As of March 2024, the insurance market in the Dominican Republic has shown significant growth and shifts in market dynamics, as evidenced by the latest figures. The volume of direct premiums reached 30,7 billion Dominican Pesos, a notable increase from the 25,5 billion recorded in March 2023. This marks an annual nominal growth rate of 20.1%.
Breaking down the growth by type of coverage, several categories experienced substantial increases. Health insurance premiums grew by 12.3%, while Fire insurance saw a 26.6% rise. Vehicle insurance premiums increased by 16.9%, and Collective Life insurance grew by 18.7%. Other types of insurance experienced even more significant growth, with a 36.3% increase. Surety insurance rose by 5.2%, Individual Life insurance premiums saw an extraordinary surge of 340.8%, Marine and Aviation insurance increased by 2.4%, and Cargo Transport insurance grew by 5.3%. Notably, Personal Accident insurance premiums jumped by 68.6%, although Agricultural insurance experienced a decline of 30%.
In terms of market share, the top five insurers at the end of this period were Seguros Universal, with a market share of 20.4%, followed by Seguros Reservas at 17%, Humano Seguros at 16%, MAPFRE BHD Compañía de Seguros at 10.3%, and La Colonial de Seguros at 7.4%.
Examining the insurers with the most significant growth in market share, Seguros Reservas led with a 1.59% increase. General de Seguros followed with a 0.93% growth, MAPFRE BHD Compañía de Seguros saw a 0.66% increase, and Seguros Crecer grew by 0.46%. Seguros Universal rounded out the top five with a market share growth of 0.43%.
Breaking down the growth by type of coverage, several categories experienced substantial increases. Health insurance premiums grew by 12.3%, while Fire insurance saw a 26.6% rise. Vehicle insurance premiums increased by 16.9%, and Collective Life insurance grew by 18.7%. Other types of insurance experienced even more significant growth, with a 36.3% increase. Surety insurance rose by 5.2%, Individual Life insurance premiums saw an extraordinary surge of 340.8%, Marine and Aviation insurance increased by 2.4%, and Cargo Transport insurance grew by 5.3%. Notably, Personal Accident insurance premiums jumped by 68.6%, although Agricultural insurance experienced a decline of 30%.
In terms of market share, the top five insurers at the end of this period were Seguros Universal, with a market share of 20.4%, followed by Seguros Reservas at 17%, Humano Seguros at 16%, MAPFRE BHD Compañía de Seguros at 10.3%, and La Colonial de Seguros at 7.4%.
Examining the insurers with the most significant growth in market share, Seguros Reservas led with a 1.59% increase. General de Seguros followed with a 0.93% growth, MAPFRE BHD Compañía de Seguros saw a 0.66% increase, and Seguros Crecer grew by 0.46%. Seguros Universal rounded out the top five with a market share growth of 0.43%.
