Piper Sandler said Hurricane Milton could change the insurance market.
Piper Sandler said Milton shares similarities with Ian, which resulted in $56 billion in insured losses.
"Historically, insurance stocks fall as the hurricane approaches landfall and as it creates damage.
Below is a table of estimated insured losses from insurance companies from Hurricane Ian.
"The typical rebound in the insurance stocks happens when it becomes clear how large the insurance event was (or was not).
Persons:
Piper Sandler, Milton, Paul Newsome, Hurricane Ian —, Newsome, Ian, LSEG, Chubb, — CNBC's Michael Bloom
Organizations:
Hurricane Ian, Allstate, American International Group, Heritage Insurance, Progressive, Universal Insurance Holdings, Travelers
Locations:
Florida, Milton, Hurricane, Newsome