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 accuses Hawaiian Electric of causing the Lahaina wildfire.
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 shares surged 30.2% after the company called the lawsuit filed against it by the county of Maui "factually and legally irresponsible," blaming the county for the Hawaii wildfires.
Lawyers for victims suing Hawaiian Electric are seeking correspondence from a former consultant about their knowledge of wildfire risks and necessary upgrades to the power grid, according to a recent court filing.
The Gross Law Firm issues a notice to shareholders of Hawaiian Electric Industries, Inc., encouraging them to contact the firm regarding a possible lead plaintiff appointment in a class action lawsuit alleging that the company's inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires, leading to materially false and misleading statements.
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.
