The Insurance Industry in Puerto Rico, Key Trends and Opportunities to 2018

Published: Sep, 2014 | Pages: 135 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Puerto Rico, including:
The Puerto Rican insurance industry's 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

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.
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 report's 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.
Reason 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 industry's 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 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
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 Persol Accident and Health Insurance
4.3.1 Persol accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governce, 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 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors (IAIS)
5.4.2 Association of Insurance Supervisors Latin America
5.4.3 tiol Association of Insurance Commissioners (IC)
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 pelties
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 Altertive 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 Huma - 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 Timetric's 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 Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2009-2013
Table 42: Puerto Rican Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2013-2018
Table 43: Puerto Rican Persol Accident and Health Insurance - Paid Claim (US$ Billion), 2009-2013
Table 44: Puerto Rican Persol Accident and Health Insurance - Paid Claim (US$ Billion), 2013-2018
Table 45: Puerto Rican Persol Accident and Health Insurance - Incurred Loss (US$ Billion), 2009-2013
Table 46: Puerto Rican Persol Accident and Health Insurance - Incurred Loss (US$ Billion), 2013-2018
Table 47: Puerto Rican Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 48: Puerto Rican Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 49: Puerto Rican Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 50: Puerto Rican Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 51: Puerto Rican Persol Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Table 52: Puerto Rican Persol Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Table 53: Puerto Rican Persol Accident and Health Insurance - Retentions (US$ Billion), 2009-2013
Table 54: Puerto Rican Persol Accident and Health Insurance - Retentions (US$ Billion), 2013-2018
Table 55: Puerto Rican Persol Accident Insurance - Written Premium (US$ Million), 2009-2013
Table 56: Puerto Rican Persol 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 Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 66: Puerto Rican Persol 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 Fincial 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: Huma, Main Products