Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing
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
Explainer: What makes China magnet for multinational corporations?
BEIJING, April 29 (Xinhua) -- China is becoming even more attractive to foreign investors, as the la2024-05-01Palestinian artist reveals violence against women in Gaza through paintings
People visit an exhibition of Palestinian artist Kholoud al-Dasooqi in Gaza City, on Aug. 11, 2020.2024-05-01People of Zhuang ethnic group celebrate traditional diving festival in Guizhou
Girls of Zhuang ethnic group holding red umbrellas attend a diving matchmaking activity on the secon2024-05-01AI crucial to NEV supremacy, agree auto execs
A visitor experiences a smart cockpit at the 2023 Smart China Expo in Chongqing in September. (HE PE2024-05-01US challenges 'bogus' patents on Ozempic and other drugs in effort to spur competition
WASHINGTON (AP) — Federal regulators are challenging patents on 20 brand name drugs, including the b2024-05-01As China assures bright future, multinational firms eye win
China's efforts in promoting high-standard opening-up and innovative development will create unlimit2024-05-01
atest comment