For analysts at Fitch Ratings, the recent demolition of a Swiss village by a glacier is fresh proof that climate change is altering the laws of mortgage risk.
The world looked on in shock last month as 3 million cubic meters of rock and mud buried the Swiss village of Blatten. The Alps are already about 2C hotter than they were at the time of the industrial revolution, meaning glaciers are continuing to thaw at a dangerous pace. And with global warming currently on track to be roughly double the critical threshold of 1.5, scientists warn that the risk of property damage caused by floods, mudsli…