Hurricane Irma‘s precise path by this weekend is still not clear, but investors saw enough of its forecast track and winds up 185 mph to send the stock of Florida property insurers plunging — in at least one case with unprecedented speed.
HCI Group, the parent of Tampa-based Homeowners Choice Property & Casualty Insurance Co., watched shares fall 20 percent Tuesday, which Reuters reported as its largest-ever percentage drop for one day.
Other Florida-based insurers were not far behind: Shares of Heritage Insurance Holdings, Federated National Holding and Universal Insurance Holdings also suffered losses ranging from about 15 percent to 17 percent.
“I think right now everybody’s got to assume that you’re going to get impacted,” Gov. Rick Scott told residents statewide after receiving a 5 p.m. update Tuesday at the State Emergency Operations Center in Tallahassee.
“This is a big storm, 185 mph,” Scott said. “And if you look at all the projections, it’s not getting smaller, it’s getting bigger.”