The Dominican Republic's insurance market closed 2024 with a total volume of direct premiums amounting to DOP 135,354 million, reflecting a 17.3% increase compared to the DOP 115,356 million recorded at the end of 2023.
The nominal year-over-year growth rate varied across different coverage types. Fire insurance experienced a 22.8% increase, while health insurance grew by 13.8%. The vehicle insurance segment expanded by 18.1%, and group life insurance registered a 17.3% rise. Other insurance categories saw an 11.2% increase, whereas surety bonds and guarantees rose by 12.6%. Individual life insurance recorded the highest growth at 60.4%. Meanwhile, cargo transportation insurance experienced a 4.2% increase, personal accident insurance grew by 14.5%, and marine and aviation insurance contracted by 6.1%. The agricultural insurance segment showed the most significant decline, decreasing by 19.4%.
|
INSURANCE COMPANY |
MARKET SHARE |
|
SEGUROS UNIVERSAL |
20,5% |
|
SEGUROS RESERVAS |
18,0% |
|
HUMANO SEGUROS |
15,4% |
|
MAPFRE BHD CÍA DE SEGUROS |
10,6% |
|
LA COLONIAL DE SEGUROS |
8,4% |
|
SEGUROS SURA |
5,8% |
|
SCOTIA SEGUROS / SEGUROS CRECER |
4,5% |
|
SEGUROS WORLDWIDE |
3,0% |
|
GENERAL DE SEGUROS |
2,7% |
|
SEGUROS PEPIN |
1,5% |
|
LA MONUMENTAL DE SEGUROS |
1,3% |
|
COMPAÑÍA DOMINICANA DE SEGUROS |
0,9% |
|
COOPERATIVA NACIONAL DE SEGUROS |
0,9% |
|
PATRIA COMPAÑÍA DE SEGUROS |
0,8% |
|
ONE ALLIANCE SEGUROS (ATRIO) |
0,7% |
|
ATLANTICA SEGUROS |
0,7% |
|
SEGUROS LA INTERNACIONAL |
0,5% |
|
BUPA DOMINICANA |
0,5% |
|
CUNA MUTUAL INSURANCE SOCIETY DOMINICANA |
0,5% |
|
ASEGURADORA AGROPECUARIA DOMINICANA |
0,5% |
|
ANGLOAMERICANA DE SEGUROS |
0,5% |
|
BMI COMPAÑÍA DE SEGUROS |
0,4% |
|
SEGUROS APS |
0,4% |
|
SEGUROS ADEMI |
0,3% |
|
FUTURO SEGUROS |
0,2% |
|
MULTISEGUROS |
0,2% |
|
MIDAS SEGUROS |
0,1% |
|
UNIT |
0,1% |
|
CONFEDERACIÓN DEL CANADA DOMINICANA |
0,1% |
|
SEGUROS YUNEN |
0,1% |
|
AUTOSEGURO |
0,0% |
|
CRECIENDO SEGUROS / BANESCO |
0,0% |
|
HYLSEG SEGUROS |
0,0% |
|
TOTAL |
100,0% |
In terms of market share, the five leading insurers by total premium volume at the end of 2024 were Seguros Universal with a 20.5% share, Seguros Reservas with 18.0%, Humano Seguros with 15.4%, MAPFRE BHD Compañía de Seguros with 10.6%, and La Colonial de Seguros with 8.4%.
Regarding the top five insurers that experienced the most significant market share growth, Scotia Seguros / Seguros Crecer led with an increase of 0.98 percentage points. Seguros Reservas followed with a 0.57 percentage point increase, while Seguros APS gained 0.15 percentage points. Cooperativa Nacional de Seguros expanded its market share by 0.13 percentage points, and La Colonial de Seguros recorded a 0.12 percentage point increase.