The total value of global insurance premiums could nearly double by 2030 to $10 trillion, according to projections from the consulting firm Bain & Co.

The report, released Monday, cites increased risk related to climate change, technology, disease and aging populations as factors that could cause global premiums to soar over the next decade. To adapt to those increased risks, the report urges insurers to play a larger role in mitigating them, rather than merely reimbursing losses.

"The consequences for an underprotected world with low insurance penetration may be severe, particularly in emerging markets," Andrew Schwedel, who leads Bain's Macro Trends group, said in a statement. "Thanks to improved technology and data, insurance companies now have the chance—and perhaps even the duty — to shift the industry's central purpose from loss reimbursement to loss control over the next decade."