He Insurance sector From the Dominican Republic, it has experienced significant growth, partly driven by the greatest awareness of the importance of protecting fire properties.
According to himTo Superintendence of Insuranceuntil September 2024, the total volume of direct premiums amounted to 100,570 million pesos, marking an interannual growth of 17.6 % compared to the 85,527 million pesos registered in the same period of 2023.
The institution reported to Free newspaper that one of the segments with the greatest expansion has been that of fire insurancewhich grew 21.3 % in the last year. This increase reflects greater demand from companies and property owners that seek to protect themselves to the threat of claims.
According to preliminary data from the Fire brigadein the last five years an annual average of 1,200 fires in the country has been reported, with economic losses estimated at more than 1.5 billion pesos.
However, only 40 % of The affected properties They had some kind of insurance, which shows the need to strengthen the penetration of this type of policies in the local market.
Insurance market trends
The data shows that the Dominican insurance market shows a high concentration in few companies. Universal Insurance It leads the sector with a quota of 21.6 %, followed by insurance reserves with 17.1 % and human insurance with 15.1 % participation.
Despite growth, challenges persist in terms of accessibility and education about the importance of this type of coverage, especially in the Residential sector.
A study of Insurance Superintendence revealed that 70 % of fire insurance They are hired by companies, while only 30 % correspond to family homes.
Challenges and strategies to expand coverage
To improve the penetration of fire insurance In the Dominican Republic, three key strategies have been identified:
- Awareness campaigns: Increase information on fire risks and the importance of being assured.
- FAcilitate accessible options: Develop insurance plans adapted to the economic capacities of low -income families.
- Public-private alliances: Promote collaboration between the State and insurers to expand coverage and strengthen the regulation of the sector.
These actions seek not only to increase the adoption of fire insurancebut also to guarantee greater economic stability for those affected by these accidents in the country.
