Hawaii's economic toll from wildfires is up to $6 billion, Moody's estimates

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.

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8/23/2023

5 things to know before the stock market opens Wednesday

### Summary 1. Nvidia stock futures are up as traders await the company's earnings report, with analysts predicting strong profit and revenue. 2. Retail stocks, including Dick's Sporting Goods, Macy's, and Foot Locker, suffered significant losses due to disappointing forecasts and falling sales. 3. UPS workers have approved a five-year labor deal that includes wage increases and improved safety precautions and schedules. 4. Amazon is requiring some employees to relocate to central office hubs, causing disruption and prompting some employees to quit. 5. The wildfires in Maui, Hawaii, resulted in economic losses estimated to be between $4 billion and $6 billion, making them the deadliest U.S. wildfires in over a century.

8/22/2023

Moody's estimates Hawaiian wildfires caused up to $6 billion in economic losses

Moody's RMS estimated up to $6 billion in economic losses from the devastating wildfires in Hawaii, with 75% of the losses to be covered by insurance, affecting various sectors including residential, commercial, industrial, automobile, and infrastructure assets.

8/24/2023

Maui government files lawsuit, accuses Hawaiian electric company of causing Lahaina wildfires

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.

8/25/2023

Maui Alleges Hawaiian Electric Caused Lahaina Wildfire

Maui accuses Hawaiian Electric of causing the Lahaina wildfire.

8/26/2023

Fact Check Team: Maui government, residents sue Hawaiian power company over alleged involv

A devastating wildfire in Lahaina, Hawaii has caused widespread destruction.

8/26/2023

Bare electrical wire and poles in need of replacement on Maui were little match for strong winds

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.

8/28/2023

New images use AI to provide more detail on Maui fires

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.

9/10/2023

Historic Disasters Fuel Insurance Woes, Leaving Homeowners With Soaring Costs and Shrinking Coverage

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.

9/18/2023

US Breaks Annual Record for Costly Climate Disasters

In 2023, the US has already experienced a record-breaking number of billion-dollar disasters and hundreds of deaths due to climate catastrophes, with Hurricane Idalia and the Maui wildfires contributing to the devastating statistics.