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Dominican Republic insurance regulator Superseguros reported that total net paid premiums in the sector reached 40.5bn pesos (US$844mn) between January and October, up 21.9% increase from the same period of 2016.
The sector's largest segment by net premiums paid in the first 10 months of 2017 was auto insurance, with 27.0% of the total, while fire insurance and allied lines were in second spot with 24.8%, according to the regulator.
Segments showing the strongest year-on-year growth in the period were life policies, up 103%, and crop insurance, showing a 38.4% increase.
Fitch Ratings recently presented an insurance dashboard report for the Dominican Republic detailing industry performance in the first half of 2017.
According to the press release, Fitch views the nation's current economic environment as largely favorable for the industry's performance, as demonstrated by positive changes in inflation levels, exchange rates and employment.
"Profitability ratios remain stable when taking into account a relatively lax regulatory framework and high competition. While the loss ratio has increased, growth in reinsurance commissions and net earned premiums offset the change," read the release.
"Liquidity levels remain stable and leverage ratios are higher due to a meager strengthening of equity base, which shows loose dividend policies and less demanding solvency requirements," said the agency.
Superseguros noted that the top 10 insurers operating in the country received 88.7% of sector-wide premiums in October.