Fact file: Hawaii hurricane insurance

September 2018

  • Hawaii’s costliest hurricane, based on insured property losses, was Hurricane Iniki in September 1992. Iniki caused $1.6 billion in damage when it occurred, or $2.9 billion in 2018 dollars.
  • Hawaii had 60,629 flood insurance policies in force in 2017, according to the National Flood Insurance Program. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
  • Flood insurance in force in Hawaii in the National Flood Insurance Program totaled $13.6 billion in 2016.
  • Significant storms hitting Hawaii include: the Kohala Cyclone in 1871, Hurricane Nina in 1957, Hurricane Dot in 1959, Hurricane Iwa in 1982 and Hurricane Iniki in 1992. The National Weather Service has a more complete list at: http://www.prh.noaa.gov/cphc/summaries/.
  • In Hawaii, most homeowner insurance policies provide coverage for almost all standard perils (e.g., fire, explosion) and liability but exclude hurricanes.  The trigger for what constitutes a hurricane varies from insurer to insurer, and may depend on variables such as where, and whether, the hurricane makes landfall as well as declarations made by the National Weather Service. A hurricane is generally defined as a tropical storm which has achieved sustained winds of at least 74 miles per hour.

Top 10 Writers Of Commercial Insurance In Hawaii By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Tokio Marine Group $212,325 14.4%
2 Island Insurance Companies 88,299 6.0
3 Chubb 73,084 5.0
4 American International Group (AIG) 71,548 4.9
5 Hawaii Employers' Mutual Insurance Co. 68,928 4.7
6 Allianz 60,244 4.1
7 Zurich 55,277 3.7
8 Liberty Mutual 53,439 3.6
9 MS&AD Insurance Group Holdings Inc. 52,223 3.5
10 DB Insurance Co. Ltd. 48,395 3.3

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Homeowners Insurance In Hawaii By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $127,008 30.6%
2 Heritage Insurance 53,317 12.8
3 Tokio Marine Group 48,565 11.7
4 USAA Insurance Group 29,297 7.0
5 Allstate Corp. 24,856 6.0
6 DB Insurance Co. Ltd. 21,829 5.3
7 Liberty Mutual 17,746 4.3
8 Island Insurance Companies 16,790 4.0
9 RLI 13,119 3.2
10 American International Group (AIG) 11,506 2.8

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Private Passenger Auto Insurance In Hawaii By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $222,775 27.8%
2 State Farm 146,290 18.3
3 USAA Insurance Group 95,364 11.9
4 Allstate Corp. 73,542 9.2
5 Progressive 61,678 7.7
6 Farmers Insurance Group 44,312 5.5
7 Tokio Marine Group 40,233 5.0
8 Liberty Mutual 39,484 4.9
9 Island Insurance Companies 25,017 3.1
10 MS&AD Insurance Group Holdings Inc. 17,557 2.2

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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