Insurance brokers were feeling somewhat underappreciated this week as fears of disruption from artificial intelligence led to a temporary weakening of industry stocks.

Intelligent Insurer reported that insurance brokers felt they were being unfairly punished by investors worried that AI would lead to disintermediation of insurance.

It was a follow-on from a similar effect the new technology had on software and wealth management stocks.

The stock prices of companies such as Willis Towers Watson, Aon and Marsh & McClennan recently took a hit that was believed to be related to the concerns.

The Los Angeles Times called it the deepest slide for some stocks since the market trade-war meltdown in April.

The California newspaper attributed the downward trajectory to the rollout of a tax-strategy tool by a start-up, Altruist Corp.

The sell-off also profoundly impacted other areas, such as wealth managers.

Mohit Kumar, a strategist at Jefferies, told CNN Business that the market is in a “shoot first and ask questions later” mode, with any names or sectors that could be impacted by AI disruption taking a hit.

Meanwhile, other stocks felt the nurturing of AI, with Nvidia, Super Micro Computer and Broadcom Inc rocketing by nearly 20 per cent.

There is increasing worry about the advances in what AI can do in displacing services traditionally supplied by existing companies.

Programmes driven by AI can analyse risk factors, compare coverage options and provide personalised advice.

Will Rhind, chief executive of GraniteShares Advisors, told the Los Angeles Times that while there was widespread belief in the benefits of AI, it was now leading to disruption in the industry.