Insurance stocks fell for a second day on Monday as experts estimated that the Japanese earthquake could cost the industry nearly $35 billion, making it one of the most expensive disasters ever.

The Stoxx 600 European Insurance Share Index was down 2 percent at midday Monday, underperforming the wider market, and extending a 1.7 percent drop on Friday. The U.S. S&P insurance index was down almost 1.6 percent at midday, also underperforming the wider market, which was down 1.2 percent. Get the full story »