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....