As part of MAPFRE’s XXVIII International Global Risks Seminar, Jesús Martínez Castellanos, CEO of Latam MAPFRE, explained the importance of Latin America and the Caribbean for the MAPFRE group. “We are present in 17 countries in the region, which is a great advantage for us when it comes to expanding our business.”
In relation to the development of insurance activity in the region, he indicated that there are great opportunities since insurance penetration is very low, leaving a lot of room for expansion. In addition, markets are expected to grow more favorably over the next decade and should be able to boost insurance coverage for SMEs and individuals, as is the case for Large Companies.
From a business point of view, he shared the initiatives that MAPFRE has defined to promote the development of this region and highlighted efficiency and productivity as an important pillar in addition to a set of measures associated with each country and defined by each of them according to their circumstances. All this has a common bond based on growth, efficiency and productivity, and transformation.
Castellano also highlighted the importance of the role of microinsurance given the difficulty the insurance industry has in reaching certain social classes that have insurance needs and the special work that is necessary to be able to reach them.