2024 Financials

Letter from our insurance agent concerning the large increase in insurance premiums:

See attachments.

Property rates throughout the US started to climb in 2019 due to prior years. Hawaii rates remained relatively low until 2021. Catastrophes in 2021 and 2022 caused increases of 20-50% on the average.

The cost of reinsurance has skyrocketed. As of October 10, 2023, there have been 24 confirmed weather/climate disaster events with losses exceeding $1 billion each to affect United States. These events included 1 drought event, 2 flooding events, 18 severe storm events, 1 tropical cyclone event, 1 wildfire event(Maui), and 1 winter storm event.  Everyone in the US is paying higher rates plus the value of the replacement cost.

Many Associations have done no wrong, it is the catastrophic claims throughout America and the world.

Aloha,

Sue Savio
President

Insurance Associates Inc