Puerto Rico Insurance Industry – Key Trends and Opportunities to 2027
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Puerto Rico Insurance Market Report Overview
The net written premium (NWP) of the Puerto Rico insurance market was $19.1 billion in 2022. The market is expected to achieve a CAGR of more than 4% during 2023-2027. The Puerto Rico insurance market research report provides in-depth market analysis, information, and insights into the Puerto Rico insurance industry. It provides values for key performance indicators such as net written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Puerto Rico Insurance Market Outlook, 2022-2027 (USD Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Puerto Rico economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | $19.1 billion (NWP) |
CAGR (2023-2027) | >4% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Key Line of Business (General Insurance) | · General Insurance PA&H
· Property · Motor · Liability · Financial Lines · MAT · Miscellaneous |
Leading Players | · Universal Life
· Lincoln National Life · Trans-Oceanic Life · American National · Massachusetts Mutual |
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Puerto Rico Insurance Market Trends
Parametric insurance is one of the key trends influencing the Puerto Rico insurance market. In July 2023, Aon announced a parametric insurance program for the government of Puerto Rico. The program is aimed at reducing the island’s insurance obligations to the US Federal Emergency Management Agency while offering financial assistance to citizens during recovery and reconstruction efforts following a catastrophe. The product will automatically pay claims to policyholders when a major hurricane or earthquake impacts the island, making the claims process near-instantaneous and eliminating the need to submit proof of damage.
Puerto Rico Insurance Market by Segments
The key segments in the Puerto Rico insurance market are life insurance and general insurance. The general insurance segment dominated with more than 89% share of the total insurance industry NWP in 2022. The sector is expected to register an impressive CAGR over 2023–27. Puerto Rico’s general insurance penetration rate is higher than both the emerging and developed markets averages.
General Insurance: The general insurance segment led the market in 2022. General insurance PA&H was the largest line of business of the general insurance industry’s GWP in 2022, followed by property, motor, liability, and others. Commercial general insurance accounted for more than 70% of general insurance NWP in 2022. The remainder was accounted for by retail general insurance.
Life Insurance: The life insurance segment includes whole life, general annuity, and other life insurance. The general annuity line of business (LOB) accounted for over 66% of life insurance NWP in 2022.
Puerto Rico Insurance Market Analysis by Segments, 2022 (%)
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Puerto Rico Insurance Market – Competitive Landscape
The key companies in the Puerto Rico insurance market are –
- Universal Life
- Lincoln National Life
- Trans-Oceanic Life
- American National
- Massachusetts Mutual
Universal Life was the largest insurer in 2022 in terms of NWP.
Puerto Rico Insurance Market Analysis by Players, 2022 (%)
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Segments Covered in the Report
Puerto Rico Insurance Market Segments Outlook (Value, USD Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Puerto Rico insurance industry –
- It provides historical values for the Puerto Rico insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Puerto Rico insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Puerto Rico and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Puerto Rico insurance industry.
- A comprehensive overview of the Puerto Rico economy, government initiatives, and investment opportunities.
- The Puerto Rico insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Puerto Rico insurance industry’s market structure gives details of lines of business.
- Puerto Rico’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Puerto Rico insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Puerto Rico insurance industry.
- Assess the competitive dynamics in the Puerto Rico insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
First Medical Health Plan
MCS Advantage
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Triple-S Salud
Plan de Salud Menonita
Triple-S Advantage
Universal Insurance
Table of Contents
Frequently asked questions
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What was the Puerto Rico insurance market net written premium in 2022?
The net written premium of the Puerto Rico insurance market was $19.1 billion in 2022.
-
What is the growth rate of the Puerto Rico insurance market?
The insurance market in Puerto Rico is expected to achieve a CAGR of more than 4% during 2023-2027.
-
Which segment dominated the Puerto Rico insurance market in 2022?
The general insurance segment dominated the Puerto Rico insurance market in 2022.
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Who are the major players operating in the Puerto Rico insurance market?
The key companies in the Puerto Rico insurance market are Universal Life, Lincoln National Life, Trans-Oceanic Life, American National, and Massachusetts Mutual among others.
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