S.C.R. 186 Summary

• Requests the Insurance Commissioner to conduct a comprehensive study on wildfire risk and insurance, including market-based approaches to address the impacts of the August 2023 Maui wildfires.

• Cites the August 8, 2023 wildfires that destroyed over 2,000 homes and 800 businesses in Lahaina, caused 101 deaths with 2 missing, and resulted in approximately $6 billion in property damage and $2.7 million per day in lost business revenue.

• Identifies concerns that rising wildfire risk may lead insurers to raise rates, deny coverage for certain losses or high-risk areas, reduce policy counts, or exit Hawaii's insurance market entirely.

• Requires the Insurance Commissioner to submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2025 Regular Session convenes.