SANTO DOMINGO- Of the 3.7 million occupied homes in the Dominican Republic registered by the latest census of the National Statistics Office (ONE), only 17,600 have risk protection insurance, according to data provided yesterday by James García, executive president of Sura insurance.
Figures from the Dominican Chamber of Insurers and Reinsurers (Cadoar) show that of the 20% of homes that have insurance in the country, only 0.4% of people insure them voluntarily.
In a meeting with the media, the company's executives discussed "Home Insurance in the Dominican Republic: Risks and Opportunities," highlighting that many homes are insured as required by banks to grant mortgage loans, and that the latter only insures the debt, not the property.
García, who is the current president of Cadoar, is clear that there is very little information in the country, and that for this reason the company he leads has started an awareness process with credible actors and community leaders, to make more visible the protection and payment facilities offered by insurance policies intended for the protection of homes.
Photo: Fidel Pérez/El Inmobiliario.
“The world is changing, people want to live experiences, we want to see what is happening in order to make products that are relevant and compatible for everyone. We go out there and see what is happening in the environment and from there we make our products,” the executive explained.
Caroline Pérez, an executive of the brand, explained that in the case of apartments, it is most common to insure the common areas, but not the entire building.
He highlighted the importance of insurance, given the changes that have occurred in the world, even when the property is not acquired to live in, but to rent it out, because it is a significant investment that forms part of the buyer's income.
“We focus a lot on dramas, but home insurance is a product that has everything you can imagine. We have built a very robust policy to the point that it protects you even for air conditioner maintenance, plumbers, electricians; these are luxury policies,” García explained.
Potential exposure to losses due to climate change, cybersecurity, urban development, and changes in lifestyle and work habits were among the reasons given to highlight the importance of purchasing home insurance.
Last year in 2022, 461 residential fires occurred in the National District, while up to June of this year 2023, 259 have been reported; 581 were due to gas leaks.
Explosion in San Cristóbal
Of the companies involved in the explosion that occurred on August 14 in San Cristóbal, only 12 to 15 were insured. The Office of Seismic Evaluation and Vulnerability of Infrastructure and Buildings (Onesvie) reported that 83 buildings were affected within a six-block radius.
Garcia said that insurance adjusters are still in the process of assessing the damage, but that the preliminary report establishes figures that could range between 100 and 200 million for the damages caused in the tragedy that claimed the lives of 33 people.
