The premiums of property risk insurance in the area of Puerto Rico and the Caribbean increased during the fourth quarter of 2019 from 15% to 25%, according to the Global Insurance Market Index, published recently by the company Global insurance brokerage and risk manager, Marsh.
In the region of Puerto Rico, there was a greater increase to the rest of the world, due in large part to the natural phenomena that have affected the Caribbean. Globally, the prices of property risk insurance increased by 13%. The fourth quarter of 2019 was the ninth consecutive with increases in the average price in this type of insurance, as well as in the insurance of financial and professional lines.
Financial and professional lines increased by almost 18% and civil liability increased by 3%. Overall, the registered increase in commercial insurance costs was 11% in the fourth quarter of 2019.