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 60,138 flood insurance policies in force in 2016, 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, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Tokio Marine  $191,510 14.2%
2 Island Insurance Companies  84,181 6.2
3 Hawaii Employers' Mutual Insurance Co. 72,655 5.4
4 American International Group (AIG) 71,883 5.3
5 Chubb Ltd. 63,961 4.7
6 Allianz 54,338 4.0
7 MS&AD Insurance 54,336 4.0
8 Zurich Insurance Group 52,899 3.9
9 Liberty Mutual 51,030 3.8
10 Fairfax Financial  44,702 3.3

(1) Before reinsurance transactions.

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

View Archived Tables

Top 10 Writers Of Homeowners Insurance In Hawaii By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $121,356 31.6%
2 Heritage Insurance Holdings Inc. 55,288 14.4
3 Tokio Marine Group 36,632 9.6
4 USAA Insurance Group 29,151 7.6
5 Allstate Corp. 22,509 5.9
6 DB Insurance Co. Ltd.  19,642 5.1
7 Island Insurance Companies 14,914 3.9
8 Liberty Mutual 13,190 3.4
9 American International Group (AIG) 11,416 3.0
10 Ocean Harbor Insurance 11,340 3.0

(1) Before reinsurance transactions.

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

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In Hawaii By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $198,986 26.4%
2 State Farm 139,679 18.6
3 USAA Insurance Group 90,542 12.0
4 Allstate Corp. 67,866 9.0
5 Progressive 53,397 7.1
6 Farmers Insurance Group of Companies (2) 51,498 6.8
7 Tokio Marine Group 38,833 5.2
8 Liberty Mutual 34,387 4.6
9 Island Insurance Companies  24,127 3.2
10 MS&AD Insurance  17,932 2.4

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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

View Archived Tables

Back to top