Multiple news outlets report that insurance claims from the August 2023 Maui wildfires have exceeded $1.35 billion according to the Hawaii Insurance Division. The preliminary estimates show significant residential property damage with insurers having paid out over $676 million to homeowners so far.
- Total wildfire insurance claims have reached $1.35 billion as of September 30, with over 200 insurers reporting losses
- Residential property damage claims account for $1.33 billion, while personal vehicle damage claims total $25.9 million
- Insurers have paid out $676.3 million toward homeowners claims and $22.2 million for vehicle claims to date
- Moody’s had predicted the disaster could generate $4-6 billion in total economic losses including business interruption costs
- The August 8 fires burned 3,453 acres across Lahaina, Olinda, and Kula communities after high winds downed a power line
- Insurance costs are expected to increase as additional losses are discovered and initial estimates are refined
Sources
- Fwbusiness: Maui Wildfire Insurance Claims Already Top $1.3 Billion
- Moorenews: Maui Wildfire Insurance Claims Already Top $1.3 Billion
- Guampdn: Maui Wildfire Insurance Claims Already Top $1.3 Billion
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