Tropical Storm Harvey is sending rippling winds and intense rainfall on the Gulf Coast of Texas on Monday, causing an estimated $30 billion in damage from the storm that has devastated the area. 

Consequently, shares of major American insurance companies took a hit during trading on Monday.

Shares of the insurers Travelers Companies Inc (TRV - Get Report)  closed lower over 2.5%, shares of Allstate Corp (ALL - Get Report)  closed down over 1.4%, and shares of Progressive Corp (PGR - Get Report)  closed lower over 2.2% on Monday.

An estimated 20 inches of rain has already fallen over the last few days with more expected to drench the region in the coming days.

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