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Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. REUTERS/Jorge Garcia
LONDON: Moody's Investors’ Service said on Tuesday that estimated insured losses from wildfires on Maui in Hawaii will be at least $1 billion.
More than 2,000 structures were damaged or destroyed and more than 2,700 structures exposed, Moody's said in a report, citing estimates from The Pacific Disaster Center and FEMA.
With the average single-family home valued at $1.5 million, the estimated losses would primarily affect property and casualty insurers "with significant homeowners and commercial property market share".
(Reporting by Simon Jessop; editing by John Stonestreet)
