DTRIC Insurance to exit Hawaiʻi insurance market

DTRIC has announced its intent to transition to a run-off insurance carrier in Hawai‘i; meaning that it will no longer issue new policies or renew existing ones. However, DTRIC will continue to administer all active policies, manage claims and meet its contractual and statutory obligations, over the next several years.

DTRIC, whose name combines the initials of founding partners Dai Tokyo and Royal Insurance Co., in 2022 celebrated 30 years of serving Hawai‘i only. Its parent company, MS&AD Insurance Group, is Japan’s largest insurance holding firm and ranks as the world’s eighth-largest property and casualty insurer.

The Hawai‘i Insurance Division encourages affected policyholders to contact their agents to identify coverage options. Motor vehicle and homeowners insurance guides and premium comparison sheets are also available online. Consumers can utilize these informational guides to review and compare sample premiums from insurance companies licensed in Hawai‘i.

If homeowners are unable to obtain homeowners or dwelling fire coverage from a private insurance company, they may qualify for coverage from the Hawai‘i Property Insurance Association.

“Consumers have ample time to find a replacement carrier. 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,” said Insurance Commissioner Scott Saiki. An insurance licensee search tool and consumer resources can be found online.

Hawai‘i Insurance Division staff are available to assist the public with questions by phone and email at 808-586-2790 and insurance@dcca.hawaii.gov.