Hawaii economic growth to slow sharply after summer storms
Hawaii's economy is expected to barely grow this year after a season of storms, which is bad news for homeowners facing much higher insurance costs.
- Growth is now forecast at half a percent, down from six times that last year.
- The state's biggest insurance underwriter raised hurricane premiums by 29% on average, with some jumping 50%.
- Owners of single-wall homes are being denied renewal altogether, leaving them without coverage.
- Damage from the storms hits people well beyond those who lost roofs or crops.
- Oil prices fell on U.N. peace talks, then jumped back after the U.S. rejected a short ceasefire and Iran said it captured an American underwater drone.
Outlook: Insurance costs look set to keep climbing, and oil prices will swing with the Iran standoff.