Dominican Republic: Insurance Market Up 22%

In 2017, net premiums collected totaled $1 billion, 22% more than the $829 million reported in 2016.

Monday, February 19, 2018

n dir="ltr">According to figures from the Superintendency of Insurance of the Dominican Republic, last year Seguros Universal was the company that registered the highest number of net premiums collected, adding up to $216 million, equivalent to 21% of the total market.

In relation to the number of premiums collected per company, Seguros Universal was followed by Seguros Reservas and Mapfre, which last year reported $150 million and $132 million, respectively.

Figures on the performance of premiums collected by type of insurance, show that health policies practically doubled between 2016 and 2017, growing from $110 million to $210 million. Vehicle insurance also recorded an increase, rising from $243 million in 2016 to $273 million in 2017, which corresponds to a 13% increase.

See statistics (in Spanish).

More on this topic

Good Figures for Regional Insurance Market

March 2018

Explained by the behavior of the Costa Rican market, in 2017 Central American insurers received $5.02 billion in premiums, 7% more than in 2016.

According to a report drawn up by Revista Desempeño Asegurador, in 2017 " ... insurance sales in the region expressed an absolute increase of US $334.7 million, an amount that represented a rise of 7.1% compared to sales in 2016."

Insurance Market Up 15% in 2017

February 2018

Explained in part by the increase registered in mandatory insurance, last year income from premiums in Costa Rica added up to $1.323 billion, 15% more than in 2016.

Costa Rican authorities reported that last year the largest increase was recorded in mandatory types of insurance, with interannual increases of 26% (¢28.4 billion) in Occupational Hazards and 18% (¢7.5 billion) in the Obligatory Automotive. As a result, this category gained a 1.9 pp share with respect to voluntary insurance categories.

Insurance: More Premiums, But More Losses

January 2018

In 2017 in Panama, premiums totaled $1.471 billion, 5% more than in 2016, but the loss ratio in fires and floods increased almost four times.

According to a report by the Superintendency of Insurance and Reinsurance of Panama (SSRP), in 2017 market growth was accompanied by an increase in claims, as insurance companies paid out $119 million for the fire and flood coverage policies, a figure that exceeds the $26 million disbursed in 2016 by 365%.

Dominican Republic: Insurance Market Up 21%

January 2018

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

Data from the Superintendency of Insurance indicates that in the tenth month of last year the health sector registered a 103% increase compared to October 2016, followed by agricultural and livestock insurance, whose premiums increased by 38%.

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