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MAPFRE GLOBAL RISKS enters the cyber risks insurance market

In an interview with the Expansion newspaper, Alfredo Castelo, CEO of MAPFRE GLOBAL RISKS, highlighted the important increase in demand for this type of product worldwide.

In an interview with the Expansion newspaper, Alfredo Castelo, CEO of MAPFRE GLOBAL RISKS, highlighted the important increase in demand for this type of product worldwide.

In an interview with the financial newspaper, Expansión, Alfredo Castelo analyzed in depth the entry of the company into the cyber risks market, which is one the most innovative classes of business in the sector as a consequence of the proliferation of technological crime.

With this product, that provides property damage and liability cover for companies worldwide, MAPFRE joins the large group of multinational insurers that offer this service. The development of the innovative product was undertaken in the Global Risks Innovation and Development Office, led by Fernando Martín.

“Cyber risks insurance will have an important development worldwide. It is estimated to reach 2,500 million US$, of which 2,000 million US$ will be based in the United States”, says Alfredo Castelo.

This launch is part of MAPFRE GLOBAL RISKS strategic development plan for Europe, which includes all insurances segments. According to Castelo, “our objective is to be able to lead those programmes for multinational groups in which we currently participate as coinsurers together with other leading insurers”.

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