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Official data for insurers in the Dominican Republic revealed that net premiums written in the country increased by 9.78% in 2012, to reach 29.45 billion Dominican pesos ($720.7 million) in net premiums.
Fire and allied lines of coverage saw good growth during the 12 months, along with other lines such as marine and aviation, freight and surety. The nation's insurance superintendent, Euclides Gutierrez Felix, described the last two years as a period of great stability, good liquidity and high solvency. According to local daily Listín Diario, Mr. Gutierrez also spoke of the need to have a major revision of Law 146-02 for insurance and finance, as it does not suit the sector's needs. He also urged insurers to come together to develop the micro-insurance markets, an issue that has been widely discussed during the meetings of the Management Association of Latin American Insurance.
Mr.Gutierrez said he is willing to draw on the experience of other nations in microinsurance business. Read more.