Despite the high incidence of fires that destroy residences (50 every month, approximately) investment in Insurance against claims of that and other frequent types, such as hurricanes and floods It is low, according to Franklin Glass, president of the Dominican Chamber of Insurers and Reinsurers (Cadoar).
Official data require that during the year 2024 the body of Firefighters From the National District a total of 609 attended fires residentialequivalent to a monthly average of 50.75 fires.
Glass, interviewed by Free newspaperrecalled that in the Dominican Republic they face Risks as firesHurricanes e floods.
Recalled the damage caused by the hurricane Fiona in 2022, estimated at 370 million dollars, of which Insurers They covered about 150 million who were insured.
“No one who was insured He came out and said (the cyclone passed me and did not pay me. Just close to that date the great occurred burst Sad of San Cristóbal. Of about 75 units and business microunities, four had insurance policy and were paid. The others had no insurance policy, “Glass said.
Importance of insurance
He explained that it is common to hear that Insurance They are expensive, but is it more expensive to pay 40,000 pesos annually for protect a house of 10 million, or lose everything before a disaster? Many people ensure only the amount of the mortgage loan, leaving the part of the property they have already paid unprotected. This can be an expensive error in case of an accident. “What people have to understand is what covers me. Going out to look for information to an insurer, an insurance corridor costs nothing. So, here are products that give enough guarantees in different Insurers For you to deal with that, “said Glass.
He stressed that the Insurance Not only do they protect the estate; “They also say you can restore yourself economically after a catastrophic event. “in places like California, where the culture of Insurance is more developed, damage to fires They are partially covered by Insurersallowing people to recover faster.
Warned that the transformation of Santo Domingo, with an increase in the construction vertical, also increases Risks. In areas like PiantiniNaco and Pretty Vista, where a tower can accommodate dozens of familieswhich multiplies the potential impact of a disaster.
On the floods, he said that the rains of November 4, 2022 and November 18, 2023 resulted in compensation for more than 2.7 billion pesos. However, even a low percentage of homes and businesses are insured. Just 6 % of Dominican homes have insurance, which reflects a lack of preparation for catastrophic events.
“On November 4, 2022 we paid 1,100 million pesos in claims; on November 18, 2023 we paid 1.6 billion pesos of insured cars and homes, for a rain of one afternoon,” said the Executive.
