Hawaii wildfires cause second highest losses to the insurance industry in the state

Lahaina from the sky

The total covered losses are still climbing on Maui island and will reach the state’s second highest. The total losses the insurance industry is on the hook for due to the Hawaii wildfires on Maui island are expected to reach the second highest in the history of the state, according to modeling cited by a recent Reuters report. The rapidly moving blaze began last week and has devastated the historic resort town of Lahaina. Lahaina has been particularly hard-hit by the blazes. A historic resort town today, it was once…

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New risk management tool could fill in the gaps left by conventional catastrophe models

Karen Clark & Company, a catastrophe management firm serving the insurance industry, has developed a new tool that could help insurers manage their risks in a changing world of natural disasters. The past two years have been the most catastrophic years in history in terms of insurance. Natural disasters from both 2010 and 2011 have cost the industry billions and have left it staggered. Insurers are hoping that 2012 will not be as disastrous as its predecessors. If it is, however, they will have a new risk management tool at…

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