Losses from atmospheric events would be high due to low insurance participation

2023-06-26 07:35:14

Cadoar tries to join efforts of the State and the private sector so that more people have access, knowledge and insurance capacity

If an atmospheric phenomenon occurs in the country of the category of hurricane George, the Gross Domestic Product (GDP) can be affected between 8% and 9%. The potential losses are now very high both due to climate change and the growth that the country has had.

It is unfortunate that in Dominican Republic the participation of insurance in GDP continues to be low (1.5%) to face the consequences of any kind of phenomena.

It is because of this situation that the directors of the CDominican Chamber of Insurers and Reinsurers (Cadoar) cite the factors that must be taken into account to increase the participation of insurance, such as a State policy that promotes insurance, greater awareness in the population of the importance of this type of instrument, the elimination of taxes and the reduction of the informality of the economy that is around 60%.

Nina D’agostini, Vice President of Seguros Crecer; Franklin Glass Angeles, executive president of Cadoar and Pierina Pumarol, general director of Mapfre BHD Seguros, expressed that if the Dominican Republic is compared to other countries, the culture of having an insurance policy is low, starting with the State, which does not have their insured infrastructures.

We invite you to read: How and where do hurricanes end?

When participating as guests in the Economic Meeting of TODAY, the representatives of the insurance sector regretted that the country is not aware that having insurance is something that provides guarantee and stability in the long term, be it in family life or in business.

They revealed that Cadoar is approaching the Superintendency of Insurance, in addition to the intention to do so with the Superintendency of Banks and the Ministry of Finance, with the aim of showing them the reality that the country has in terms of insurance.

They considered that simply with the Dominican government beginning to change the state’s own insurance culture and also looking for a way to have more formal jobs, it will lead to more rapprochement, a position with which Cadoar not only seeks to benefit the insurance companies, but the welfare of all policyholders.