While Hurricane Irma is expected to go down as one of the top five most expensive storms in U.S. history, according to JPMorgan, the damage is expected to be a lot less than previously anticipated, and that sent Heritage Insurance Holdings (HRTG) - Get Report stock jumping more than 20% Monday.
Heritage shares were up 21.7% to $11.40 in afternoon trading.
Analysts at JPMorgan believe that insured losses from the storm for the U.S. only will top out at about $40 billion, about $100 billion less than was estimated in the week leading up to the storm.
Including damages from nations in the Carribean, Irma could cost as much as $65 billion.
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