Puerto Rico

Life Report

Product Insurance Market Reports Life Rev Puerto Rico

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Puerto Rico's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Puerto Rico's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Puerto Rico

The Puerto Rico life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Puerto Rico. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Puerto Rico and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Puerto Rico’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Puerto Rico is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Puerto Rico; as well as the legislation necessary to know regarding Puerto Rico’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Puerto Rico with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Puerto Rican market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Puerto Rico, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Puerto Rican pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Puerto Rico report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Puerto Rico Life and Benefits Report Extract

Below are brief extracts of information from the Puerto Rico Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Puerto Rico life market is closely allied to that on the US mainland, particularly in areas such as supervision, regulation and type of product. Individual policies comprised just under 80% of total life premiums, including annuities, in 2019.

Total life premium income in 2019 was USD 1.47bn, up by 7% compared to 2018. The potential for significant further development of the business is hampered by the island's relatively small, and steadily reducing, population ....


Puerto Rico has close links with the US, particularly in the area of social security and labour legislation. The local pensions market is, therefore, well developed, closely mirroring those on the mainland. Trade unions actively encourage the development of pension funds with the government also providing tax incentives, although this may change because of the economic crisis.


Healthcare remains by far the largest sector of the Puerto Rico insurance market since the health reforms in 2004 placed most of such business in the private rather than public sector. In 2019, PA and healthcare accounted for 73.61% of total insurance market premium.

Around 1.4 million people in Puerto Rico are covered by Medicaid, with a further 800,000 or so participating in Medicare. This means that just under 70% of the population relies on these programmes ....

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