Business Interruption Claims Will Increase As Puerto Rico Power Outage Continues

 Monday, October 2, 2017

 Reuters

Puerto Rico’s island-wide power outage will mean a surge in insurance claims for lost business income that will increase the already high cost of damage caused by Hurricane Maria, likely tipping some big reinsurers into the red this year, according to industry experts.
Claims from Maria, on top of two other major Caribbean hurricanes this season, could push total global catastrophe losses for the year as high as $190 billion, according to some estimates, which would make it the most costly year on record for the insurance and reinsurance industries.
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