Karen Clark & Co. on Tuesday estimated the insured property losses from wildfires that hit Maui and the Big Island of Hawaii Aug. 8-10 will be around $3.2 billion.
On Aug. 8, a wildfire started near the historic town of Lahaina in Maui, Hawaii, and spread quickly due to high winds, a KCC report said.
More than 2,200 structures have been damaged or destroyed in Lahaina in what is now the most destructive wildfire in Hawaii’s history, according to the report.
Local authorities said the fire was 85% contained as of 10 p.m. local time on Aug. 14, with no further fire spread forecast.
There have been only two wildfires in the past 20 years that started within 10 miles of the Lahaina fire: the Olowalu Fire, which in 2007 burned 2,500 acres; and the Ma’Alaea Fire, which in 2016 burned 6,000 acres, the KCC report said.
This most recent estimate is substantially higher than the $1 billion of just one day ago.