Florida-focused insurers slump as Milton strengthens to category 4 hurricane

Universal Insurance Holdings

07/10/2024 15:26

** Shares of Florida-focused insurers slump in early trading
as Milton intensifies into a category 4 hurricane 
    ** Heritage Insurance  HRTG.N , Universal Insurance  UVE.N ,
and HCI Group  HCI.N  slide 23%, 19%, and 14%, respectively
    ** Florida on Sunday prepared for its largest evacuation
since 2017's Hurricane Irma
    ** Insurers have been liable for billions of dollars in
claims due to weather-related disasters in recent years; severe
weather events have caused some of their biggest losses 
    ** Some players have also retreated from geographies prone
to extreme weather events in recent years
    ** Concerns over hurricane losses tend to pressure
valuations for Florida-focused insurers, analysts have said    
    ** S&P 1500 Insurance Index  .SPCOMINSE  down 1.8%, on track
for biggest percentage drop in more than two months

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))