Home and auto insurers are likely to field most of the claims from the Aug. 8 Maui wildfires that killed at least 115 people and sparked billions in damages, according to FactSet.

Damage estimates are all over the charts as responders continue sifting through the ashes. But AccuWeather now counts total damage and economic losses at $14 billion to $16 billion. And the Federal Emergency Management Agency estimates that 86% of the buildings damaged in the fires were residential.

“The top writers of personal insurance in Hawaii will likely pay the bulk of total losses and report increased loss ratios and declines in underwriting income,” the FactSet report said

At the top of the financial data provider’s list is State Farm with a nearly 25% market share in Hawaii, followed by Berkshire Hathaway Insurance Group with a nearly 19% market share and USAA Group with a nearly 10% market share.

The FactSet report noted State Farm’s claims appear manageable considering that it paid nearly $70 billion in home and auto claims in 2022.

“State Farm has a Catastrophe Care Center set up a week after the fires – a 50×50 tent in the U-Haul parking lot in Kahului to assist customers with claims,” State Farm spokeswoman Any Harris, who visited Lahaina following the fires told The Messenger.

So far, the company has received 1,090 home and 800 auto claims, she said.

One of the insurers own agents, Mark Zion, lost his office in the fire and has been providing aid as a member of the National Guard.

“We were some of the first in Lahaina handing out supplies like bottled water, work gloves, sanitizer, wipes, flashlights, etc.,” Harris said.

A surge in extreme weather events has been hard on insurance companies. In recent years, insurers – including State Farm – have stopped writing policies in disaster-prone states such as Florida and California.

Hawaiian officials are asking insurers to stay as Hawaii rebuilds.

“We are asking insurers to refrain from cancelling or non-renewing policies, to grant a grace period for premium payments, and to work with their insureds,” said State Insurance commissioner Gordon Ito. “We are asking the insurance companies to work with their insureds to make sure their coverage continues during this difficult time for a period of 60 days or longer.”