Dominican Republic Insurance Report - Business Monitor International - Industry Reports

Dominican Republic Insurance Report

Dominican Republic Insurance Report - Business Monitor International - Industry Reports
Dominican Republic Insurance Report
Published Sep 03, 2016
43 pages — Published Sep 03, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Gross Life Insurance Premiums (---------) Gross life premiums written, DOPbn Gross life premiums written, DOP, y-o-y ---- ---- ---- ----f ----f ----f ----f ----f - -- -.- - -.- - - -- -- -- f = BMI forecast. Source: BMI/SuperSeguros An increasingly challenging macro backdrop will put pressure on the country s already underdeveloped life insurance sector through ----. ...We forecast premiums to grow by -.- a year in local currency terms (-.- in USD terms) over ---------, with consumer price inflation set to peak at -.- by the end of this period. A muted outlook for consumer spending will accentuate a long-term structural trend for the country s life insurers, which has been their failure to demonstrate the value of life cover, or to offer more innovative and accessible life insurance products. These factors have kept life insurance coverage in the country at a low level, with per capita premiums currently at about USD--, while penetration, at just -.- of GDP, is among the lowest in the Caribbean. The slim product offering and a lack of consumer knowledge will have to be overcome in order to improve prospects for growth in the long-term.

...Despite a slightly weaker macroeconomic outlook, we forecast steady growth in non-life premiums over the medium term, forecasting an expansion by -.- a year on average through to ---- in USD terms. Underwriting will grow from USD---mn in ---- to USD---mn in ----. ...Underwriting will grow from USD---mn in ---- to USD---mn in ----. Funds for the Caribbean Catastrophe Risk Insurance Facility (CCRIF), which is open to the Dominican Republic, have been pledged by the European Commission, and the US and Canadian governments. This offers the country significant advantages, such as sovereign insurance against natural catastrophes at affordable premiums, and should mitigate risks to insurers from property claims. ...The Dominican Republic life insurance market is currently the least developed in the Caribbean, and we do not expect a significant turnaround in the medium term. Life insurance products are not attractive to Dominicans, partly because their value has yet to be sold, but also because of low levels of disposable income.

...Dominican Republic President Danilo Medina secured re-election in the country s May ---- presidential election. He maintains a positive stance towards investment into the mining and tourism sectors, but is unlikely to tackle corruption, a persistent issue for the country. ...

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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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Business Monitor International - Industry Reports. "Dominican Republic Insurance Report" Sep 03, 2016. Alacra Store. Jun 24, 2018. <>
Business Monitor International - Industry Reports. (2016). Dominican Republic Insurance Report Sep 03, 2016. New York, NY: Alacra Store. Retrieved Jun 24, 2018 from <>
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