The MCofS's safety adviser said patches of snow that survive into late spring and early summer tended to be hard and high up on sheltered, northern slopes of mountains.
Transport ministers and insurance bosses held talks on Monday on how to improve safety, with a full government green paper outlining possible future legislation to be published later in the spring.
Yet even in the midst of the spring selloff in telecom, media and technology shares, there was little rotation into the perceived safety of big industrials.