Dominican Republic: Insurance Market Increases 29%

In July 2019, the branches with the highest growth compared to the same month in 2018 were Health with 56%, Bail Bonds with 41% and Air and Maritime Ships with 41%.

Thursday, September 5, 2019

From the Superintendence of Insurance report:

Net premiums collected in July reached RD$6,501,787,017 million, with an absolute growth of RD$1,456,663,584 million and a relative growth of 28.87% compared to the previous year.

This month, compared to 2018, the branches with the highest growth are: Health, 56.18%; Bonds, 41.20%; and Marine and Air Naves, 40.68%. The branches of greater participation are: Health, 30.02%; Fire and Allies, 22.39%; and Motor Vehicles, 22.05%.

The percentage of premiums exempt from taxes for the month is 40.66% of the total Net Collected and total RD$2,643,326,814 million; the outstanding branches are: Health and Agriculture and Livestock having 99.88% and 100.00% respectively. Exonerated and non-exonerated premiums total RD$6,501,787,017 million and non-exonerated premiums represent 59.34%.

Seguros Universal, S.A. reaches a total of RD$1,513,0 million in premiums with a comparative growth of 31.11%, which represents 23.27%; Humano Seguros, S.A., occupies the second place with a growth of 61.01%, its amount in premiums is RD$1,267,7 and participation 19.50%; Mapfre BHD Compañía de Seguros, S.A.., reports RD$800.2 grows 41.80% in relation to the previous year and has a participation of 12.31% having the third place; Seguros Reservas, S.A., occupies the fourth place with a growth of 10.40%, its amount in premiums is RD$733.7 and participation 11.28%; La Colonial de Seguros, S.A is in the fifth place with a growth of 24.30% reaching a total of RD$484.7 and 7.45% of participation.

See report of the Superintendence of Insurance.

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In the first five months of the year, total income from insurance premiums in Costa Rica added up to $682 million, registering an increase of 6% compared to the same period in 2017.

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Growth in Personal Accident and Individual Life policies accounted for most of the 12% growth recorded during the fifth month of the year in the Dominican Republic.

In May, compared to 2017, the lines that reported the highest growth were: Bonds, 132%; Personal Accident, 41%; and Individual Life, 34%, reported the Superintendency of Insurance.

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Growth in policies for health and boats and aircrafts accounted for most of the 19% growth recorded in the first quarter of the year.

Data from the Superintendency of Insurance indicates that during the third month of the year the agricultural and livestock sector registered an increase of 64% compared to March 2017, followed by health insurance, whose premiums increased by 27%.

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Growth in health and agricultural policies and explained most of the growth of 22% registered up to October 2017.

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