If you had a 10% of facing a flood or getting into a fatal car accident, you'd make sure you bought first-rate insurance coverage. That's what our guest Gernot Wagner says we should do about climate change.

Science tells us that if we do nothing, there is the risk of a global catastrophe. We hear the argument for climate insurance. Gernot is the co-author of "Climate Shock - The Economic Consequences of a Hotter Planet," and lead senior scientist at the Environmental Defense Fund.