Posted at 12:34 p.m., Wednesday, October 4, 2006
HIG raises hurricane insurance rates by 30 percent
Greg Wiles
Advertiser Staff Writer
Great Northwest Insurance Co., which bought Hawaiian Insurance (HIG) last month, received the increase because an analysis showed the insurer had charged below what most companies in Hawai'i were charging, state Insurance Commissioner J.P. Schmidt said. HIG's homeowners rates remain unchanged for now.
Schmidt said Great Northwest could file to adjust rates once it completes its review of HIG's policies. The local insurer had been under the state's control because of financial problems experienced by its Alabama-based parent company.
