Insurance stocks were sold off today because of hurricane Harvey.
Travelers and Progressive were both down more than 2%. Allstate was down about 1.5%. The damage from the storm is phenomenal. The final costs to the insurance companies won’t be known for some time.
Progressive stocks, for instance, have been performing very well since the beginning of the year. It was about $33 a share in January. It is now at more than $47 a share. That is a 42% increase in value of stocks. Today’s 2% drop is nothing in comparison.