Private property below ground in New York and Mumbai may not be insurable in the next decade if climate change advances, the head of one of Europe’s largest insurers said.

“If you go much further to 2020, 2030, we can clearly say that at a scenario between 3 and 4 degrees, it’s not insurable anymore,” Thomas Buberl, chief executive officer of AXA SA, said on a panel at the World Economic Forum’s annual meeting in Davos, Switzerland. “Your basement shop in New York, your basement shop in Mumbai will at this point not be insurable anymore.”

Global warming...