HPIA seeks capital and loan authority to begin condo/commercial product; proposes $10M attachment and $20–50M initial capital

The Hawaii Property Insurance Association told the Joint Committee on Commerce and Consumer Protection on April 3, 2025, that it has about 2,200 policies in force and nearly $1 billion of total insured value, and that it needs an initial capital infusion to launch a commercial condo product that would attach above $10,000,000 of per‑location insured value.

HPIA plan administrator Terry Fabry told legislators, “HPIA has almost a billion dollars in exposure.” Fabry and other HPIA officials said the association currently has roughly $30,000,000 in capital, is paying reinsurance that in recent years has exceeded direct written premium, and has been drawing on its investment surplus to cover operating losses.

Why it matters: HPIA acts as a market‑of‑last‑resort in Hawaii for homeowners and has been proposed as a partner or parallel channel to HHRF for condominium association coverage. HPIA leaders said adding an…