Could Minnesota’s devastating bridge collapse that occurred Wednesday afternoon affect the insurance companies and exchange traded fund (ETF) KBW Insurance (KIE)? KIE declined throughout last month and fell below its trend line for the first time this year. Some insurance companies within KIE include American International Group (AIG), Prudential Financial (PRU), Allstate (ALL), AFLAC (AFL) and Progressive (PGR).
At least five people were killed, 110 injured and 8 missing after the accident, according to Henry C. Jackson for the Associated Press. Early theories on why the bridge collapsed include stress fractures and corrosion. Structural deficiencies were found two years ago in the bridge, according to Deb Riechmann for the Associated Press. While it will be months before experts can accurately state what caused the breakdown, if the state of Minnesota is determined to be at fault, many lawsuits are likely to follow.
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