Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Puerto Rico, including:
The Puerto Rican insurance industrys growth prospects by insurance segment and category
The competitive landscape in the Puerto Rican insurance industry
The current trends and drivers of the Puerto Rican insurance industry
Challenges facing the Puerto Rican insurance industry
Detailed regulatory framework of the Puerto Rican insurance industry
Scope
This report provides a comprehensive analysis of the insurance industry in Puerto Rico:
It provides historical values for the Puerto Rican insurance industry for the reports 2009-2013 review period and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Puerto Rican insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Puerto Rico, and outlines the key regulations affecting them.
Summary
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.
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.
Understand the demand-side dynamics, key trends and growth opportunities within the Puerto Rican insurance industry.
Assess the competitive dynamics in 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 industrys future.
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 Ricos 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.
Table Of Contents
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
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 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 Association of Insurance Supervisors Latin America
5.4.3 National Association of Insurance Commissioners (NAIC)
5.4.4 Office of the Commissioner of Insurance (OCI)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Triple-S - company overview
6.2.2 MMM Healthcare, Inc. - company overview
6.2.3 Medical Card System Inc. - company overview
6.2.4 Humana - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 Inflation Rate (Percentage)
7.4 Labor Force (Million)
7.5 Total Number of Households (Million)
7.6 Unemployment Rate (% of Total Labor Force)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetrics Services
8.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Puerto Rican Insurance Overall Written Premium by Segment (US$ Billion), 2009-2013
Table 3: Puerto Rican Insurance Overall Written Premium by Segment (US$ Billion), 2013-2018
Table 4: Puerto Rican Insurance Segmentation (Percentage Share), 2009-2018
Table 5: Puerto Rican Life Insurance Segment - Written Premium (US$ Billion), 2009-2013
Table 6: Puerto Rican Life Insurance Segment - Written Premium (US$ Billion), 2013-2018
Table 7: Puerto Rican Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 8: Puerto Rican Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 9: Puerto Rican Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 10: Puerto Rican Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 11: Puerto Rican Life Insurance - Loss Ratio (%), 2009-2013
Table 12: Puerto Rican Life Insurance - Loss Ratio (%), 2013-2018
Table 13: Puerto Rican Life Insurance - Combined Ratio (%), 2009-2013
Table 14: Puerto Rican Life Insurance - Combined Ratio (%), 2013-2018
Table 15: Puerto Rican Life Insurance - Total Investment Income (US$ Million), 2009-2013
Table 16: Puerto Rican Life Insurance - Total Investment Income (US$ Million), 2013-2018
Table 17: Puerto Rican Life Insurance - Retentions (US$ Million), 2009-2013
Table 18: Puerto Rican Life Insurance - Retentions (US$ Billion), 2013-2018
Table 19: Puerto Rican Non-Life Insurance - Written Premium by Category (US$ Billion), 2009-2013
Table 20: Puerto Rican Non-Life Insurance - Written Premium by Category (US$ Billion), 2013-2018
Table 21: Puerto Rican Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 22: Puerto Rican Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 23: Puerto Rican Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 24: Puerto Rican Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 25: Puerto Rican Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 26: Puerto Rican Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 27: Puerto Rican Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 28: Puerto Rican Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 29: Puerto Rican Non-Life Insurance - Total Investment Income (US$ Million), 2009-2013
Table 30: Puerto Rican Non-Life Insurance - Total Investment Income (US$ Million), 2013-2018
Table 31: Puerto Rican Non-Life Insurance - Retentions (US$ Million), 2009-2013
Table 32: Puerto Rican Non-Life Insurance - Retentions (US$ Million), 2013-2018
Table 33: Puerto Rican Property Insurance - Written Premium (US$ Billion), 2009-2013
Table 34: Puerto Rican Property Insurance - Written Premium (US$ Billion), 2013-2018
Table 35: Puerto Rican Motor Insurance - Written Premium (US$ Million), 2009-2013
