Hurricane Maria is set to strike Puerto Rico today, with forecast wind speeds of more than 150 miles per hour. Maria already struck the Caribbean island of Dominica as a category 5 storm, with sustained winds of 160 miles per hour. Although much of Puerto Rico’s residential housing is made from reinforced concrete, which is highly resistant to wind damage, forecasters are concerned about the potential for significant property damage, and in turn, significant insurance claims. Certain insurers are particularly concerned; according to AM Best, nearly 98% of Puerto Rico’s homeowners market is dominated by just three insurers, with one insurer having 62% of the market share alone.
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