New York CNN —Moody’s RMS estimated up to $6 billion in economic losses from the devastating wildfires in Hawaii, which killed at least 115 people and destroyed countless homes and businesses.
The losses could range from $4 billion to $6 billion, Moody’s said Tuesday.
About 75% of the losses will be covered by insurance because of the island’s high insurance penetration rates, according to the risk modeling agency.
The loss estimate is wide-ranging, including “property damage, contents, and business interruption, across residential, commercial, industrial, automobile, and infrastructure assets,” Moody’s said.
Most of the losses are concentrated in Lahaina, Moody’s said, where insured property value ranged from $2.5 billion to $4 billion.
Persons:
Moody’s, ” Moody’s, ”, Rajkiran Vojjala
Organizations:
New, New York CNN, Maui Emergency Management Agency
Locations:
New York, Hawaii, “, Maui, Lahaina