Insurance sector pleads for the modernization of Law 146-02

During Insurance Week, the Dominican Chamber of Insurers and Reinsurers (Cadoar) invited the authorities of the Insurance Superintendence to its facilities for a discussion to present projects, initiatives and activities that this entity carries out to strengthen this sector.

The meeting, held at the Cadoar headquarters, was led by the superintendent Josefa Castillo and her technical team, representatives of the Dominican Association of Insurance Brokers (Adocose), Dominican Association of Professional Insurance Agents and Promoters (Anaprose), Association of Independent Insurance Adjusters and Appraisers (Asatise) and the Insurance Advisory Board (Jucose).

The president of the Cadoar board of directors, James García, said that the meeting sought to bring together all the players in the insurance industry and its regulatory entity to address common issues on the agenda and promote a shared vision of the insurance sector in the Dominican Republic.

“From Cadoar we are immersed in the modernization of the Law on Insurance and Bonds 146-02, the updates in the technical actuarial calculations of different types of insurance, the reinsurance capacities and the continuous training programs for professionals in the sector”, he explained. Garcia.

The executive president of the business entity, Franklin Glass, highlighted that efforts are being made to strengthen the capacities and responses of its associated insurers, with the support and supervision of the Superintendence of Insurance, and that the country has a robust sector prepared to Facing increasingly frequent catastrophic events, it offers products and solutions for every protection need in accordance with the new offers that arise in terms of insurance.

Superintendent Castillo recognized the synergy created to work on the common purpose of contributing to the well-being and protection of the insured, which in turn strengthens the patrimony and health of citizens.

Performance of the insurance sector

The president of the board of directors of Cadoar, James García, specified that in 2022 the insurance sector registered a premium billing of RD$94.6 billion, for a growth of 12% in relation to the previous year.

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He stated that the insurance branches with the highest growth compared to 2021 were group life insurance, with 19.4%; health, with 19%; car, with 17.2%; and fire and allied lines with a 4.8% growth, respectively.

In addition, he pointed out that the passage of Hurricane Fiona in September 2022 caused large claims in the industry, with ascending losses to the sector of RD$5.5 billion (almost US00 million), adding to approximately RD. billion in losses, caused by flooding by rains on November 4 of the same year.

He emphasized that, mainly due to these catastrophic events, the appreciation of the Dominican peso, the indexation of income for disability and survival, there was a decrease in total profits compared to 2021, and that the accident rate rose to 65 percent in 2022, compared to 61.5 percent a year earlier, “this means that for every peso collected in premium in 2022, insurers paid 65 cents due to claims.”

Cadoar was founded on January 27, 1972, with the aim of bringing together insurers and reinsurers, creating affective ties of professional solidarity and developing private insurance. Likewise, advise and keep the associated companies informed of technical and legal matters.

Cadoar’s board of directors is made up of James García Torres, president; Franklin V. Glass Angeles, CEO; Wilfredo Baquero Ginebra, First Vice President; José Zapata, second vice president; Pierina Pumarol, treasurer; Víctor Rojas, vice treasurer; Nina D’Agostini, secretary; Rafael Bolívar Nolasco, Vice Secretary.

Members are: Moisés A. Franco Llenas, Héctor AR Corominas Peña, Nelson Hedi Hernández Pichardo, Milagros De Los Santos, Fernando Joa and Luis Manuel Aguiló.

Cadoar is made up of the insurers Atlántica Seguros, Seguros Ademi, Angloamericana de Seguros, BMI Insurance Company, Confederation of Dominican Canada, Cuna Mutual Insurance Society Dominicana, General de Seguros, Humano Seguros, La Colonial, La Monumental de Seguros, Mapfre BHD, Multiseguros, Homeland Insurance Company, Santo Domingo Reinsurer, REHSA Insurance Company, Crecer Insurance, APS Insurance, Pepín Insurance, Reserve Insurance, Sura Insurance, Universal Insurance and Worldwide Insurance.

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