well, I guess the extent of the value depreciation will depend on how quickly investors do have their "climate Minsky moment" - and this could still take time, alas: as we heard from a banker after the subprime crisis: "as long as the music plays, you gotta keep on dancing"

good stuff on this in this piece (focused on US housing): www.bloomberg.com/opinion/arti...

A $1 Trillion Time Bomb Is Ticking in the Housing Market

Millions of US homes are underinsured because their premiums don’t reflect the risk of climate-fueled catastrophes.