Insured losses from Maui wildfires at least $1bln: Moody's

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)