Insurance sector also taking a beating as bank stocks keep selling off

The crisis of investors confidence in banks has spilled over to the insurance sector, which has taken a beating in the past week. The SPDR S&P Insurance exchange-traded fund KIE slid 3.2% in morning trading toward a five-month low, and has tumbled 9.9% over the past seven sessions, since the troubles of SVB Financial Group’s SIVB Silicon Valley Bank became public. SVB’s bankruptcy filing on Friday showed the sector’s woes aren’t over despite efforts to soothe fears.

The crisis of investors confidence in banks has spilled over to the insurance sector, which has taken a beating in the past week. The SPDR S&P Insurance exchange-traded fund KIE slid 3.2% in morning trading toward a five-month low, and has tumbled 9.9% over the past seven sessions, since the troubles of SVB Financial Group’s SIVB Silicon Valley Bank became public. SVB’s bankruptcy filing on Friday showed the sector’s woes aren’t over despite efforts to soothe fears.

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