Hawaii state leaders say their efforts this year to improve the struggling property insurance market are working and have helped contain some prices.
In July, Hawaii launched a program that offers owners of condominium buildings excess coverage for hurricane wind damage at a lower price than what private insurers are charging.
Prices for excess coverage on condo buildings have soared as traditional insurers ceded the market to so-called surplus insurers, whose rates are minimally regulated.
The new insurance program has sold only a few dozen policies. But state officials say dozens of condo building owners are using the lower-priced state offers to force their insurers to price-match — a critical indicator that companies want to stay in the market.
