Bill Text: HI SCR124 | 2024 | Regular Session | Introduced
Bill Title: Requesting The Hawaii Hurricane Relief Fund And The Insurance Commissioner To Assess The Impacts Of Climate Change On Homeowner's Insurance.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-03-22 - The committee on CPN deferred the measure. [SCR124 Detail]
Download: Hawaii-2024-SCR124-Introduced.html
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THE SENATE |
S.C.R. NO. |
124 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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SENATE CONCURRENT
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, the House of Representatives concurring, 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 Concurrent Resolution be transmitted to the Insurance Commissioner and Chairperson of the Board of Directors of the Hawaii Hurricane Relief Fund.
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OFFERED BY: |
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Hawaii Hurricane Relief Fund; Insurance Commissioner; Climate Change; Disasters; Report
