MAPFRE Earns $10 Billion In Premiums, Emerging As One Of The Largest Insurers Across LATAM 

MAPFRE has made its way into the top 10 insurance companies in the LATAM region, and the premium volume increased by 5.2%, reaching a total of $80.563 billion, accounting for a 37.4% market share. 

MAPFRE has emerged as one of Latin America’s (LATAM) leading multinational insurance groups, with $10.932 billion in premiums, a $133 million increase from last year, and a 5.1% market share. LATAM’s insurance industry has expanded by 5.8% last year, compared to 2023, earning a total premium volume of $215.131 billion. 

This, however, is a decelerated growth from last year, which reported 17.1% business growth. Nevertheless, MAPFRE, and by extension, the entire insurance industry’s growth can be attributed to unprecedented macroeconomic expansion and exchange rate activities. Across the region, insurance companies grew their presence across countries like Mexico, Brazil, Chile, and the Dominican Republic, while within the industry, Life Insurance policies were the most sought after. 

In 2024, Brazil’s insurance business grew by 4.6%, and despite comprising one-third of the region’s total, it is still a slight dip from the previous year’s increment, due to changing domestic and international market dynamics. Mexico and the Dominican Republic also reported 12.8% and 10.6% increases in premiums, respectively. 

Among the 25 largest insurers across the LATAM region, which account for 62.7% of the market, there was a 6.4% increase in premiums, totalling $134.845 billion. MAPFRE has made its way into the top 10 insurance companies in the region, and the premium volume increased by 5.2%, reaching a total of $80.563 billion, accounting for a 37.4% market share. 

The Life Insurance subsidiary improved its performance from previous years, growing by 8.7%, to a volume of $93.480 billion. The non-Life segment, on the other hand, reported 3.7% growth, reaching $121.651 billion.  

Despite a 3.1% decline in premiums from last year, which came down to $7.333 billion, MAPFRE has still maintained its position as a popular non-Life insurer, with a market share of 6%. In the Life insurance line, however, premiums jumped by 11.3%, to $3.599 billion. 

In LATAM, the insurance sector is highly competitive, resulting in strong growth and development. Therefore, while MAPFRE has managed to earn a lion’s share of profits in the 2024 financial year, like its peers, it must expand to different markets and adapt to evolving market dynamism. 

To that effect, the company announced yesterday that it would be creating three new technology hubs as part of its broader transformation plan. MAPFRE seeks to augment its technological infrastructure and its ability to cater to both business and consumer needs. As the conditions for technological development are favourable in Spain, Colombia and Brazil, the insurer has narrowed down these conditions to create these tech hubs. 

These countries boast a workforce of highly skilled technical personnel, robust educational systems, and established innovation ecosystems. The hubs will function under a single paradigm to encourage cooperation, effectiveness, and scalability across MAPFRE’s international operations. Important topics, including architecture, data, product development, artificial intelligence, and cybersecurity, will be the focus of their work.  

By building these facilities, MAPFRE hopes to enhance the general customer experience, expedite the delivery of digital solutions, and bolster its technological dominance on a worldwide scale. Furthermore, the decentralised structure will enable the company to more effectively adjust to local market demands while maintaining a consistent global approach. 

According to Vanessa Escrivá, Group CIO of MAPFRE, the company is paving the path for transformation in its sector and aims to incorporate the latest technology to ensure its customers are entitled to the best available facilities and services. The company seeks to work with professionals and forge partnerships that can have a real impact on the insurance industry, not just across LATAM, but at the international level as well.