He The insurance sector recorded a premium billing of RD$94.6 billion at the end of 2022, which represents a growth of 12% in relation to the previous year.
The information was offered by the president of the Board of Directors of the Dominican Chamber of Insurers and Reinsurers (Cadoar), James García, in a meeting held within the framework of the celebration of Insurance Week.
Garcia stated that the fastest growing insurance lines compared to 2021, were the group life insurancewith 19.4%; healthwith 19%; car, with 17.2%; and fire and allied lines with a 4.8% growth.
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 for RD$5,500 million (almost US00 MM)adding to approximately RD,000 million in losses caused by the floods on November 4 of the same year.
He emphasized that, due to these catastrophic events, the appreciation of the 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% in 2022, compared to 61.5% the previous year, “This means that for every peso collected in premium in 2022, insurers paid 65 cents due to claims.”
Within the framework of the Insurance Weekthe 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 executes 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 board of directors of Cadoar, James García, said that this 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.
“At Cadoar we are immersed in the modernization of the Law on Insurance and Bonds 146-02updates in the technical actuarial calculations of different types of insurance, reinsurance capacities and continuous training programs for professionals in the sector”, explained García.
The executive president of the business entity, Franklin Glass, highlighted the efforts they are making to strengthen the capacities and responses of their associated insurers, which with the support and supervision of the Superintendency of Insurance, and that the country has a robust and Prepared to face 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.