Shares in insurers up as Hurricane Irma costs limited to €33bn

Shares in insurers jumped in markets from Europe to Florida amid signs that predictions about Hurricane Irma’s damage were excessively dire.

Giant reinsurers like Swiss Re and Munich Re, which shoulder risks for local insurers around the world, posted their biggest gains of the year.

Universal Insurance Holdings, the largest provider of residential coverage in Florida, jumped 15% at one stage in New York, regaining some of its losses from last week.