Cayetano favors
hurricane-insurance bill

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Star-Bulletin staff

The Cayetano administration is supporting a bill proposed by Senate President Robert Bunda to form a semipublic insurance company to sell hurricane insurance in Hawaii.

Bunda's bill (SB2463) would allow the Hawaii Employers Mutual Insurance Co. to start a subsidiary to provide hurricane insurance. While the House measure was delayed, Bunda expects action on his bill.

"The fund would sell policies and compete in the marketplace -- you put in another company, you capitalize it, and I would say hurricane insurance would go to $200 a year per home," Bunda said. He estimated the average hurricane insurance now at around $400.

To move the program, he suggests using $213 million in the state hurricane relief fund.

The Hawaii Employers Mutual Insurance Co. is a private firm set up by the state in 1996 to handle workers' compensation insurance.

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