The Bank of England for the first time is asking British insurers to gauge how global warming might impact the value of the stocks and bonds they hold -- and its potential to upend financial markets.

The central bank, which regulates the U.K. financial services industry, included three scenarios related to climate change in a broader stress test of how robust the industry would be in times of strain.

Steven Findlay, head of prudential regulation at industry group the Association of British Insurers in London, welcomed the exercise.