Local insurance carrier DTRIC Insurance Co. will begin its exit from Hawaii’s insurance market, according to an announcement from its parent company, MS&AD Insurance Group. The move, initially reported by the Honolulu Star-Advertiser, signals a strategic shift for the company and raises concerns about insurance availability and pricing for businesses and individuals across the islands.
The departure of DTRIC, a company that has focused solely on the Hawaiian market, could have several implications. For consumers, it means finding new insurance providers and potentially navigating changes in policy terms and premiums. Businesses, particularly those in high-risk industries, may experience a reduction in available options and could face escalating insurance costs. The Pacific Business News and Facebook posts also detailed the exit, adding context.
This decision comes as part of a larger trend. Japan’s largest insurance holding company, MS&AD Insurance Group, is the eighth largest property and casualty insurance group in the world according to [DTRIC's
