Over 10,000 Business Claims Filed in Maui Due to Wildfires

Data from the Hawaii Insurance Division reveals that insurance companies have paid out more than $2.34 billion to cover 10,003 claims related to the devastating Maui wildfires. Total property losses stemming from the wildfires and associated windstorms are estimated to reach $3.

2 billion, with over 200 carriers providing information as of June 30. According to information from AM Best, the majority of payments went towards residential property claims, totaling around $1.37 billion.

This data indicates that there were 5,239 residential property claims, including 1,702 total losses. Homeowners accounted for the largest portion of claims, with over $1.04 billion in payments from 2,816 submissions.

Condominium unit owners and dwelling-fire landlords also received substantial payouts for their claims. In terms of personal automobile claims, the insurance division reported 2,610 claims with $30.9 million paid out.

Commercial property claims totaled $702 million, while commercial auto and business interruption claims received payments of $3.3 million and $74.8 million, respectively.

Insurers were required to provide this data following a request from the Hawaii Insurance Division in August 2023. Reports were given on an aggregate basis, with no individual properties being identified. In November 2023, insurers reported an additional $676.3 million in payments specifically related to the Maui fires. The five largest writers of homeowners insurance in Hawaii in 2023 were State Farm Group, Tokio Marine US PC Group, Allstate Insurance Group, USAA Group, and Liberty Mutual Insurance Cos.