Insurers see premiums grow 24% to US$195mn

The Dominican Republic's insurance industry saw premiums grow 24% to 7bn pesos (US$195mn) this year through September, compared to 5.6bn pesos during the same period last year, local daily Listin Digital reported. The positive growth registered by the country's insurance segment "will allow insurers to run projects that should bring the premium figure up to 10.5bn pesos by the end of this year," local insurance regulator Rafael Santos Badia was quoted as saying. "This extraordinary growth in premiums was achieved despite the crisis that has affected the local financial sector with the bankruptcy of important commercial banks," Badia added. During the month of September alone, premiums rose 15% to 787mn pesos, compared to 681mn pesos in the same month 2002. The highest growth in premiums during the first nine months of this year was registered in the auto, fire and individual life insurance segments while local insurer Seguros Popular proved the country's highest premium generator during the period followed by Segna, La Colonial, Banreservas, Proseguros, Palic, Pepin, La Monumental, Union de Seguros and General de Seguros.