Maui Wildfire Loss Estimate So Far — $3 Billion

The Hawaii Insurance Division has now set the estimated losses of the Maui wildfire in August of last year at $3 billion. That number is likely to continue to grow, and authorities in the division believe the final total will be something like $5 billion.

The insurance department has also said that insurers, as of March 31st, have paid out $2.09 billion. That comes from data given to the division by over 200 insurers and only includes part of the damages suffered by homeowners, renters and businesses.

Those who were underinsured, or with no insurance at all are not included in the division’s data. 

Here is what insurers have paid out so far for all losses:

Total — $2,086,897

Residential property — $1,308,751

Commercial property — $571,822

Personal auto — $30,641

Commercial auto — $3,249

Business interruption — $56,322

All other property — $116,112

This is how much has been paid out for residential property alone:

Total — $1,308,751

Homeowners insurance — $1,007,829

Other residential property — $20

Dwelling-fire landlord — $235,449

Condo unit owner — $56,388

Renters insurance — $9,065

Source link: CivilBeat — https://bit.ly/4dNhh9M