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Hurricane Florence could cost more than both  Hurricanes Katrina and Harvey

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The insurance sector is about to take a beating

Hurricane Florence made landfall on the coast of the Carolinas.

The deadly, Atlantic storm clocked in as a category 2 by the time it hit land.

Analysts say damage from Hurricane Florence could exceed the losses from Hurricane Katrina in 2005 and Hurricane Harvey, last year.

Since 1990, there have been 5 other category 2 Atlantic storms that made landfall in the Carolinas.

Two weeks later, the S&P 500 Insurance Industry Group drops by an average 4.7 percent, trading negatively 80 percent of the time.

Further, the S&P 500 Property & Casualty Insurance Sub Industry Group also loses about 4.7 percent, also a negative trade 80 percent of the time.