The World Wildlife Fund for Nature (WWF) and Allianz jointly warned that 'tipping points' will be reached if no action is taken to counteract climate change.

"If we don't take immediate action against climate change, we are in grave danger of disruptive and devastating changes," said Kim Carstensen, head of WWF's Global Climate Initiative, in a statement in Berlin.

Titled Major Tipping Points in the Earth's Climate System and Consequences for the Insurance Sector, the report was written by the Tyndall Centre for Climate Change Research. It was issued by WWF and Allianz, the world's second largest international insurance and financial services company.

"As an insurer and investor, we must prepare our clients for these scenarios as long as we still have leeway for action," said Clemens von Weichs, CEO of Allianz Reinsurance.

"Setting premiums risk-appropriately and sustainably is of vital interest to everyone involved, because this is the only way to ensure that coverage solutions will continue to exist." According to the report, tipping points are global temperature thresholds that could unleash social, economic and environmental change, such as rising sea levels, increasing drought and weather disturbances.

"There is still a chance to avoid the worst and this report shows how urgent it is to act immediately," said Carstensen, adding that "a strong climate agreement in Copenhagen in December is the best, if not the only chance to prevent the worst impacts of devastating climate change."

The Gland-based WWF, founded in 1961, is active in more than 90 countries.