Wildfire Creates New Housing Crisis in Maui

In addition to the tragic loss of lives in the Maui wildfire, residents and insurance companies are assessing property losses which are currently coming in at about $3.2 billion. But it won’t just be Maui residents paying for this fire. Insurance companies will be raising rates for everyone to help cover their losses.   As reported by Barron’s, insurance companies won’t have any problem paying claims for fire losses in Maui. The U.S. property and casualty industry is well-capitalized with about $980 billion at the end of last year. That’s according to the Insurance Information Institute. The Institute’s Janet Ruiz told Barron’s: “The Hawaii insurance market is stable. Insurance companies are prepared to handle catastrophes.”   But analysts and industry experts say insurance companies are already raising rates as natural disasters cause more and more damage across the U.S. and the Maui wildfire will only reinforce this trend. Insurance companies will raise rates based on what they expect to pay out in the next few years...   If you’ve missed some of our episodes, you can catch up at https://www.newsforinvestors.com. You can also hit the Join for Free button to become a RealWealth member. And please remember to hit the subscribe button, and leave a review!   Links:   1 - https://www.barrons.com/amp/articles/maiu-hawaii-wildfire-homeowners-insurance-2fbc156   2 - https://www.nytimes.com/2023/08/11/us/maui-wildfires-housing.html   3 - https://www.washingtonpost.com/nation/2023/08/14/hawaii-housing-crisis-lahaina-homes-maui-fires/   4 - https://www.newsweek.com/investors-calling-maui-wildfire-victims-buy-their-land-1819600   5 - https://www.nar.realtor/magazine/real-estate-news/realtors-give-1-5m-to-aid-maui-wildfire-recovery