Mapfre
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The carrier’s reinsurance segment reported a combined ratio of 98.1%, a 3.5-point deterioration from the prior-year period. -
A report from Mapfre and other stakeholders including Mundi Ventures said there remains a $6tn opportunity to unlock in the sector.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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The carrier’s reinsurance unit reported a slight improvement in the Q1 combined ratio at 94.1%, down from 95.1% the year previous.
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The insurer hopes to achieve net-zero in eight countries by 2024 and across the whole group by 2030.
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Under new ESG policies, the Spanish carrier will no longer invest in coal, gas or oil companies lacking energy-transition plans.
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
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The carrier’s reinsurance unit upped profits by 53%, with reduced expenses benefiting the combined ratio.
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Empresas Publicas de Medellin will receive a $633mn payment in January 2022, in addition to a previously made $350mn payment, according to reports.
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Mapfre Re’s loss ratio worsened by 10.9 points as Storm Bernd alone caused EUR92.4mn in losses.
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The carrier’s reinsurance unit benefited from reduced frequency of cat losses in the second quarter.
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The composite insurer has seen top-line growth in Spain and Latin America.
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