The insurance industry in Puerto Rico had a compound-annual-growth-rate of 5.8 percent between 2007 and 2011, despite a contracting national economy, according to a report from Timetric, a provider of online data, analysis and advisory services on the financial services industry. However, opportunities for further foreign investment and sustained growth in Puerto Rico are limited, due to the high rate of insurance penetration, according to Timetric’s “The Insurance Industry in Puerto Rico, Key Trends and Opportunities to 2017.”
The growth of the Puerto Rican insurance industry is the result of the government’s health care reforms, the implementation of a Medicare program and compulsory third-party motor insurance, Timetric said. In contrast, Puerto Rico’s annual gross domestic product, at constant prices, fell between 1.9 and 2.3 percent from 2007 to 2011, due to a decline in exports, the global financial crisis, falling investment in construction and declines in government spending.
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