Dominican Republic Insurance Report Q4 2016

Publisher Name :
Date: 07-Sep-2016
No. of pages: 43

BMI View: The insurance industry in the Dominican Republic is among the least developed in the Latin

America and Caribbean region. Despite a relatively benevolent economic climate, we see little sign of this

scenario changing over the medium-term, with penetration and density set to remain at embryonic levels.

However, we see potential for expansion in certain areas of the market, such as the health and personal

accident insurance, where premiums are growing rapidly, albeit form a low base. While both the life and

non-life sector are highly consolidated at the higher end of the market, the plethora of smaller indigenous

players sitting below the leading providers presents an opportunity for investors and new entrants, and may

lead to increased merger and acquisition activity.

Key Updates And Forecasts

? We have adjusted our outlook for headline inflation in the Dominican Republic this quarter, with

consumer price inflation set to reach 2.7% by end-2017, up from 1.7% in H1 2016. This will lead the

country's central bank rate to remain unchanged at 5.0% through to the end of the year, removing the

possibility of a drop in the policy rate that would have stimulated consumer spending and demand for

insurance. The rise in inflation will also eat into the revenue gains enjoyed by insurers through growing

premiums.

? Life insurance will see a marginally slower rate of expansion, reflecting longer-term structural trends,

namely the lack of awareness among Dominican households of the benefits of life insurance products.

Higher inflation and slighter slower headline economic growth will also temper the recent increase in

household spending. We forecast life premiums to grow from USD140mn in 2016 to USD167mn in

2020.

Dominican Republic Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Dominican Republic 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Dominican Republic 2013-2020) 12
Table: Life Insurance Claims (Dominican Republic 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Dominican Republic 2013-2020) 16
Table: Non-Life Insurance Claims (Dominican Republic 2009-2014) 16
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums By Product Line (Dominican Republic 2013-2020) 24
Insurance Risk/Reward Index 26
Latin America Insurance Risk/Reward Index 26
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q416 27
Market Overview 28
Life Market Overview 28
Product Offering 28
Competitive Landscape 29
Table: Life Insurance Market (USDmn) 2009-2014 30
Non-Life Market Overview 32
Product Offering 32
Competitive Landscape 33
Table: Dominican Republic Non-Life Market Share, USDmn, 2009-2014 34
Company Profile 35
Seguros Universal 35
Methodology 37
Industry Forecast Methodology 37
Risk/Reward Index Methodology 40
Table: Indicators 42
Table: Weighting of Indicators 43

List of Tables

Table: Headline Insurance Forecasts (Dominican Republic 2013-2020)
Table: Life Premiums (Dominican Republic 2013-2020)
Table: Life Insurance Claims (Dominican Republic 2008-2014)
Table: Non-Life Premiums (Dominican Republic 2013-2020)
Table: Non-Life Insurance Claims (Dominican Republic 2009-2014)
Table: Non-Life Insurance Premiums By Product Line (Dominican Republic 2013-2020)
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q416
Table: Life Insurance Market (USDmn) 2009-2014
Table: Dominican Republic Non-Life Market Share, USDmn, 2009-2014
Table: Indicators
Table: Weighting of Indicators
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