Property-casualty insurance stocks last week declined 25.8 percent on average compared to a 36 percent drop for life insurers and a 19.5 percent decline for banks, Bank of America reported.
Analyst Alain Karaogian noted that the stocks were affected by the fears sweeping life insurers "even though the balance sheets, investment portfolios and liabilities of P&C insurers are a lot safer."
He mentioned that the only stock that appreciated last week was insurance broker A.J. Gallagher which rose 9.8 percent.
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