×

European shares fall as hurricane batters insurers

LONDON, Oct 29 (Reuters) - European stocks fell on Monday, led by insurers on expectations the sector will see profits hit hard by clean-up costs resulting from a huge hurricane nearing the United States.

Reinsurers Swiss Re and Hannover RE led a weaker European insurance sector index as the market tried to predict the eventual damage caused by Hurricane Sandy, which has forced Wall Street to shut.

``We are seeing insurers slide and we've sold a bit of Aviva and RSA,'' Ed Woolfitt, head of trading at Galvan Research, said. ``(It's all) tentative at the moment until we can gauge how much of an impact it is really going to have.''

The pan-European FTSEurofirst 300 provisionally closed 0.4 percent lower at 1,093.46 points in volume of around half its 90-day moving average.