climate change and global warning working group, states, “As key regulators for this sector, we strongly encourage insurance industry leaders and investors who own these companies” to take the challenge of addressing climate change “far more seriously.”

Top-rated insurers and reinsurers on climate, according to the survey, were: Ace Ltd.; Allianz S.E.; The Hartford Financial Services Group Inc.; Munich Reinsurance Co.; Prudential Insurance Co.; Sompo Japan Insurance Inc., Swiss Re Ltd., XL Group P.L.C. and Zurich Insurance Group Ltd.