This report considers the question: what are the insurance implications of climate change on asset stranding and liability – for both sides of our balance sheet? The report, part of Lloyd’s emerging risk report series, looks at actual and potential examples of how stranded assets, caused by societal and technological responses to climate change, could affect assets and liabilities in the insurance and reinsurance sector. The study aims to increase the understanding and awareness of these issues in the industry. The research for this report also influenced the PRA paper on climate change.