DTRIC Insurance to Leave Hawaii, triggering Coverage Shifts for Policyholders
HONOLULU, Oct. 10, 2024 – DTRIC Insurance will withdraw from the hawaii insurance market, its parent company, MS&AD, announced in a recent filing.The move will initiate a transition to a “run-off” status for the insurer, impacting thousands of Hawaii residents and prompting state officials to prepare for potential coverage gaps.
The departure of DTRIC, a important provider of property and casualty insurance in the state, means the company will cease issuing new policies and renewing existing ones. Though, DTRIC will continue to manage active policies and process claims for several years to fulfill its existing obligations. The Hawaii Department of Commerce and Consumer Affairs (DCCA) is advising policyholders to proactively seek choice coverage to avoid lapses in protection.
According to the DCCA, the Insurance Division is directing affected customers to connect with their insurance agents to explore replacement options. Resources including motor vehicle and homeowners insurance guides,alongside premium comparison tools,are available on the DCCA website at https://cca.hawaii.gov/ins/resources.
Homeowners facing difficulty securing private insurance may be eligible for coverage through the Hawaii Property Insurance Association (HPIA) at https://hpiainfo.com/.
The DCCA’s Insurance Division offers a licensee search tool and further assistance via phone at (808) 586-2790 or email at insurance@dcca.hawaii.gov. Consumers can also find additional facts at https://cca.hawaii.gov/ins.
