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Puerto Rico’s Insurance Sector Grows 5.8 Percent

A report from Timetric reveals that Puerto Rico’s insurance industry had a compound-annual-growth-rate of 5.8 percent between 2007 and 2011, despite a shrinking national economy...
April 2, 2013

A report from Timetric reveals that Puerto Rico’s insurance industry had a compound-annual-growth-rate of 5.8 percent between 2007 and 2011, despite a shrinking national economy. To further boost investor confidence, legislation was enacted in 2011 as part of a collaboration between Puerto Rico’s government and its office of the Commissioner of Insurance. The law placed a flat 4-percent tax rate for 15 years on all overseas insurers starting business in the 2012 tax year, and companies received an option to renew the contract for two more 15-year terms. The report also said 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.

Insurance Sector Grows 5.8 Percent in Puerto Rico (Ins. Networking News 3/22/13)

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