Shares of property insurers were down pre-bell Tuesday, extending losses from the previous session fueled by fears related to Hurricane Milton.

Allstate (ALL) shares were down 1%, while Heritage Insurance Holdings (HRTG) shares were down 6% in recent premarket trading.

The hurricane, which intensified into a Category 5 storm Monday afternoon, poses an "extremely life-threatening situation" with its "devastating hurricane-force winds" and a "large area of destructive storm surge", the National Hurricane Center said in its latest public advisory.

Insurers are expected to face billions of dollars of catastrophe-related claims from a devastating hurricane season following multiple major hurricanes this year including Hurricane Helene that hit Florida in September, according to Reuters.

Price: 179.35, Change: -1.90, Percent Change: -1.05