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JPMorgan: Buy this after Hurricane Matthew passes

This NOAA handout image, taken by the GOES satellite at 1620 UTC, shows Hurricane Matthew in the Caribbean Sea heading toward Jamacia, Haiti and Cuba on October 3, 2016.
NOAA | Getty Images

JPMorgan on Tuesday increased earnings estimates for a group of insurance stocks, advising clients to get behind the sector once hurricane Matthew passes.

"Despite potential for a solid 3Q [third quarter], the P&C [property and casualty] (re)insurance stocks could sell off this week as Hurricane Matthew (currently a Category 4 hurricane in Caribbean) approaches the U.S.," wrote equity analyst Sarah DeWitt in a research note.

The analyst predicts that earnings in the third quarter for the insurance group could come in ahead of expectations due to "moderate global catastrophe losses," with companies in the reinsurance space seeing the lowest impact. However, Hurricane Matthew presents a threat.