Chubb Ltd.’s Evan Greenberg is urging lawmakers to address the rising threat of climate change after $160 billion in global economic losses from a practically “biblical” year of catastrophes.

“Given the long-term threat and the short-term nature of politics, the failure of policy makers to address climate change, including these issues and the costs of living in or near high-risk areas, is an existential threat,” Greenberg, Chubb’s chief executive officer, said in his annual letter to shareholders April 4.

“As notable were the sheer number of natural events, which exceeded ’17’s total, the almost biblical range -- wind, fire,...