Spot On Insurance

Subscribe Now

Ep. 78: Hurricane Maria – The Impact & Insurance Outlook for Puerto Rico

,

Shownotes

Ruben A. Gely is the Founder of the International Insurer’s Consulting Group Inc. (IICG), a boutique insurance firm based in San Juan, Puerto Rico. IICG specializes in the creation and development of insurance companies, segregated protected cells, private placement life policies, and life & health reinsurers in Puerto Rico’s International Insurance Center. 

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Raymond Burgos is a Legal Counsel, Notary Public, and Business Management Consultant at RPB Consulting LLC. Raymond’s roles include business lawyer, manager, and counselor in Puerto Rico, the United States, and Latin America. He handles public and private governance issues, professional liability, litigation, and commercial arbitration.

In this episode, we discuss our overall experience during and after Maria. We examine the outlook for the Puerto Rico Insurance Industry and the great opportunities that have surfaced as a result.

“Puerto Rico is changing drastically from a manufacturing economy to a service economy.”

Ruben Gely

“From the financial standpoint, hurricanes that create devastation for the local residents are opportunities for other industries.”

Raymond Burgos

What you’ll learn:

  • How did Raymond get started in law? 
  • Which opportunities and experiences has Raymond had during his career?
  • Ruben’s insurance industry career journey?
  • Raymond and Ruben’s experiences with Hurricane Maria?
  • How did Arleen and Ted’s experiences with Hurricane Maria unfold?
  • In what ways did Hurricane Maria affect the insurance industry in Puerto Rico?
  • What steps do people need to take to protect themselves from future hurricanes?
  • What are the issues emerging from the changes in Puerto Rico’s economy?
  • What are captive insurance structures?
  • How will the insurance industry evolve now after Hurricane Maria?
  • What advice do Raymond and Ruben have for Puerto Rican insurance agents?

Key Takeaways:

  • When Hurricane Maria hit, people had to go back to basics to survive without electricity and other basic necessities. 
  • The challenges of the insurance industry in Puerto Rico pre-Hurricane Maria included: working physicians reduced by 36% from a decade prior, causing people to wait a year to see one. After Maria, many of the physicians still practicing decided to leave along with many of the young people leaving behind an aging population in need of medical attention
  • Open your eyes and ears for opportunities that arise during a crisis. 
  • There are incredible opportunities for entrepreneurs in Puerto Rico with the Act 20 tax incentive. 

Connect with Our Guests:

Ruben A. Gely-Ortiz

Raymond Burgos: