As Florida Surveys Damage After Hurricane Idalia, Here's What It Means For Stocks And Recovery Costs
Portfolio Pulse from AJ Fabino
Hurricane Idalia caused significant disruptions in Florida but its financial impact is expected to be less than Hurricane Ian. UBS estimates the insured losses to be between $4.05 billion and $25.6 billion. The hurricane's impact on stocks has been mixed with NextEra Energy and Generac Holdings gaining, while Duke Energy, Universal Insurance Holdings, and Allstate Corp fell. American International Group saw a slight increase.
August 31, 2023 | 5:24 pm
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POSITIVE IMPACT
American International Group's stock gained 0.05% following Hurricane Idalia.
The company's stock rose likely due to the less than expected damage from the hurricane.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Generac Holdings' stock gained 0.72% after Hurricane Idalia.
The company's stock rose likely due to the increased demand for their products following the hurricane.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
NextEra Energy's stock inched up 0.58% following Hurricane Idalia.
The company's stock rose likely due to the less than expected damage from the hurricane.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Allstate Corp's stock fell 1.6% after Hurricane Idalia.
The company's stock fell likely due to the potential insurance payouts from the hurricane.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Duke Energy's stock slipped 0.5% after Hurricane Idalia.
The company's stock fell likely due to the disruptions caused by the hurricane.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Universal Insurance Holdings' stock slipped 1.07% following Hurricane Idalia.
The company's stock fell likely due to the potential insurance payouts from the hurricane.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80