BOISE, Idaho (AP) — Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won’t be renewed because their insurance company has deemed the risk too high.
It’s a problem that has played out in states across the U.S. as climate change and increasing development has raised the risks of wildfires and other natural disasters damaging communities. Insurance providers, state regulators and researchers are grappling with how to keep the insurance companies in business while keeping residents and their properties insured and protected.
“I think most of the insurers, you know, I’m very grateful that they’re committed to the Hawaii market, so we haven’t seen wholesale withdrawals,” after the Aug. 8, 2023 fire burned through Lahaina and killed 101 people, Hawaii Insurance Commissioner Gordon Ito said during a Wildfire Risk Forum for insurance commissioners held at the National Interagency Fire Center in Boise, Idaho.
Cannes 2024: Studio Ghibli takes a bow with an honorary Palme d'Or
Gaza truce talks with Israeli delegation 'positive': sources
Nelson Cruz hired by MLB as special adviser for baseball operations
Eddie Gossage, the longtime head of Texas Motor Speedway, dies at 65
Sports betting roundup: Xander Schauffele's final putt pays off for bettors
Peng Liyuan visits Buda Castle, has tea with Hungarian first lady
Peng Liyuan visits Buda Castle, has tea with Hungarian first lady
China, Pakistan pledge to enhance pragmatic cooperation in various fields
Target to lower prices on basic goods in response to inflation
Chinese lawmakers to deliberate various law drafts at upcoming session
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
Democratic South Carolina House member has law license suspended after forgery complaint