As of September 2024, the Dominican Republic's insurance sector has demonstrated notable growth, reflected in a substantial increase in the volume of direct premiums. The total premium volume reached 100,570 million Dominican Pesos, representing a 17.6% year-on-year growth compared to 85,527 million pesos recorded in September 2023. This growth in premium volume signals expanding demand and increased activity across various insurance lines.
Breaking down premium growth by coverage type, some categories showed remarkable growth. The Fire insurance segment expanded by 21.3%, highlighting its significance within the market. Health and Collective Life insurance both experienced a 14.5% growth, indicating stable demand for health-related and employee benefit insurance solutions. Vehicle insurance grew by 18.7%, consistent with the sector's importance in a motor-dominated insurance market. Notably, surety saw a substantial increase of 22.1%.
Individual Life and Personal Accident insurance lines registered the highest growth rates. Individual Life insurance surged by 84.4%. Personal Accident insurance followed closely with a YoY 69.2% nominal increase. Conversely, certain insurance categories experienced declines; Marine and Aviation insurance showed a slight decrease of -2%, while Agricultural insurance contracted by -14.2%, potentially reflecting challenges within those specific sectors.
Breaking down premium growth by coverage type, some categories showed remarkable growth. The Fire insurance segment expanded by 21.3%, highlighting its significance within the market. Health and Collective Life insurance both experienced a 14.5% growth, indicating stable demand for health-related and employee benefit insurance solutions. Vehicle insurance grew by 18.7%, consistent with the sector's importance in a motor-dominated insurance market. Notably, surety saw a substantial increase of 22.1%.
Individual Life and Personal Accident insurance lines registered the highest growth rates. Individual Life insurance surged by 84.4%. Personal Accident insurance followed closely with a YoY 69.2% nominal increase. Conversely, certain insurance categories experienced declines; Marine and Aviation insurance showed a slight decrease of -2%, while Agricultural insurance contracted by -14.2%, potentially reflecting challenges within those specific sectors.
Market share rankings among the top insurers reveal competitive dynamics within the Dominican Republic's insurance market. SEGUROS UNIVERSAL holds the leading position with a market share of 21.6%, followed by SEGUROS RESERVAS at 17.1%. Humano Seguros ranks third with a 15.1% share, while MAPFRE BHD Cía de Seguros and LA COLONIAL round out the top five with shares of 10.9% and 8.4%, respectively. These rankings underline the prominent role of these firms in shaping the market's landscape.
The insurers showing the most growth in market share during this period further illustrate shifts within the industry. SEGUROS CRECER recorded the highest gain, with an increase of 0.96 percentage points in market share. SEGUROS RESERVAS followed, adding 0.76 points to its market share, which aligns with its strong position among the top-ranked insurers by premium volume. MAPFRE BHD Cía de Seguros posted a market share gain of 0.19 points, while SEGUROS APS and GENERAL DE SEGUROS also showed strong growth, with increases of 0.18 and 0.17 market share points, respectively.
These metrics capture the competitive dynamics and individual insurer performance within the Dominican Republic's insurance sector as of the third quarter of 2024, reflecting shifts in demand and the evolving landscape among key market players.
