US: Maui wildfire insured losses could touch $4.5bn

Source: Middle East Insurance Review | Sep 2023

Insurance and reinsurance loss from the Lahaina wildfire in Hawaii to range between $2.5bn and $4.5bn, according to the property and casualty insurance equity analyst team at Bloomberg Intelligence.

The projection gave a mid-point estimate of $3.5bn, higher than the $3.2bn estimate provided by catastrophe risk modeller Karen Clark & Co as 3,000 structures were damaged or destroyed, making it the most destructive wildfire in Hawaii’s history.

Official forecast estimated that rebuilding cost following the devastating wildfires that centred around the historic city of Lahaina could exceed $5.5bn. Recent reports said that death toll could rise to 110.

The University of Hawaii’s Pacific Disaster Center and the Federal Emergency Management Agency said that at the wildfires have damaged or destroyed at least 2,207 structures, 86% of which residential and 9% commercial. It also noted that around 4,500 residents will need ongoing emergency shelter during the rebuilding process. M

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.