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Insurance stocks were mixed this week as the industry prepares to report second-quarter earnings in the face of continued inflationary pressure, recession fears and a shaky broader market.
The S&P 500 rose 1.94% to 3,899.93 for the holiday-shortened week ending July 7.
While equity markets have mostly moved lower in the first half of the year, Piper Sandler analyst Paul Newsome noted that many insurance stocks have fared better, and he anticipates a "normal" earnings season from the property-casualty companies he covers.
"Investors have hidden out in the property-casualty sector because it is relatively independent from the rest of the economy," Newsome said in an interview. "As a result, stocks are actually up a little bit year to date, where, obviously, the stock market is down a lot."
Insurers will probably continue to outperform...