Monday, September 23, 2019

Insurers owe Puerto Rico $1 billion for claims related to hurricanes Irma and Maria

By on June 29, 2018

SAN JUAN – Insurers owe the Government of Puerto Rico about $1 billion for claims related to the damages caused by hurricanes Irma and María, Insurance Commissioner Javier Rivera Ríos said.

“The Government’s claims are complex. We have had a lot of collaboration in dealing with those claims; others are delayed,” the commissioner told the media.

Rivera Ríos said there are 1,900 claims filed by the government, of which 800 or 900 are pending.

“There is an estimate that is being validated of close to $1 billion, only in the area of government. That’s an estimate of the net payments,” Rivera Ríos said.

The commissioner added that in addition to the pending claims, about 20 percent, totaling between $5 billion to $6 billion, are also unresolved.

“What’s happening is the remaining 20 percent is the largest amount. There’s a significant amount there,” added Gov. Ricardo Rosselló, adding that alternatives to improve payment are being sought.

Rosselló was participating in a summit on the insurance industry’s response to the catastrophic hurricanes of last year.

“We are going to take actions, whether they are historic fines or whether they are permit considerations. We’re going to take the actions necessary and I want everyone to be clear here about where we are coming from,” the governor said. “This is because we understand that this has been a great challenge for everyone, but we cannot continue with the lack of visibility and clarity that exists today. This is going to prolong the process, delay the reconstruction and affect the most vulnerable sectors in Puerto Rico.”

Puerto Rico Insurance Commissioner’s Office: Over $2.5 billion in claims, advances paid after Hurricane Maria

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