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.
Residents of Lahaina, Hawaii, are starting over after a devastating wildfire destroyed much of the town, but are finding support and assistance from their community.
The Maui fires were caused by bare, uninsulated power lines and deteriorating wooden power poles that did not meet safety standards, leaving the infrastructure compromised and vulnerable to high winds and sparking, according to videos and images analyzed by The Associated Press.
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.
Michigan State University researchers have produced highly detailed maps of the recent wildfires in Maui using high-resolution satellite images, which can be used to determine where postfire remediation activities should be prioritized and to assess future fire risk.
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.