New legislation attracts global investors
The government of Puerto Rico in collaboration with the office of the Commissioner of Insurance enacted regulations to attract global insurers in 2011. According to Act No. 98 of 2011, a flat 4% tax rate applies to all overseas insurers starting business in Puerto Rico in the 2012 tax year. The allowance will be given for 15 years, with an additional option to renew the contract for two more 15-year terms. This initiative boosted investors’ confidence and a number of insurers showed interest in the Puerto Rican insurance industry in 2012.
A gateway to the Latin American and US insurance industries
Puerto Rico is treated by global insurers as a location from which to access both Latin America and US insurance industries. The country’s proximity to Latin America and the US enables Puerto Rican insurers to underwrite policies directly from these areas.
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Insurance unaffected by negative economic growth
The Puerto Rican insurance industry is largely unaffected by the falling national GDP and the global financial crisis. GDP at constant prices fell at annual rates of -1.9%, -2.3%, -2.1% and -2.2% during 2007–2011. However, this did not have any significant impact on the insurance industry due to the government’s healthcare reforms and compulsory third-party motor insurance. The Puerto Rican insurance industry grew in terms of written premium value at a CAGR of 5.8% during the review period.
High levels of insurance penetration discourage new entrants
The Puerto Rican insurance industry’s penetration (as a percentage of GDP) stood at 11.3% in 2012, significantly higher than Costa Rica with 1.9%, Guatemala with 1.3%, and the Dominican Republic with 1.2%. It was the highest penetration in Latin America, and above the global average of 6.8% in 2012. As a result, opportunities are comparatively few, and insurers considering venturing into Puerto Rico are instead likely to opt for other countries in the region with lower penetration levels. This is likely to limit the growth of the insurance industry in Puerto Rico over the forecast period.
Reasons To Buy
- Make strategic business decisions using in depth historic and forecast industry data related to the Puerto Rican insurance industry and each segment within it
- Assess the competitive dynamics in the Puerto Rican insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Puerto Rican insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Puerto Rican insurance industry and its impact on companies and the industry’s future
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Table of Content
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Puerto Rican Insurance Industry Overview
3.1 Puerto Rican Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Medical Card System Corporation - company overview
5.2.2 Triple-S - company overview
5.2.3 MMM Healthcare, Inc. - company overview
5.2.4 Humana - company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US Dollars)
6.2 GDP per Capita at Constant Prices (US Dollars)
6.3 GDP at Current Prices (US Dollars)
6.4 Exports as a Percentage of GDP
6.5 Imports as a Percentage of GDP
6.6 Total Population
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer
