Hawaii wildfires may cause as much as $10 billion of damages and economic losses

The deadly wildfires in Hawaii may cost as much as $10 billion, according to an estimate.

AccuWeather says its preliminary estimate of the total damage and economic loss is between $8 billion and $10 billion. The fires won’t just have an immediate impact on residents, their homes and businesses, but weigh on tourism going forward, AccuWeather said.

AccuWeather says its estimate incorporates both insured and uninsured losses. According to AccuWeather, the expected losses from the wildfire compare to the estimated $3 billion to $5 billion from the flooding last month in the Northeastern United States and the $10 billion to $12 billion for the southern ice storm in February.

According to Jefferies, the top insurers in Hawaii are State Farm, Berkshire Hathaway
BRK.B,
-0.29%,
Tokio Marine
8766,
+0.68%,
USAA and Allstate
ALL,
+0.99%.

Officials say the wildfire has killed at least 55 people.