Insurance stocks are frequently seen as defensive stocks. After all, everyone has to have insurance, and those regular premium payments add up. That’s obvious when you look at the performance of insurance stocks over the past decade. This has been a time when interest rates, except for the two years between 2020 and 2022, have been trying to find a “normal” level after years of being near 0%. Higher-for-longer rates have hurt consumers, but they’ve been a tailwind for insurance companies that are also using ...