CBC: Climate disasters lead to billions in insurance losses. Could they trigger a financial crisis? "The L.A. fires are a good illustration. Many of the burnt properties' mortgages will be under the water. Some people will walk away and stop repaying. But it doesn't end there. A lot of that debt is packaged and sold to investors. "That gets spread around. That doesn't just happen in the local California banks. They're part of national chains. Big banks make bundles of derivatives and they sell them to banks all over the world"... If this reminds you of 2008, well, it should - with one crucial difference: this time, the "climate-subprime" housing will NOT bounce back https://lnkd.in/eXZSUaE5
