Insurance ETFs Decline On Hurricane Fears

Shares of insurance ETFs lost ground as Hurricane Irene headed north.

Shares of insurance ETFs lost ground as Hurricane Irene headed north, ETF Trends reports. The SPDR KBW Insurance, the iShares Dow Jones U.S. Insurance and the PowerShares Dynamic Insurance are some of the ETFs tracking the insurance sectors.

Shares of insurers Allstate and Chubb fell 3% following a hurricane warning. Insurers may incur huge losses if the hurricane hits New York, which has more than $2.3 trillion of insured property along the coast. Guy LeBas, chief fixed-income strategist at financial services firm Janney Montgomery Scott, said the hurricane was being used as a pretext for not buying the property and casualty insurers.

Click here for the story from ETF Trends.