Requesting The Insurance Commissioner To Conduct A Comprehensive Study On Wildfire Risk And Insurance, Including Market-based Approaches.
Impact
The resolution emphasizes the urgent need for improved insurance strategies and recommendations to mitigate the impact of wildfires on property owners and businesses in Hawaii. It acknowledges that the recent devastating wildfires have fundamentally altered the perception of wildfire risks by insurers, which could lead to increased premiums, reduced policy availability, or even withdrawal from the insurance market entirely. This trend raises concerns about adequate coverage for residents, particularly those vulnerable to extreme weather events attributed to climate change.
Summary
SCR186 requests the Insurance Commissioner to conduct a comprehensive study on wildfire risk and insurance in the wake of the devastating August 2023 wildfires in Hawaii. These wildfires resulted in extensive destruction, particularly in Lahaina, where over 2,000 homes and businesses were destroyed, leading to significant economic losses that are being estimated at $2.7 million per day. The bill recognizes the growing threat of wildfires, exacerbated by climate change, and aims to ensure that residents have adequate insurance coverage for future wildfire risks.
Contention
One notable aspect of SCR186 is its focus on addressing the challenges faced by Lahaina residents post-wildfire, including delayed insurance claims and ongoing housing uncertainties. The bill is positioned as a response to these pressing issues, which are expected to persist for years as the rebuilding of Lahaina could take between five to ten years. There may be contention regarding the nature and effectiveness of the proposed market-based approaches to insurance, as stakeholders in the insurance industry and affected communities might have differing opinions on the best path forward to ensure access to adequate insurance coverage.
Requesting The Insurance Commissioner To Conduct A Study Of Alternative Insurance Models That May Provide Viable Solutions For Condominium Associations And Condominium Unit Owners In The State.
Requesting The Insurance Commissioner To Conduct A Study Of Alternative Insurance Models That May Provide Viable Solutions For Condominium Associations And Condominium Unit Owners In The State.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.