Insurance Market in Dominican Republic - 2024.09 Rankings
As of September 2024 direct written premiums reached DO$ 100,570 million, representing a 17.6% year-on-year growth compared to DO$ 85,527 million 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. Automotive insurance grew by 18.7%, consistent with the sector's importance in a motor-dominated insurance market. And 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%.?
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. ?
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 market share points. 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 respectively. ?