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Hawaii Aims to Stabilise Property Insurance Amid Climate Disasters
Hawaii lawmakers have opened the legislative session with a commitment to address the state's unstable property insurance market, exacerbated by hurricanes, wildfires, and climate change-related disasters. Rising reinsurance costs due to global catastrophes, including Florida and North Carolina hurricanes and California wildfires, are driving insurers to hike rates or withdraw from Hawaii. Senate President Ron Kouchi highlighted that Hawaii's designation as a disaster-prone state worsened after the August 2023 Maui wildfires. Adding to the crisis, recent Los Angeles wildfires have caused ..