Wildfires in Maui, Hawaii have caused an estimated $4 billion to $6 billion in losses for the local economy, including damage to insured properties and business interruptions, with rebuilding costs predicted to exceed $5.5 billion.
The Hawaii power utility, Hawaiian Electric, may have removed crucial evidence from the scene of the deadly Lahaina fire, potentially impeding the official investigation into the blaze's cause.
Maui County has filed a lawsuit against the Hawaiian Electric Company, claiming that the utility company's negligence in keeping power lines energized during high wind conditions caused the devastating wildfires that killed over 100 people and burned thousands of acres of land.
Maui accuses Hawaiian Electric of causing the Lahaina wildfire.
A devastating wildfire in Lahaina, Hawaii has caused widespread destruction.
Hawaiian Electric's stock surges nearly 44% after disputing claims that its power lines caused a deadly wildfire in Lahaina, stating that it had cut off electricity prior to the blaze.
Deadly wildfires in Hawaii and a historic hurricane in Florida have caused significant damage and brought insurance risks to homeowners' attention, leading insurers to reconsider their risk exposure and potentially leave certain markets, creating an affordability crisis for insurance.
