HONOLULU (HawaiiNewsNow) – Home and auto insurance company DTRIC announced plans to leave Hawaii’s insurance market.
DTRIC Insurance, which is owned by Japan-based company MS&AD, will gradually transition to a run-off insurance carrier in Hawaii.
Hawaii’s Department of Commerce and Consumer Affairs announced the insurer’s departure from the marketplace Friday morning.
DTRIC Insurance will no longer issue new policies or renew any existing plans. However, they said they will honor all active policies and claims over the next several years.
The Hawaii Insurance Division says policyholders should contact their agents about coverage options.
The state’s vehicle and homeowners insurance guides and premium comparison sheets are available online.
The state also has an online search tool for insurance licensees and other helpful information for residents looking for coverage.
Homeowners who are unable to get homeowners or fire insurance policies from private insurance companies may qualify for coverage from the Hawaii Property Insurance Association.
“Consumers have ample time to find a replacement carrier,” said Insurance Commissioner Scott Saiki. “We advise them to ask family, friends, and coworkers for referrals, as well as ensuring they understand their new policy and payment plans before signing anything. Lastly, they should verify that they are working with an authorized and licensed insurance broker.”
The insurance commission confirmed that DTRIC currently has about 20,000 policies in Hawaii, about 16,000 of which are personal auto policies. The rest are made up of homeowners, dwelling fire, commercial lines, and workers’ compensation policies.
Hawaii Insurance Division staff are available for questions by phone at (808) 586-2790 or by email at [email protected].
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