$4bn settlement reached for deadly 2023 Hawaii wildfires

A $4.037 billion settlement has been reached resolving claims arising from the Maui, Hawaii wildfires in August 2023, according to the state’s Governor Josh Green.

As Reinsurance News understands, the settlement addresses around 450 lawsuits filed by individuals, businesses, and insurance companies in both state and federal courts in connection with the fires in Lahaina and Upcountry on the island of Maui, which killed over 100 people and destroyed a host of homes and businesses. In August of last year, Guy Carpenter estimated the wildfires would result in an insured loss of between $4 billion and $6 billion, making it the second costliest disaster in Hawaii’s history since Hurricane Iniki in 1992.

As per a press release from Governor Green’s office, the seven defendants – state of Hawai’i, County of Maui, Hawaiian Electric, Kamehameha Schools, West Maui Land Co., Hawaiian Telcom and Spectrum/Charter Communications – all “undertook significant efforts” to find a resolution that addresses the needs and ensures the well-being of plaintiffs, all affected individuals, and their families.

In a statement on Friday, Green said, “My priority as Governor was to expedite the agreement and to avoid protracted and painful lawsuits so as many resources as possible would go to those affected by the wildfires as quickly as possible.

“Settling a matter like this within a year is unprecedented, and it will be good that our people don’t have to wait to rebuild their lives as long as others have in many places that have suffered similar tragedies.”

The settlement agreement remains subject to final documentation and court approval, according to Green’s office.

Once a final settlement agreement is signed and approved following judicial and legislative review, payments are expected to start as early as mid-2025.

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