A $4 Billion Settlement has Been Reached Resolving Claims from the Maui, Hawaii Wildfires

A $4.037 billion settlement has been reached resolving claims arising from the Maui, Hawaii wildfires in August 2023, according to the state’s Governor Josh Green.

As Reinsurance News understands, the settlement addresses around 450 lawsuits filed by individuals, businesses, and insurance companies in both state and federal courts in connection with the fires in Lahaina and Upcountry on the island of Maui, which killed over 100 people and destroyed a host of homes and businesses. In August of last year, Guy Carpenter estimated the wildfires would result in an insured loss of between $4 billion and $6 billion, making it the second costliest disaster in Hawaii’s history since Hurricane Iniki in 1992.

Read More at Reinsurance News