Wildfire claims across businesses in Maui surpass 10,000

Wildfire claims across businesses in Maui surpass 10,000 | Insurance Business America

Catastrophe & Flood

Wildfire claims across businesses in Maui surpass 10,000

Regulator estimates property losses in the billions

Catastrophe & Flood

By
Kenneth Araullo

Insurance companies have paid over $2.34 billion to cover 10,003 claims related to the Maui wildfires, according to data from the Hawaii Insurance Division.

The total property losses from the wildfires and associated windstorms are estimated to reach $3.2 billion, based on information collected from more than 200 carriers as of June 30.

According to AM Best, the majority of the payments went towards residential property claims, totaling approximately $1.37 billion. The data indicates there were 5,239 residential property claims, including 1,702 total losses.

Homeowners filed the largest portion of these claims, with 2,816 submissions resulting in $1.04 billion in payments. Condominium unit owners submitted 1,331 claims, receiving over $60 million, while dwelling-fire landlord claims, though fewer at 700, resulted in $245.8 million in payments.

Personal automobile claims accounted for 2,610 of the totals, with 1,781 being total losses. The insurance division reported that personal auto claim payments amounted to $30.9 million, against an estimated total loss value of $31.2 million.

On the commercial front, there were 1,160 property claims reported, with payments totaling $702 million. Commercial auto claims numbered 146, with $3.3 million paid out. Additionally, 316 business interruption claims were reported, resulting in $74.8 million in payments.

The data was gathered following an August 2023 request from the Hawaii Insurance Division to property/casualty insurers and surplus lines carriers for information related to wildfire and wind damage. The reports were provided on an aggregate basis, without identifying individual properties.