HONOLULU (KHON2) — DTRIC, an insurance company offering auto, homeowner, renters and other policies, announced their intent to depart the Hawaiian insurance market, the state announced on Oct. 10.
DTRIC’s parent company gave its notice to the state, as required by local law, and announced that it will no longer issue new policies or renew existing ones.
The state encourages affected policyholders to reach out to their insurance agents to address their coverage options and concerns. There is also an online insurance guide provided by the state that current policyholders can use as guidance through their next steps.
With the advance notice, Insurance Commissioner Scott Saiki said that consumers should have enough time to be able to smoothly transition to a new policy.
“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,” Saiki said. “Lastly, they should verify that they are working with an authorized and licensed insurance broker.”
DTRIC will continue minimal operations in the islands over the next several years so they can meet their contractual and statutory obligations.