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

Milton is projected to intensify into a Category 5 hurricane and slam into Florida. Shares of insurance stocks Chubb (CB -4.96%), Progressive (PGR -4.18%), and Kinsale Capital (KNSL -6.93%) 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 exposu ...