P&C market drop reflects $50bn Irma loss: JPMorgan

Insurers and reinsurers sank in New York trading today as
investors priced in anticipated losses of as much as $50bn from
Hurricane Irma making a direct hit on the US as a Category 3 or
higher storm, an outcome JLT Re sees as likely.
"We think the stocks are pricing in the most likely outcome
for losses at this point," JPMorgan Chase analyst Sarah DeWitt
said in a research note.
The selloff has priced in about $30bn-$50bn of industry insured...