Table 36: Puerto Rican Motor Insurance - Written Premium (US$ Million), 2013-2018
Table 37: Puerto Rican Liability Insurance - Written Premium (US$ Million), 2009-2013
Table 38: Puerto Rican Liability Insurance - Written Premium (US$ Million), 2013-2018
Table 39: Puerto Rican Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Table 40: Puerto Rican Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Table 41: Puerto Rican Personal Accident and Health Insurance - Written Premium by Category (US$ Billion), 2009-2013
Table 42: Puerto Rican Personal Accident and Health Insurance - Written Premium by Category (US$ Billion), 2013-2018
Table 43: Puerto Rican Personal Accident and Health Insurance - Paid Claim (US$ Billion), 2009-2013
Table 44: Puerto Rican Personal Accident and Health Insurance - Paid Claim (US$ Billion), 2013-2018
Table 45: Puerto Rican Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2009-2013
Table 46: Puerto Rican Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2013-2018
Table 47: Puerto Rican Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 48: Puerto Rican Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 49: Puerto Rican Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 50: Puerto Rican Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 51: Puerto Rican Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Table 52: Puerto Rican Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Table 53: Puerto Rican Personal Accident and Health Insurance - Retentions (US$ Billion), 2009-2013
Table 54: Puerto Rican Personal Accident and Health Insurance - Retentions (US$ Billion), 2013-2018
Table 55: Puerto Rican Personal Accident Insurance - Written Premium (US$ Million), 2009-2013
Table 56: Puerto Rican Personal Accident Insurance - Written Premium (US$ Million), 2013-2018
Table 57: Puerto Rican Health Insurance - Written Premium (US$ Billion), 2009-2013
Table 58: Puerto Rican Health Insurance - Written Premium (US$ Billion), 2013-2018
Table 59: Puerto Rican Reinsurance Ceded by Insurance Industry (US$ Billion), 2009-2013
Table 60: Puerto Rican Reinsurance Ceded by Insurance Industry (US$ Billion), 2013-2018
Table 61: Puerto Rican Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 62: Puerto Rican Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 63: Puerto Rican Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 64: Puerto Rican Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 65: Puerto Rican Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 66: Puerto Rican Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 67: Puerto Rico - Life Insurance Regulatory Framework
Table 68: Puerto Rico - Property Insurance Regulatory Framework
Table 69: Puerto Rico - Motor Insurance Regulatory Framework
Table 70: Puerto Rico - Liability Insurance Regulatory Framework
Table 71: Puerto Rico - Minimum Capital and Surplus Requirement
Table 72: Puerto Rico - Corporate Tax Rates for the Financial Year 2013
Table 73: Puerto Rican Insurance Market Share, 2012
Table 74: Triple-S, Main Products
Table 75: Triple-S, Key Employees
Table 76: MMM Healthcare, Inc., Main Products
Table 77: MMM Healthcare, Inc Key Employees
Table 78: Medical Card System Inc. Main Products
Table 79: Medical Card System Inc. Key Employees
Table 80: Humana, Main Products
List Of Figures
Figure 1: Puerto Rican Insurance Overall Written Premium by Segment (US$ Billion), 2009-2018
Figure 2: Puerto Rican Insurance Market Dynamics by Segment, 2009-2018
Figure 3: Puerto Rican Life Insurance Segment - Written Premium (US$ Billion), 2009-2013
Figure 4: Puerto Rican Life Insurance Segment - Written Premium (US$ Billion), 2013-2018
Figure 5: Puerto Rican Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 6: Puerto Rican Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 7: Puerto Rican Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 8: Puerto Rican Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 9: Puerto Rican Life Insurance - Loss Ratio (%), 2009-2013
Figure 10: Puerto Rican Life Insurance - Loss Ratio (%), 2013-2018
Figure 11: Puerto Rican Life Insurance - Combined Ratio (%), 2009-2013
Figure 12: Puerto Rican Life Insurance - Combined Ratio (%), 2013-2018
Figure 13: Puerto Rican Life Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 14: Puerto Rican Life Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 15: Puerto Rican Life Insurance - Retentions (US$ Million), 2009-2013
Figure 16: Puerto Rican Life Insurance - Retentions (US$ Billion), 2013-2018
Figure 17: Puerto Rican Life Insurance - Premium Per-Capita (US$), 2009-2013
Figure 18: Puerto Rican Non-Life Insurance - Written Premium by Category (US$ Billion), 2009-2018
Figure 19: Puerto Rican Non-Life Insurance - Written Premium by Category (%), 2013 and 2018
