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Dominican Republic Insurance Report Q4 2017

Dominican Republic Insurance Report Q4 2017

BMI View: The insurance industry of the Dominican Republic is small in absolute terms and among the least developed in the Latin America and Caribbean region in terms of penetration and density. This lack of development is largely due to the low income levels of Dominican households and hence a lack of awareness of the benefits of discretionary insurance lines among all but the wealthiest households. As such, basic lines such as property and motor vehicle insurance will remain the main drivers of growth. However, we note a strong surge in demand for health and personal accident insurance products as disposable incomes, driven by a strong economy, start to climb. Life insurance premiums are also set to grow over the next few years, albeit at a more marginal pace, and these factors will present opportunities for insurers in a fast-growing and relatively immature market.

Key Updates And Forecasts

The Dominican Republic boasts one of the best-performing economies in the Latin America and Caribbean region. BMI's Country Risk team forecast the economy to grow by 5.2% in 2017 and to experience average annual growth of 4.7% through the 2017-2021 forecast period. This robust pace of expansion will support growing demand for personal and corporate insurance lines across both the life and non-life markets, though we caution that political instability, resulting from the Odebracht corruption scandal, has the potential to derail the country's current economic growth trajectory.

BMI Industry View
Table: Headline Insurance Forecasts (Dominican Republic 2014-2021)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Dominican Republic 2014-2021)
Table: Life Claims (Dominican Republic 2010-2015)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Dominican Republic 2014-2021)
Table: Non-Life Claims (Dominican Republic 2010-2015)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Dominican Republic 2014-2021)
Insurance Risk/Reward Index
Latin America And The Caribbean Insurance Risk/Reward Index
Table: Latin America And The Caribbean Insurance Risk/Reward Index, Q4 2017
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
Table: Life Insurance Market (USDmn) 2010-2016
Non-Life Market Overview
Product Offering
Competitive Landscape
Table: Dominican Republic Non-Life Market Share, USDmn, 2010-2016
Company Profile
Seguros Universal
Industry Forecast Methodology
Sector-Specific Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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