THE SENATE	S.R. NO.	106
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

SENATE RESOLUTION

 

 

requesting THE hawaii hurricane relief fund and the Insurance commissioner to assess the impacts of climate CHANGE on homeowner's insurance.

 

 

     WHEREAS, as climate change continues to increase the frequency and severity of extreme weather events, such as hurricanes and wildfires, insurers nationwide have either scaled back home insurance or halted the sale of new policies all together; and

 

     WHEREAS, nationwide, millions of homeowners in disaster prone areas, like California, Florida, and Louisiana are having to find different types of coverage that frequently come at a higher price with less protection; and

 

     WHEREAS, state-mandated insurance plans have been created as a direct result of insurers leaving state markets; however, these plans tend to be expensive and only offer limited protection; and

 

     WHEREAS, the Hawaii Hurricane Relief Fund was created in 1993 to meet an insurance need after Hurricane Iniki due to insurers leaving the market in the State; and

 

     WHEREAS, subsequently, due to an increased availability of hurricane property insurance coverage from the private sector, the fund has not written hurricane property insurance policies since 2000; and

 

     WHEREAS, the Hawaii Hurricane Relief Fund Board of Directors is the policy making body of the fund, which is authorized to offer policies of hurricane property insurance for sale in Hawaii if, at any time, it determines that the private insurance market is not making property insurance reasonably available; and

 

     WHEREAS, until recently, Hawaii has long been a low-risk market for insurers, but after the August 2023 Maui wildfires, companies have been forced to reassess a historically predictable and profitable home insurance market due to possible increased shore-line erosion and an increase in climate change disasters across the nation; and

 

     WHEREAS, if the State experiences additional insurers leaving the market, Hawaii's homeowners may not be able to obtain insurance coverage for disasters related to climate change; now, therefore,

 

     BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Hawaii Hurricane Relief Fund and the Insurance Commissioner are requested to compile and report data on:

 

     (1)  The specific impacts of climate change on the ability of the State's homeowners to obtain insurance to cover any disaster-related damage caused by climate change (not just hurricanes), to include the financial burdens of climate change disasters;

 

     (2)  The acceptance by Hawaii's residents of the Loss Mitigation Grant Program; and

 

     (3)  Possible steps to be taken over the next ten years to protect the State's homeowners; and

 

     BE IT FURTHER RESOLVED that the Hawaii Hurricane Relief Fund and the Insurance Commissioner are requested to submit a joint report on the climate change data to the Legislature no later than forty days prior to convening of the Regular Session of 2025; and

 

     BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Insurance Commissioner and Chairperson of the Board of Directors of the Hawaii Hurricane Relief Fund.

 

 

 

	OFFERED BY:	_____________________________

 

 

 

Report Title: 

Hawaii Hurricane Relief Fund; Insurance Commissioner; Climate Change; Disasters; Report