Spanish insurer MAPFRE has released a breakdown of the growth in its written premiums between December 2020 and December 2021, revealing that its reinsurance business grew by 12.8% in this time.
The latest results follow the company’s reporting in October that its reinsurance business had grown 14.5% in the first nine months of 2021.
Back then, MAPFRE said that its reinsurance business had contributed more than $95m to earnings, compared to a loss of $20m in the first nine months of 2020.
While total insurance growth reached 8.6% between December 2020 and December 2021, this varied considerably by geography. North America and Eurasia saw falls of 3.4% and 8.3%, while Brazil, Iberia, and LatAm South saw growth of 8.3%, 8.5%, and 11.5%.
The real outlier was LatAm North, which saw an increase of 38.9%.
However, MAPFRE said that this included the multi-year policy in Mexico totalling $563m.
This followed reporting in December that the Latin American insurance market saw a decrease of 11.9% in premiums within a year.