Soaring Premiums, Soaring Profits: 3 Top Insurance Stocks to Own Now

As every American who owns a car and/or a house knows, insurance premiums have been going through the roof this year. Although it’s true the costs of repairing these assets have surged, it appears that insurers’ recent rate hikes are meaningfully increasing their profits. As evidence of the latter point, consider that many of the insurance stocks to buy have jumped tremendously this year. For example, Allstate (NYSE: ALL ) has climbed 21% year-to-date. Meanwhile, Progressive (NYSE: PGR ) has gained 29%, and The Travelers Companies (NYSE: TRV ) has risen 11.5%. In recent weeks, the sector has actually lost a bit of ground amid the stock market’s weakness. But since most auto and home insurers appear to have a great deal of pricing power at this point, I expect the shares’ rally to resume within the next month or two. For those who want to exploit the likely coming surge, here are three top insurance stocks to buy. Allstate (ALL) Source: Jonathan Weiss / Shutterstock.com S&P estimates that Allstate’s earnings per share will soar a huge 407.6% last quarter versus the same period a year earlier....

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