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Modeler: Insured Property Losses From Lahaina Fire $3.2B

August 15, 2023

Catastrophe modeler Karen Clark & Company has issued new estimates showing the insured property losses from the Lahaina Fire in Hawaii to be around $3.2 billion.

At least 99 people were killed in Maui’s wildfires, a figure that’s likely to rise as only 25% of the burn area has been searched, CNN is reporting. The death toll from fast-moving wildfires in Maui was at 93 on Monday, making them the deadliest in the US in more than 100 years, according to a Bloomberg report on Insurance Journal.

Figures on loss of life and total and insured losses may continue to rise. AccuWeather on Monday increased its estimate of the total damage and economic loss from the devastating wildfires burning in Hawaii to $14 to $16 billion. That update followed AccuWeather’s preliminary estimate last week of total damage and economic loss of $8-10 billion.

A devastating wildfire started on Aug. 8 near the historic town of Lahaina in Maui, and was driven by high winds caused by a strong pressure gradient between a high pressure system to the north and Hurricane Dora passing to the south, according to KCC. More than 2,200 structures were damaged or destroyed in Lahaina in the most destructive wildfire in Hawaii history.

“The Lahaina fire burned approximately 2,170 acres and devastated the town of Lahaina in Maui, HI,” the KCC analysis states. “Through an independent geospatial analysis of satellite and aerial imagery, KCC estimates that more than 2,200 structures fall within the fire perimeter, and over 3,000 total structures were impacted by the fire, including secondary impacts such as branding and smoke.”


Topics Profit Loss Property Hawaii

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