Insurers lead European shares higher after Hurricane Irma downgrade




Among top gainers in the sector were German reinsurers Hannover Re and Munich Re, rising 5 and 3.5 per cent respectively. NSEBSEAstraZenecaLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES MILAN: European shares rose on Monday in early deals, led higher by insurers as the downgrade of Hurricane Irma in the United States raised expectations that costs for the industry may be lower than initially feared.

    Europe’s insurance index was the biggest sectoral gainer, up 1.6 per cent after the estimated insured loss in the US resulting from Irma was cut to $20-40 billion.

    Among top gainers in the sector were German reinsurers Hannover Re and Munich Re, rising 5 and 3.5 per cent respectively. Their gains added fuel to a broad-based rally, helping the pan-European STOXX 600 rise 0.6 per cent.

    The top faller in Europe was Danish pharmaceuticals company Lundbeck, down 11 per cent, after the resignation of CEO Kåre Schultz.

    In the same sector, British heavyweight AstraZeneca rose 3.1 per cent after two of its drugs tackling lung cancer delivered impressive clinical results on Saturday.




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