Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing
Time:2024-05-22 06:00:57 Source:styleViews(143)
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.
Previous:Emma Hayes' first roster as coach of the US women's team includes 2 first
Next:Emma Hayes' first roster as coach of the US women's team includes 2 first
You may also like
- EU seals a deal on using profits from frozen Russian assets to help arm Ukraine
- China launches new Earth observation satellite for environmental monitoring
- Demand from China drives U.S.' soybean trade
- 'Global status far off for China's carmakers'
- Emma Hayes' first roster as coach of the US women's team includes 2 first
- China discovers Asia's largest lithium source to date
- Guangdong's manufacturers stand out from pack
- Railway logistics centers complete
- Trump says he is open to restrictions on contraception before backing away from the statement