US insurance broker stocks were pummeled Monday as the launch of an artificial intelligence tool from privately held online insurance shopping platform Insurify sparked fears about the industry facing disruption.
The S&P 500 Insurance index closed down 3.9%, in its biggest drop since October. Insurance broker Willis Towers Watson PLC was the worst performer in the group, closing 12% lower and suffering its worst trading session since November 2008. Arthur J Gallagher & Co. followed with a 9.9% decline and Aon PLC fell 9.3%.
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