© Reuters. FILE PHOTO: The shells of burned houses and buildings are left after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, U.S. August 11, 2023. Hawai’i Department of Land and Natural Resources/Handout via REUTERS/File ph
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LONDON (Reuters) – Moody’s (NYSE:) 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”.
This story originally appeared on Investing
