Reinsurance News
Mapfre
Preparing insurers for future Generative AI advancements: MAPFRE
20th March 2024
In a recent report conducted by Spanish insurer MAPFRE, a framework of actions is presented for insurers to consider in anticipation of potential advancements in Generative Artificial Intelligence (AI), aimed at mitigating risks and fostering a positive impact on society. The report, titled, “Exploring tomorrow: the role of insurers in a ... Read the full article
MAPFRE seeking average 6% revenue growth, 95-96% CR over next three years
18th March 2024
MAPFRE has revealed that it is targeting average revenue growth of 6% over the next three years, with an aim of exceeding €32 billion in premiums by the end of the three-year period. At the same time, the company is also seeking an 11% return on equity for 2026, as well ... Read the full article
MAPFRE Re sees premiums grow 8.8% in 2023 to €7.9bn
14th February 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and Global Risks business, grew 8.8% in 2023, reaching nearly €7.9 billion. The firm states that the Reinsurance business grew 7.8%, while the Global Risks business is up 12.2%. It estimated that the two relevant ... Read the full article
MAPFRE collaborates with Akur8 to enhance pricing capabilities
26th January 2024
Spanish insurance company MAPFRE has selected insurtech Akur8’s RISK and RATE modules to boost their pricing capabilities. According to the announcement, this collaboration will empower MAPFRE’s actuarial team to build powerful, explainable pricing models and establish a robust predictive modelling framework. Specifically developed for insurers, the RISK and RATE modules solution is able ... Read the full article
MAPFRE and Cyberwrite partner to promote cyber protection for SMEs with AI
29th November 2023
MAPFRE and technology provider Cyberwrite have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at ... Read the full article
MAPFRE’s Huertas calls to legislate on the ethical risk of AI
28th November 2023
Speaking at the Geneva Association Summit 50, MAPFRE’s Chairman and CEO, Antonio Huertas explained that the industry "must legislate on the ethical risk of AI", emphasizing that this must be done judiciously. He explained that "on a global stage, Europe has to strike the balance between necessary regulation and stifling competitive ... Read the full article
MAPFRE RE appoints Miguel Ángel Rosa as new CEO
30th October 2023
Insurer MAPFRE has announced a number of new appointments as it simplifies its structure, including naming Miguel Ángel Rosa as the new Chief Executive Officer (CEO) of MAPFRE RE, with current CEO Eduardo Pérez de Lema taking on the role of CEO of International Insurance. The International Insurance division is new, ... Read the full article
MAPFRE RE’s net income increases by 103% in Q3, combined ratio reaches 95%
27th October 2023
MAPFRE RE, the reinsurance division of Madrid-headquartered insurer MAPFRE, has posted a net income of €189.5 million for the third quarter of 2023, more than double the previous year's €93.5 million, representing a 103% increase. At the same time, MAPFRE RE premiums, which include both the Reinsurance and Global Risks business, ... Read the full article
MAPFRE moves to 9th place in Europe’s largest insurance company rankings
11th September 2023
The MAPFRE Group has moved into 9th place in its 2022 rankings of Europe's largest insurance groups, after its premiums increased by 10.8% to reach €24.540 billion, despite the complex macroeconomic and geopolitical context. According to MAPFRE, "This increase reflects a generalized improvement for the insurance industry in practically all regions ... Read the full article
MAPFRE RE sees premiums grow 11.5% in H1 2023
28th July 2023
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and large risks business, grew 11.5% in H1 of 2023 surpassing €4.1 billion. The reinsurer also reported €140 million in losses related to the earthquake in Turkey, which has been the main relevant Nat ... Read the full article
MAPFRE RE sees premiums grow 8% in Q1’23
28th April 2023
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and large risks business, grew 8% in Q1 of 2023 to over €2.0 billion. The firm estimated that the cost for the earthquake in Turkey for MAPFRE RE amounts to €102 million, with a ... Read the full article
MAPFRE’s assistance division partners to provide services in Italy
30th March 2023
Global insurance company MAPFRE’s assistance division, MAWDY, has partnered with Italian insurer VITTORIA ASSICURAZIONI to provide assistance services to the Italian market. Under the agreement, both companies will hold 50% of the shares in a newly-formed entity. Both MAPFRE and VITTORIA ASSICURAZIONI have been working together since 2011. The partnership will target B2B2C ... Read the full article
MAPFRE & Bupa partner to develop health insurance in Latin America
24th February 2023
MAPFRE and Bupa have joined forces to offer international health insurance in Latin America, first in Peru, then in Uruguay and Paraguay, with joint opportunities in other neighbouring countries also being studied. The agreement is set to last for a decade and will automatically extend for an additional five years thereafter. The ... Read the full article
MAPFRE RE sees premiums grow 15.1% in 2022 to €7.22bn
9th February 2023
MAPFRE RE has reported that premiums, which include the reinsurance and large risks business, grew 15.1% in 2022 to €7.22 billion, with attributable earnings of €143 million. The firm states that these numbers occurred despite the increase in medium-intensity catastrophic events and serious droughts in the Paraná river basin in Brazil ... Read the full article
Economic slowdown to bring new opportunities for insurers in 2023: MAPFRE
19th January 2023
The insurance industry is to be affected by an expected slow global growth forecasted for 2023, an economic environment that will also bring new opportunities, according to MAPFRE Economics. MAPFRE’s research arm expects economic growth to slow to 2%, seven tenths of a percentage point lower than the forecast in October ... Read the full article