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In addition to the tragic loss of lives in the Maui wildfire, residents and insurance companies are assessing property losses which are currently coming in at about $3.2 billion. But it won\u2019t just be Maui residents paying for this fire. Insurance companies will be raising rates for everyone to help cover their losses. \xa0 As reported by Barron\u2019s, insurance companies won\u2019t have any problem paying claims for fire losses in Maui. The U.S. property and casualty industry is well-capitalized with about $980 billion at the end of last year. That\u2019s according to the Insurance Information Institute. The Institute\u2019s Janet Ruiz told Barron\u2019s: \u201cThe Hawaii insurance market is stable. Insurance companies are prepared to handle catastrophes.\u201d \xa0 But analysts and industry experts say insurance companies are already raising rates as natural disasters cause more and more damage across the U.S. and the Maui wildfire will only reinforce this trend. Insurance companies will raise rates based on what they expect to pay out in the next few years... \xa0 If you\u2019ve missed some of our episodes, you can catch up at\xa0https://www.newsforinvestors.com. You can also hit the Join for Free button to become a RealWealth member. And please remember to hit the subscribe button, and leave a review! \xa0 Links: \xa0 1 - https://www.barrons.com/amp/articles/maiu-hawaii-wildfire-homeowners-insurance-2fbc156 \xa0 2 - https://www.nytimes.com/2023/08/11/us/maui-wildfires-housing.html \xa0 3 - https://www.washingtonpost.com/nation/2023/08/14/hawaii-housing-crisis-lahaina-homes-maui-fires/ \xa0 4 - https://www.newsweek.com/investors-calling-maui-wildfire-victims-buy-their-land-1819600 \xa0 5 - https://www.nar.realtor/magazine/real-estate-news/realtors-give-1-5m-to-aid-maui-wildfire-recovery