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.
Related articles:
Related suggestion:
Chinese company unveils revolutionary nuclear battery with 50SOEs playing big role in improving livelihoodsXi to Address Global Trade in Services Summit of CIFTISCrunch time for Team ChinaWorld's largest wind farm begins constructionChina's basketball star Yi Jianlian announces retirementChina remains crucial link in supply chainOver 600 enterprises sign up for 7th CIIERegional govts use celebrities' power to boost cultural tourismDomestic oil, gas production hits record in 2023
2.9611s , 6500.4140625 kb
Copyright © 2024 Powered by Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing ,International Insight news portal