The Hawaii Supreme Court is scheduled to hear about insurance issues tying up a potential $4 billion Maui wild fire settlement.
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Victims' attorneys acknowledged that $4 billion wasn't enough to make up for what was lost but said the deal was worth accepting, given Hawaiian Electric's limited assets.Attorneys for the victims asked Judge Peter Cahill to bar insurance companies from going after the defendants separately to recoup money — a requirement that was key to the settlement.That didn't sit well with a group of about 200 property and casualty insurers that remain holdouts to the settlement.
Insurance companies say subrogation is a way to offset costs associated with a catastrophic event so premiums won’t have to go up. The process isn't for natural disasters such as hurricanes, but for when there is someone at fault.When insurance companies collect huge profits and no disasters occur, they don't send refunds back to policyholders, Green noted in comments quoted in court filings. But when a tragedy does happen, they look to recoup their payments to the victims.
Insurance lawyers have said they want to hold the defendants accountable and aren’t trying to get in the way of fire victims getting settlement money.
Josh Green U.S. News Jacob Lowenthal Vincent Raboteau Business
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