A worker unloads a 24-kilowatt Generac home generator off a truck at Captain Electric on February 18, 2021 in Orem, Utah.
George Frey | Getty Images
Shares of backup power generation company Generac Holdings surged more than 7% on Monday as Hurricane Milton rapidly strengthened into a Category 4 storm.
Milton is forecast to move north of the Yucatan Peninsula Monday and Tuesday before crossing the Gulf of Mexico to approach Florida by Wednesday, according to the National Hurricane Center. Tampa Bay could face a storm surge of eight to 12 feet, according to forecasters.
Insurance stocks that have weather catastrophe exposure, meanwhile, are falling on potential insured losses tied to Hurricane Milton. Allstate, Travelers and Chubb saw their shares fall more than 3%, while Progressive and AIG all declined more than 1%.
Universal Insurance, based in Fort. Lauderdale, plunged more than 20% as the catastrophe-prone carrier with Gulf Coast exposure could see heightened hurricane risks.
This is a developing story. Please check back for updates.
