Insurance ETFs Decline On Hurricane Fears

Shares of insurance ETFs lost ground as Hurricane Irene headed north,ETF Trendsreports. TheSPDR KBW Insurance,iSharesDow Jones U.S. Insuranceand thePowerShares Dynamic Insuranceare some of the ETFs tracking the insurance sectors.

Shares of insurersAllstateandChubbhurri后下跌了3%cane 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 firmJanney Montgomery Scott, said the hurricane was being used as a pretext for not buying the property and casualty insurers.

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