On February 9, 2026, Insurify, an online insurance platform based in the U.S., rolled out a car insurance comparison app driven by ChatGPT. This move set off a wave of decline across U.S. insurance stocks. Come Monday, the S&P 500 Insurance Index took a significant hit, dropping by 3.89%. This marked its steepest single-day fall since October 2025.
In particular, Willis Towers Watson's stock nosedived by 12.10%. Meanwhile, Arthur J. Gallagher & Co. and Aon weren't spared either, with their stocks declining by 9.85% and 9.27% respectively. The impact wasn't limited to the U.S. market. European insurance stocks, like Hiscox and MAPFRE, also felt the heat, with their values falling between 2% to 3% in early trading on Tuesday.
The app in question lets users enter their personal driving data. Based on this, it generates customized premium estimates and enables users to compare plans from various insurers. The markets are now worried that next-generation AI applications, such as this one, have the potential to shake up the insurance industry.