The bank assessed 67 developed, emerging and frontier markets on vulnerability to the physical impacts of climate change, sensitivity to extreme weather events, exposure to energy transition risks and ability to respond to climate change.

By 2050, 86 million “climate migrants” will be displaced in Sub-Saharan Africa, 40 million in South Asia and 17 million in Latin America — 143 million in all — according to the report, which the bank said was the first to address the question of migration spurred by climate change.

“The effects of climate change on the frequency and severity of catastrophic events are difficult to predict, and the correlation of climate-exposed risks that span P&C (re)insurers’ balance sheets increases the magnitude of potential losses arising from the physical and transition risks associated with climate change,” James Eck, a Moody’s Vice President says

Depending on the strategy used to mitigate climate change, estimates suggest that thehealth savings from reduced air pollution could be between 1.4-2.5 times greater than the costs of climate change mitigation, globally.Health costs from air pollution include medical treatment, patient care, and lost productivity.