Why Insurance Stocks Chubb, Progressive, and Kinsale Capital Plunged Today

Shares of insurance stocks Chubb (NYSE: CB), Progressive (NYSE: PGR), and Kinsale Capital (NYSE: KNSL) fell hard today, down 4.4%, 4.1%, and 8.1%, respectively, as of 3 p.m. ET.The across-the-board downdraft for insurance stocks is likely due to Hurricane Milton, which was reported to strengthen into a Category 5 hurricane today as it approaches Florida's west coast. So, insurance names fell in proportion to their exposure to the property insurance market in Florida and the Gulf coast.As of the most recent update midday Monday, Hurricane Milton just strengthened into a Category 5 hurricane while over the Gulf of Mexico, thanks to record-warm ocean temperatures. While forecasters expect Milton to weaken into a Category 3 or 4 before it makes landfall, it is also expected to grow to a larger size, spreading more damage over a wider area. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool