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Dominican Republic

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Dominican Republic

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Dominican Republic Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for the Dominican Republic includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for the Dominican Republic can be seen in:

Insurance Market Reports (Life & Benefits) Insurance Market Reports (Non-Life) Employee Benefits Reports Global Statistics Regulatory Alerts Insight Compliance Market Profiles Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT-4
Santo Domingo
DOP
10.85 mn
93,169.08 mn
2.84%
1,330.13
1.47

Since 1492, when Christopher Columbus discovered the island of Hispaniola, now shared by the Dominican Republic and Haiti, the former has been occupied and administered at one time or another by Spain, France and Haiti.The eastern part of the country is flat with fertile valleys and plains; the western part is more mountainous, dominated by the Cordillera Central. The coastline is irregular and indented by many bays forming natural harbours. The country is cut by numerous rivers, many of them navigable.

The insurance market in the Dominican Republic is growing but is characterised by relatively low market penetration compared with peer markets in the region such as Jamaica, Puerto Rico and Trinidad and Tobago. .In mid-2019 there were 33 licensed insurers, including two reinsurers. Most were composites. Distribution is predominantly through brokers, ahead of agents, of which many have changed their status to that of brokers in the last decade. Direct business including bancassurance is also a significant channel.

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