RLI Corp. has released an estimated range of pretax net catastrophe losses from the Hawaii wildfires of $65 million to $75 million, to be reflected in its Q3 2023 results.
This range is inclusive of the net of reinsurance recoverable and reinstatement premiums and is based on the impact of approximately 200 structures where RLI primarily provided homeowners insurance.
The insurer notes that the loss estimates are subject to change due to the complexity of the claims and the preliminary nature of the available information.
Craig Kliethermes, President & CEO, RLI Corp., said, “RLI has served homeowners in Hawaii for more than 25 years. We extend our heartfelt support to our Hawaii-based employees and condolences to those who have lost loved ones, homes and businesses or have otherwise been affected by these devastating wildfires.
“Our team is working tirelessly with our trusted agents to help customers who have been impacted recover as quickly as possible.”
Earlier this week, Moody’s RMS released its estimate of the insured loss range from the Hawaii wildfires to be approximately $3-$4.5 billion, as compared to the loss estimate from analysts at Bloomberg who estimated an insured loss between $2.5-$4.5 billion.
At the same time, KCC estimated this fire to have been the second largest insured loss event to ever take place in Hawaii, with $5.52 billion worth of exposed structures.
