The devastating wildfires in Hawaii have come at a time of upheaval for the insurance industry, in a place that had not been considered very risky by underwriters.
In recent years, both states have been more prone to extreme weather events than Hawaii.
But the deadly fires in Maui this week, which destroyed thousands of homes and will take what the state’s governor said would be billions of dollars to rebuild from, may make insurance companies reconsider policy rates and coverage, as they have in more disaster-prone areas.
Insurance rates are set on a state level, with varying degrees of government regulation and intervention.
Typically, states like Hawaii that have strong private insurance markets have not needed forceful state involvement on rates.
Organizations:
underwriters
Locations:
Hawaii, Florida, California, Maui