Thousands of Puerto Ricans have been forced to drain their savings, close their businesses, or resign themselves to living with structural damage as they fight insurance companies over millions of dollars’ worth of claims that have gone unanswered or unpaid more than a year after Hurricane Maria, the Associated Press reported. Experts say that the Category 4 storm caught insurance companies off-guard and left them reeling financially after they were hit with nearly 279,000 claims, a number that one expert called “extraordinary.” One major insurer has already folded, leaving more than 1,500 claims worth a total of $70 million up in the air. Many worry other companies might follow. The Office of the Insurance Commissioner of Puerto Rico has already issued fines totaling more than $2.4 million against at least seven companies for delays in resolution and payment of claims. All companies in the U.S. territory had bought reinsurance, but it was insufficient for some.
