Home insurance stocks sink after report says they could be next to get Amazon'd
- Insurance stocks fell Wednesday after a report that Amazon is considering an entry into the home insurance business.
- Amazon has now panicked investors of at least six industries, including healthcare and delivery.
Shares of the US largest insurance companies fell Wednesday morning after The Information reported Amazon was mulling a home insurance offering.
Here's how the stocks reacted (all moves mark the intraday low):
- Allstate: -2.9%
- Chubb: -1.4%
- Hartford Financial Services: -0.6%
- Travelers: -1.2%
- Progressive: -3%
"Amazon.com has contemplated offering home insurance as an offshoot of its development work on robots and other connected devices for the home, according to a person familiar with the discussions," The Information's Priya Anand reported Wednesday. noting there were no concrete plans at this time.
Still, a preliminary report is often all it takes for Amazon to send shudders through an entire industry. The tech giant has panicked investors of package delivery companies, healthcare stocks, grocery stores, and more so far.
You can read Business Insider's round-up of every industry to be Amazon-ed, or at least terrified of the possibility of, so far here.
Read The Information's original Amazon story here.