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Outlook for the Insurance Market

On June 24, José Manuel Inchausti, Vice President of MAPFRE and CEO of MAPFRE Iberia, chaired the “Outlook for the Insurance Market” round table together with Pilar González de Frutos, President of UNESPA, José Antonio Sánchez Herrero, General Manager of ICEA, and Ricardo González García, Director of Sectoral Studies Analysis and Regulation at MAPFRE. After that, they gave an interview where they offered different views on the industry today and future trends.

José Manuel Inchausti highlighted how the integration of sustainability strategies affects the insurance business and how customers and society as a whole value the efforts that MAPFRE is making in this area.

Pilar González de Frutos wanted to emphasize that “the insurance industry is a basic element for achieving a better economic and social development in the future”. She also talked about the different roles of the industry in sustainability:

  • It is a major institutional investor, and the contribution to financing long-term projects that lead to a more sustainable world is essential.
  • It is a provider of measures to prevent and guarantee the risks that come along with this transition.

It is committed to following trends that promote sustainable product development.

José Antonio Sánchez Herrero highlighted the change that has occurred in consumer habits and the new way that customers have to interact with companies, which will require a strategy with a greater focus on the customer and greater customization of the offer.

For his part, Ricardo González García analyzed the economic environment derived from the energy and supply crisis, aggravated by the invasion of Ukraine, and how the rise in interest rates and the withdrawal of liquidity in the financial markets will lead to an economic slowdown that will directly impact the insurance industry. On the other hand, he indicated that the increase in interest rates could in some way favor the generation of new business opportunities.

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