Lahaina Wildfire Insured Property Losses Estimated at $3.2 Billion

Insured property losses from the Hawaiian wildfire that devastated Lahaina on the island of Maui will likely reach approximately $3.2 billion, according to an estimate from Karen Clark & Company (KCC).

The wildfire started August 8 and spread quickly, driven by high winds with gusts as high as 67 mph. More than 2,200 structures were damaged or destroyed in Lahaina by the most destructive wildfire in Hawaii's history, KCC said in a KCC Wildfire Flash Estimate.

KCC's report said there have been two wildfires in the past 20 years that started within 10 miles of the Lahaina fire, one in 2016 that burned 6,000 acres and another in 2007 that burned 2,500 acres.

The Lahaina fire burned approximately 2,170 acres, according to KCC. Using independent geospatial analysis of satellite and aerial imagery, KCC estimated that more than 2,200 structures were within the perimeter of the fire, and more than 3,000 total structures were affected by the fire.

Most of the structures damaged by the wildfire were residential buildings, though many commercial buildings were damaged as well, KCC said. The large proportion of wood-frame and older construction among buildings in Lahaina likely contributed to the high degree of damage caused by the fire, the report said.