Mapfre
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The Spanish (re)insurer reported a group net profit of EUR829mn. -
Reinsurer executives stressed that the industry worked hard on setting the right structure.
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The reinsurance unit’s combined ratio for the quarter was 94.2%.
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The California wildfires were the only “relevant event” for the period, the carrier said.
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The Dana floods in Valencia resulted in a EUR34mn net impact at group level.
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Over the period, the Spanish carrier’s reinsurance segment expanded profit by almost 10% year on year.
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The carrier booked a EUR41mn impact from Brazilian flooding.
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The carrier’s reinsurance segment doubled its net result to EUR67mn.
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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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The carrier’s reinsurance segment reported a combined ratio of 98.1%, a 3.5-point deterioration from the prior-year period.
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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.
