Santo Domingo.- Heavy rains over the recent weekend in the Dominican Republic have potentially caused more damage than the severe flooding and human loss experienced on November 4, 2022, according to insurance industry representatives. Franklin Glass, executive president of the Dominican Chamber of Insurers and Reinsureds (Cadoar), stated that although the exact extent of the damage is still being evaluated, more than 2,000 claims have already been received from affected owners.
Glass explained that the process of receiving claims, gathering information and adjusting compensation values is expected to continue for several weeks. These claims are reported daily to the Insurance Superintendence.
During a meeting with Josefa Castillo Rodríguez, Superintendent of Insurance, and representatives of insurance companies, Glass mentioned that last year’s adjusted claims resulted in payments of more than 1,000 million pesos, predicting a similar or higher figure for this year.
Josefa Castillo highlighted the importance of insurance, emphasizing the efforts made to promote its use in the Dominican Republic. She mentioned that the insurance sector was summoned to the situation on November 18 and customer complaints are being actively addressed. However, she noted that the total losses are not yet quantifiable and she expressed concern about other atmospheric phenomena on the horizon.