Hawaii Aims to Stabilise Property Insurance Amid Climate Disasters

20 Jan 2025 CW Team

Senate President Ron Kouchi highlighted that Hawaii's designation as a disaster-prone state worsened after the August 2023 Maui wildfires. Adding to the crisis, recent Los Angeles wildfires have caused damages estimated between $135 billion and $150 billion, according to AccuWeather, intensifying the strain on the insurance sector.

State Sen. Jarrett Keohokalole, chair of the Senate Commerce and Consumer Protection Committee, described the situation as "incredibly complicated," emphasising uncertainty surrounding the market's response to ongoing disasters. Senate Democrats plan to revive programs initiated after Hurricane Iniki in 1992, which created the Hawaii Hurricane Relief Fund, offering hurricane coverage to over 155,000 residents until private insurers re-entered the market.

However, Keohokalole warned that replicating such a program might not stabilise premiums to levels affordable for Hawaii’s residents. With the state facing risks of tsunamis, wildfires, and hurricanes, he stressed the need for accessible local insurance options, particularly for seniors and struggling families.

Hawaii’s condominium sector is heavily impacted, with many condo boards reducing coverage due to skyrocketing premiums. Mortgage lenders like Fannie Mae and Freddie Mac require full replacement value insurance, leaving an estimated 375 to 390 condominium buildings underinsured for hurricane risks.

Lawmakers aim to implement solutions by May to prevent further impediments to homeownership, with Kouchi warning that without insurance, residents may face the daunting prospect of paying cash for homes in a market where single-family homes average over $1 million.

California’s insurance market also faces similar pressure, with major insurers retreating from property coverage amid escalating wildfire and flood risks linked to climate change.

(ET)

Hawaii lawmakers have opened the legislative session with a commitment to address the state's unstable property insurance market, exacerbated by hurricanes, wildfires, and climate change-related disasters. Rising reinsurance costs due to global catastrophes, including Florida and North Carolina hurricanes and California wildfires, are driving insurers to hike rates or withdraw from Hawaii. Senate President Ron Kouchi highlighted that Hawaii's designation as a disaster-prone state worsened after the August 2023 Maui wildfires. Adding to the crisis, recent Los Angeles wildfires have caused damages estimated between $135 billion and $150 billion, according to AccuWeather, intensifying the strain on the insurance sector. State Sen. Jarrett Keohokalole, chair of the Senate Commerce and Consumer Protection Committee, described the situation as incredibly complicated, emphasising uncertainty surrounding the market's response to ongoing disasters. Senate Democrats plan to revive programs initiated after Hurricane Iniki in 1992, which created the Hawaii Hurricane Relief Fund, offering hurricane coverage to over 155,000 residents until private insurers re-entered the market. However, Keohokalole warned that replicating such a program might not stabilise premiums to levels affordable for Hawaii’s residents. With the state facing risks of tsunamis, wildfires, and hurricanes, he stressed the need for accessible local insurance options, particularly for seniors and struggling families. Hawaii’s condominium sector is heavily impacted, with many condo boards reducing coverage due to skyrocketing premiums. Mortgage lenders like Fannie Mae and Freddie Mac require full replacement value insurance, leaving an estimated 375 to 390 condominium buildings underinsured for hurricane risks. Lawmakers aim to implement solutions by May to prevent further impediments to homeownership, with Kouchi warning that without insurance, residents may face the daunting prospect of paying cash for homes in a market where single-family homes average over $1 million. California’s insurance market also faces similar pressure, with major insurers retreating from property coverage amid escalating wildfire and flood risks linked to climate change. (ET)

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Infrastructure Urban

06 Feb 2026

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Infrastructure Urban

06 Feb 2026

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..