Insurance going up

[NewsWhore]

Insurance premiums will increase 15% in the first month of 2009, including coverage for hurricane, fire and earthquake insurance. There could also be a second rate hike by mid 2009. Insurance Superintendent Euclides Gutierrez says the Dominican insurance market has maintained consistency but said that pressures from the international financial crisis have had an effect on the insurance market, resulting in these increases. A spokesman for the country's private insurance companies, Miguel Villaman said the insurance sector has suffered losses and the only way to break even is to increase premiums.

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