Puerto Rico insurance industry hinders recovery with unsettled claims – Caribbean Business

Editor’s note: The following originally appeared in the Aug. 16-23, 2018, issue of Caribbean Business.

Hurricane Maria disrupted nearly every aspect of daily life for millions of Puerto Rico residents as it exposed the fragility of the island’s infrastructure. However, one industry that received the most criticism for its alleged inefficiency during the historic storm’s aftermath was insurance. Almost a year after the catastrophe, this sector still has thousands of pending claims.

The matter represents a severe blow not only to individuals, but also to the island’s entire economy, where thousands of businesses remain closed due to a lack of liquidity, awaiting payment from their insurers.

Although the Insurance Code of Puerto Rico empowers the…

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