NEW YORK (TheStreet) -- Hurricane Matthew is weighing on some insurance stocks as it draws closer to Florida's coastline, reported Carl Quintanilla on CNBC's "Power Lunch" on Thursday afternoon.
Universal Insurance Holdings (UVE) was slumping by 13.05% to $19.33 in mid-afternoon trading on Thursday, because it provides residential coverage in places like Florida, North and South Carolina and Georgia, where the storm is likely to hit, Quintanilla noted.
The insurance company was down about 20% earlier today.
Other insurance providers like Chubb (CB), Allstate (ALL) and Travelers Companies (TRV) are all down less than 1% because their services extend across many states and thus were not hurt as badly.
"Some of the smaller cap players are moving as well, but again, the regional Florida focused ones are the ones moving the most," Quintanilla said.
Matthew was upgraded to a Category 4 hurricane and has resulted in over one million people evacuating the Florida coastline area, CNBC reports. More than 2,700 flight have been cancelled and Orlando-based Disney World (DIS) announced that it will close from 2 p.m. on Thursday through Friday.
Florida Gov. Rick Scott has urged people in the evacuation zones to leave the area.
"Time's running out. Leave. There's no excuses. This is life and death," Scott said at a news conference Thursday morning.