S.R. No. 160 Summary

• Request the Insurance Commissioner to conduct a comprehensive study on wildfire risk and insurance, including market-based approaches to address growing wildfire hazards across Hawaii.

• Study prompted by August 2023 Maui wildfires that caused 101 deaths, destroyed over 2,000 homes and 800 businesses, with initial property damage estimated at $6 billion and lost business revenue at $2.7 million per day.

• Address concerns that increased wildfire risk may cause insurers to raise rates, deny coverage, reduce policy counts, or exit the Hawaii insurance market entirely.

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

• Transmit certified copy of resolution to the Insurance Commissioner.