Rising from the Ashes: A Case Study on Fire Insurance and Resilience for Hawaiia

Rising from the Ashes: A Case Study on Fire Insurance and Resilience for Hawaiian Electric Industries during Maui Wildfires.
Abstract:
This case delves into the challenges faced by Hawaiian Electric Industries (HEI), a critical energy provider in Hawaii, amidst the Maui wildfires of 2023. The study explores how HEI strategically approached fire insurance and implemented robust risk management measures to minimize financial losses, protect crucial infrastructure, and ensure the continuous supply of electricity during a natural disaster.
Introduction:
Hawaiian Electric Industries, encompassing Hawaiian Electric Company, Maui Electric Company, and Hawaii Electric Light Company, found itself at the forefront of challenges during the Maui wildfires of 2023. This case study aims to shed light on HEI’s resilience and preparedness, emphasizing the strategic role of fire insurance and risk management in safeguarding essential infrastructure
Objectives:
Examine the impact of the Maui wildfires on Hawaiian Electric Industries’ power generation and distribution assets.
Analyze the specific components of HEI’s fire insurance policy designed to mitigate financial losses and protect infrastructure.
Explore the risk management measures implemented by HEI to ensure the continuous and reliable supply of electricity.
Evaluate the effectiveness of HEI’s response in terms of financial stability and community support during the wildfire crisis.Outcomes:Through the lens of Hawaiian Electric Industries’ experience, this case study aims to provide insights into the critical role of fire insurance and proactive risk management in ensuring resilience for essential infrastructure providers during natural disasters. HEI’s ability to rise from the ashes serves as a valuable
example for utility companies facing similar challenges, showcasing the importance of preparedness and strategic decision-making in times of crisis.
Requirements:
Prepare a presentation addressing the objectives of the case study. Note: ( Students should provide audience with background information regarding the event of Maui Wildfires- time line, causes, and impacts on society and economy),