The local share market had fallen in love with insurance stocks during 2016 prior to yesterday's plunge by serial market disappointed, QBE. The performance from our big insurance companies so far in 2016 has been stunning compared to the margin pressured banks. Noticeably the insurance stocks are now trading well above their average long-term PE ratios, which unsurprisingly is a very different story to our local banks. As an index, the insurance sector remains in a range going back to 2009 and the strength this year has simply taken it towards the top area of this range. In the article below, we share our favoured picks in the sectors, and our preferred sector.