The Puerto Rican insurance industry grew over the review period (2009-2013), at a compound annual growth rate (CAGR) of 2.6%. The written premium fell in 2013, primarily due to strong price competition, which led to a decrease in the income of companies. The life segment led review-period industry growth, as it registered a CAGR of 5.1%, followed by the personal accident and health segment with a CAGR of 2.9% and the non-life segment with a CAGR of 0.4%. The main driver of the sustained growth in the life segment was growth in the annuities category during 2009-2013.
Key Highlights
- The Puerto Rican insurance industry grew over the review period (2009-2013), at a compound annual growth rate (CAGR) of 2.6%.
- Puerto Rico's GDP declined continually during 2009-2011, and grew moderately in 2012 and 2013, recording a CAGR of 0.18% during the review period.
- The Puerto Rican Insurance industry is moderately concentrated with the four leading providers accounting for 56.7% of the industry, in terms of total written premiums.
- The Puerto Rican life insurance segment accounted for 9.5% of the total written premium of the industry in 2013. This indicates that the demand for life insurance products is lower in comparison to non-life and personal accident and health products.
- Increasing unemployment, shrinking population and government inefficiency continues to be challenges to economic development.
1 Executive Summary
2 Introduction
3 Puerto Rican Insurance Industry Overview
4 Industry Segmentation
5 Governance, Risk and Compliance
6 Competitive Landscape
7 Macroeconomic Indicators
8 Appendix
Companies Mentioned
- Triple-S
- MMM Healthcare
- Medical Card System Inc.
- Humana
Contacts
Research and MarketsLaura Wood, Senior Manager
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Sector: Insurance
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