Osiris Mota, general manager of Seguros Reservas, the government insurance entity, pressed the point that the country could enter into a major recession if affected by a major hurricane or earthquake because of the low level of property insurance in the country. He observed that only 20% of residential and commercial buildings in the country are insured, despite the fact that the country is within the path of hurricanes and sits on top of a major earthquake fault line.
Osiris Mota of Seguros Reservas made the observation in an interview on D’Agenda televised on Channel 11. He said the low level of property insurance is alarming. He said if the country suffered an earthquake such as that which affected Haiti in 2010 could effectively bankrupt the country.
Mota observed because of the lack of insurance the massive amount of funds needed to rebuild the nation’s cities would be difficult to procure. He recommended the Superintendence of Insurance create the awareness in the general public of the importance of home and business insurance.
He observed already every year the government has to come up with funds to cover damages to farms and government infrastructure caused by floods.
Mota also shared the statistic that every year more than 25,000 youths are maimed as a consequence of traffic accidents, primarily those caused by motorcylists. He said traffic accidents are a tragedy and have a strong impact on the insurance industry.
“This is a disorder, a chaos, and I do not understand why the government doesn’t act to regulate motorcyclists. And by doing so, we could reduce crime and prevent that these 25,000 youth suffer life-changing injuries, “he said.
Mota said the grave situation on our nation’s roads forced Seguros Reservas to include physiotherapy in their coverage. He said the government has to pay on average RD$50 billion a year in medical care for accident victims in public hospitals.
hoy.com.do/advierte-el-80-de-edificios-y-torres-en-la-capital-carecen-de-poliza-de-seguro/
26 March 2018
