FNF - U.S. insurance stocks already priced in Hurricane Ida - BofA

Bank of America analyst Joshua Shanker believes U.S. insurance stocks have already priced in "material insured losses" from Hurricane Ida moving inland on the Louisiana coast. "The markets already had an opportunity to pre-discount this outcome into the stocks, and investors chose not to," Shanker said in a note to clients. He expects the losses from Ida are well within the insurance industry's expectations. "Nothing we see about the actual news of Ida's landfall at the time of writing leads us to believe that the current outcome is notably worse (and may even turn out to be better) than the outlook anticipated on Friday afternoon," he adds. Shanker also notes that high commodity and home prices will enhance insured losses, but the impact to insurers is likely to be similar to other significant storms. Property and casualty insurers: Allstate ((ALL -0.2%)), Progressive ((PGR -0.1%)), Travelers ((TRV -0.4%)), Chubb ((CB -0.2%)),

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U.S. insurance stocks already priced in Hurricane Ida - BofA