Economy.- Mapfre remains the largest international insurance group in Latin America


Mapfre consolidated itself as the largest international insurance group in Latin America during 2019, with a market share of 5.7%, and third in the global ranking, only behind Brazil’s Bradesco (6.6%) and Brasilprev (6 , 5%), as reported in a statement.

The insurer explains that its premium volume in 2019 registered a figure of 8,729 million dollars (7,432 million euros), which translates into an increase of 3.3% compared to 2018.

This growth of the group has been influenced “in an important way” by the strengthening of the business it develops in Mexico, with an increase of 78%, with the renewal of the biennial comprehensive damage policy of PetrĂ³leos Mexicanos (Pemex), for an amount of 502 , 9 million dollars (428.2 million euros) in June last year, and with the bancassurance agreement signed in March 2019 with the financial entity Actinver.

In the non-life sector, Mapfre established itself as the leader in the continent, with a 7.5% share, three tenths more than the previous year and more than three percentage points than the second in the ranking, which is Zurich, with a 4.2%. Specifically, the Spanish experienced a growth in non-life premiums in the region of 2.82%, up to 6,222 million dollars (5,296 million euros)

The insurance sector in the region increased 1.7% in 2019, to 153.1 billion dollars (130.290 million euros), driven by performance in life insurance, which grew by 5.1%, in contrast to the slowdown of 1% in the non-life tranche, with 82,579 million dollars (70,290 million euros).

The 25 largest insurance groups included in the 2019 ranking entered $ 100,305 million (85,388 million euros), 65.5% of the total premiums in the region, representing a growth of 4.8% over the year previous.

With these data, the region recovered the growth trend in the value of premiums carried out during the last decade, with three of the first five groups (Brasilprev, Zurich and CNP Assurances) contributing the most to this increase.

The size of this market as of December 2019 was 70,533 million dollars (60,030 million euros), 5.1% more than the previous year. Among other circumstances, the life branch has benefited from growth in local currency and in dollars in Brazil and Mexico, countries that together represent 74.6% of the regional market in this segment.