Across the planet, climate change continues to affect countless lives. From wildfires to droughts, last year's extreme weather events were some of the most destructive and costly events in history. Related: Europe impacted by severe cold weather, Aon reports Costs for future natural disasters are only likely to rise, which means a higher number of claims and losses for the property & casualty insurance and reinsurance sectors. Risks arise primarily from weather-related catastrophe, potential claims on liability policies and investments. To a lesser degree, climate change also presents opportunities for firms to introduce new products and expand existing products. The latest report from Moody's highlights the significant exposures the property & casualty insurance and reinsurance sectors face due to climate change. Here are 5 key takeaways agents and brokers will want to keep in mind going forward. Related: Damages from nor'easter may exceed $1B in insured losses; new storm approaching