Hawaii 2024 Regular Session

Hawaii Senate Bill SCR124

Introduced
3/8/24  
Refer
3/14/24  
Introduced
3/8/24  

Caption

Requesting The Hawaii Hurricane Relief Fund And The Insurance Commissioner To Assess The Impacts Of Climate Change On Homeowner's Insurance.

Impact

The resolution seeks to gather data on various aspects, including the specific impacts of climate change on the ability of homeowners to secure adequate insurance coverage, as well as the financial burdens that result from climate disasters. It also looks into community acceptance of the Loss Mitigation Grant Program and outlines potential strategies to enhance homeowner protection over the next decade. The information gathered is expected to guide legislative action in future sessions, specifically prior to the Regular Session of 2025.

Summary

SCR124 is a Senate Concurrent Resolution from the State of Hawaii aimed at addressing the growing concerns related to climate change and its impact on homeowners' insurance. The resolution requests the Hawaii Hurricane Relief Fund and the Insurance Commissioner to assess how climate change affects the availability and affordability of insurance for homeowners against disaster-related damages. This measure highlights the urgency as climate change increases the frequency and severity of extreme weather events, leading insurers to reconsider their policies in previously low-risk markets like Hawaii.

Contention

Concerns have been raised about the increasing trend of insurers withdrawing from markets due to escalating risks associated with climate events. The resolution notes that if market trends continue, Hawaii's homeowners may increasingly find it challenging to obtain necessary coverage for disasters related to climate change, as was observed in other disaster-prone states across the country. This raises significant implications for homeowners' financial stability and recovery efforts in post-disaster scenarios.

Companion Bills

HI SR106

Same As Requesting The Hawaii Hurricane Relief Fund And The Insurance Commissioner To Assess The Impacts Of Climate Change On Homeowner's Insurance.

Previously Filed As

HI SR106

Requesting The Hawaii Hurricane Relief Fund And The Insurance Commissioner To Assess The Impacts Of Climate Change On Homeowner's Insurance.

HI SCR186

Requesting The Insurance Commissioner To Conduct A Comprehensive Study On Wildfire Risk And Insurance, Including Market-based Approaches.

HI SR160

Requesting The Insurance Commissioner To Conduct A Comprehensive Study On Wildfire Risk And Insurance, Including Market-based Approaches.

HI SCR155

Requesting The Insurance Commissioner To Produce A Detailed Report Regarding The State Of The Private Property Insurance Industry In Hawaii.

HI SCR93

Requesting The Insurance Commissioner To Research And Convene Stakeholder Discussions To Consider The Concept Of A Wildfire Insurance Compact.

HI HCR72

Requesting The Insurance Commissioner To Coordinate And Develop A Wildfire Insurance Compact.

HI SB1167

Relating To The Hawaii Hurricane Relief Fund.

HI HR57

Requesting The Insurance Commissioner To Coordinate And Develop A Wildfire Insurance Compact.

HI HCR173

Requesting The Insurance Commissioner To Convene A Working Group To Assess The Feasibility And Impact Of Requiring Coverage For Commercial Properties And Structures, Including Greenhouses And Shade Houses, Under The Hawaii Property Insurance Association's Plan Of Operation.

HI SR125

Requesting The Insurance Commissioner To Produce A Detailed Report Regarding The State Of The Private Property Insurance Industry In Hawaii.

Similar Bills

MS HB888

Insurance mitigation; revise various provisions related to.

HI SB1101

Relating To Hurricane Preparedness.

HI SR106

Requesting The Hawaii Hurricane Relief Fund And The Insurance Commissioner To Assess The Impacts Of Climate Change On Homeowner's Insurance.

HI HB947

Relating To Hurricane Preparedness.

MS HB1040

Hurricane deductible; bring forward code sections regarding.

HI HB1976

Relating To Hurricane Preparedness.

HI SB1044

Relating To The Stabilization Of Property Insurance.

HI HB1057

Relating To The Stabilization Of Property Insurance.