Exchange traded funds tracking the insurance sector fell Thursday as the East Coast braced for Hurricane Irene.

The “potentially devastating” Category 3 storm is expected to carve a path along the coast and reach the Northeast this weekend.

New York Mayor Michael Bloomberg on Thursday warned residents to be prepared to evacuate.

Shares of insurers Alltate (NYSE: ALL) and Chubb (NYSE: CB) were down 3% on Thursday.

Insurers could be facing trillions of dollars in losses as Hurricane Irene moves north towards New York, TheStreet reported Thursday. New York has over $2.3 trillion of insured coastal property, according to the report.

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