HHRF nominee tells Senate committee reinsurance market and capital will shape rollout of hurricane coverage

Edward Hike, nominee to the Hawaii Hurricane Relief Fund board of directors, told the Hawaii State Senate Committee on Commerce and Consumer Protection on April 11 that the fund's immediate goal is to attract reinsurance and create a broadly marketable product so policies can reach homeowners as soon as possible.

"The objective is to reach the greatest common denominator of potential insurance to help balancing all the issues and accessing the reinsurance market," Hike said, describing the fund's strategy to present a package that reinsurers recognize and will underwrite.

Why it matters: Lawmakers have pressed the committee and the hurricane fund for ways to blunt steep premium increases facing condominium and homeowner policyholders. Committee members repeatedly asked whether the fund should include eligibility limits — such as owner-occupancy requirements — to focus support on resident-occupied buildings rather than investor-held properties.

Hike told senators the fund and its consultant have been cautious about strict eligibility rules during the initial phase because such requirements can slow getting a product to…