Insurance sector Q1 premiums rise 6% on life, auto

The Dominican Republic's insurance industry premiums increased nearly 6% in the first quarter because of growth in auto and life, according to insurance association Cadoar. Premiums totaled 3.1bn pesos (US$108mn) compared with 2.9bn pesos the year before. Life insurance premiums were up 30% to 310mn pesos thanks to higher group life sales, while auto increased 21% to 1.3bn pesos. Fire and allied lines declined 22% to 887mn pesos, while other P&C lines rose 21% to 246mn pesos. Of the 31 insurers operating in the country at the end of the quarter, five companies accounted for 84% of premiums. Those five had the following market share: Seguros Popular (31%); Seguros Banreservas (17%); La Colonial de Seguros (15%); Compañía de Seguros Palic (11%); and Proseguros (10%).