Mapfre
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The carrier will aim for a combined ratio of 95%-96%.
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The move followed efficiency considerations and the current state of the Chilean market.
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Mapfre recorded a net result of EUR677mn, a 20% increase on the year prior.
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The carrier also made several other senior leadership changes across many of its business units.
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The reinsurance segment of the carrier expanded premium by almost 10%.
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The reinsurance unit’s combined ratio improved to 95.8% from 96.4% in June 2022.
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The carrier booked a net impact from the Turkish earthquake of EUR77mn.
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As part of her new position, the executive will join Mapfre’s senior management committee, effective 1 April.
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For the year, Mapfre Re’s combined ratio improved to 96.8% compared to 97.1% in 2021, despite the impact of cat events.
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The company will fund the raise from surpluses following bancassurance exits.
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The reinsurance unit was impacted by almost EUR60mn of claims relating to droughts in South America.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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