Debate emerges on reviving Hurricane Relief Fund amid insurance market crisis

HONOLULU (KHON2) -- The discussion of whether to reinstate the Hurricane Relief Fund took center stage Friday as insurance rates for condominiums continue to surge.

Originally established in 1993 after Hurricane Iniki caused over $1 billion in claims and drove insurers out of Hawaii, the fund closed operations in 2000 as private sector insurance options became more available.

However, with insurance premiums having soared by up to 1,000% following the recent Maui wildfires, there is renewed interest in resurrecting the fund to provide additional coverage options for condominium associations.

A board member highlighted the dramatic price increases, noting that high prices often signal broader market issues.

"People are seeing very steep increases, which co...