HAWAII
Maui Wildfire Claim Payments Surpass $2 Billion, Hawaii Regulator Says
HONOLULU //BestWire// - Insurance companies have paid more than $2.34 billion to cover 10,003 Maui wildfire-related claims from across lines of business, according to data from the Hawaii Insurance Division.
(Photo credit: Patrick T. Fallon / AFP)The insurance regulator estimates that total property losses will amount to $3.2 billion, according to a chart of the data, which includes details from more than 200 carriers and is current as of June 30. The data also includes losses from severe windstorms seen around the time of the wildfire.
Residential property claims made up the bulk of the payments, with some $1.37 billion going to cover these claims. There were 5,239 residential property claims, including 1,702 total losses, the data show.
Homeowners made up the bulk of these claims, with 2,816 claims submitted and $1.04 billion in payments made, according to the insurance division. Condominium unit owners filed the second-most building-related claims with 1,331 and more than $60 million has been paid out to cover them. Although condo owners filed more claims, the 700 dwelling-fire landlord resulted in higher claims payments of $245.8 million, the data show.
There were 2,610 personal automobile claims, including 1,781 total losses, according to the insurance division. Personal auto claim payments have exceed $30.9 million against an estimated $31.2 million in total losses.
On the commercial side, there were 1,160 property claims reported and $702 million in payments made. Commercial auto generated 146 claims and $3.3 million in claim payments. There were also 316 business interruption claims, which resulted in $74.8 million in payments, according to the data.
The information comes from an August 2023 request sent to property/casualty insurers and surplus lines carriers for data related to wildfire and wind damage, the regulator said. The data is reported from carriers on an aggregate basis and individual properties were not identified.
Attempts to gain further comment from the Hawaii Insurance Division were unsuccessful.
In November 2023, insurers reported making $676.3 million in payments related to the Maui fires (BestWire, Nov. 7, 2023).
The five largest writers of homeowners insurance in Hawaii during 2023, based on direct premiums written, were: State Farm Group, 33.99%; Tokio Marine US PC Group, 13.01%; Allstate Insurance Group, 8.67%; USAA Group, 6.9%; and Liberty Mutual Insurance Cos., 5.78, according to BestLink.
The five largest writers of commercial multiperil (total) coverage in Hawaii during 2023, based on direct premiums written, were: Tokio Marine US PC Group, 24.37%; Allianz US PC Insurance Cos., 19.9%; DB Insurance US Group, 16.13%; MS&AD US Insurance Group, 7.81%; and Island Insurance Group, 5.93%, according to BestLink.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)