Figure 20: Puerto Rican Non-Life Insurance - Dynamics by Category, 2009-2018
Figure 21: Puerto Rican Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 22: Puerto Rican Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 23: Puerto Rican Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 24: Puerto Rican Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 25: Puerto Rican Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 26: Puerto Rican Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 27: Puerto Rican Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 28: Puerto Rican Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 29: Puerto Rican Non-Life Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 30: Puerto Rican Non-Life Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 31: Puerto Rican Non-Life Insurance - Retentions (US$ Million), 2009-2013
Figure 32: Puerto Rican Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 33: Puerto Rican Non-Life Insurance Penetration (%), 2009-2013
Figure 34: Puerto Rican Non-Life Insurance - Premium Per Capita (US$), 2009-2013
Figure 35: Puerto Rican Property Insurance - Written Premium (US$ Billion), 2009-2013
Figure 36: Puerto Rican Property Insurance - Written Premium (US$ Billion), 2013-2018
Figure 37: Puerto Rican Motor Insurance - Written Premium (US$ Million), 2009-2013
Figure 38: Puerto Rican Motor Insurance - Written Premium (US$ Million), 2013-2018
Figure 39: Puerto Rican Liability Insurance - Written Premium (US$ Million), 2009-2013
Figure 40: Puerto Rican Liability Insurance - Written Premium (US$ Million), 2013-2018
Figure 41: Puerto Rican Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Figure 42: Puerto Rican Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Figure 43: Puerto Rican Personal Accident and Health Insurance - Written Premium by Category (US$ Billion), 2009-2018
Figure 44: Puerto Rican Personal Accident and Health Insurance - Written Premium by Category (%), 2013 and 2018
Figure 45: Puerto Rican Personal Accident and Health Insurance - Dynamics by Category, 2009-2018
Figure 46: Puerto Rican Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2009-2013
Figure 47: Puerto Rican Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2013-2018
Figure 48: Puerto Rican Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2009-2013
Figure 49: Puerto Rican Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2013-2018
Figure 50: Puerto Rican Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 51: Puerto Rican Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 52: Puerto Rican Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 53: Puerto Rican Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 54: Puerto Rican Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 55: Puerto Rican Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 56: Puerto Rican Personal Accident and Health Insurance - Retentions (US$ Billion), 2009-2013
Figure 57: Puerto Rican Personal Accident and Health Insurance - Retentions (US$ Billion), 2013-2018
Figure 58: Puerto Rican Personal Accident and Health Insurance Penetration (%), 2009-2013
Figure 59: Puerto Rican Personal Accident and Health Insurance - Premium Per Capita (US$), 2009-2013
Figure 60: Puerto Rican Personal Accident Insurance - Written Premium (US$ Million), 2009-2013
Figure 61: Puerto Rican Personal Accident Insurance - Written Premium (US$ Million), 2013-2018
Figure 62: Puerto Rican Health Insurance - Written Premium (US$ Billion), 2009-2013
Figure 63: Puerto Rican Health Insurance - Written Premium (US$ Billion), 2013-2018
Figure 64: Puerto Rican Reinsurance Ceded by Insurance Segment (US$ Billion), 2009-2018
Figure 65: Puerto Rican Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 66: Puerto Rican Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 67: Puerto Rican Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 68: Puerto Rican Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 69: Puerto Rican Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 70: Puerto Rican Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 71: Puerto Rican Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 72: Puerto Rico - Insurance Regulatory Framework
Figure 73: Puerto Rico - Insurance Supervision and Control at Various Levels
Figure 74: Puerto Rico - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 75: Puerto Rican Insurance Market - Market Share 2012
Figure 76: Puerto Rican GDP at Constant Prices (US$ Billion), 2009-2013
Figure 77: Puerto Rican GDP at Current Prices (US$ Billion), 2009-2013
Figure 78: Puerto Rican Inflation Rate (%), 2009-2013
Figure 79: Puerto Rican Total Labor Force (Million), 2008-2012
Figure 80: Puerto Rican Total Number of Households (Million), 2009-2013
Figure 81: Puerto Rican Unemployment Rate (%), 2009-2013
