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Trust, Professionalism and Commitment – MAPFRE’s Key Values to Face Uncertainty and a Tightened Market

Bosco Francoy, CEO of MAPFRE Global Risks, presented the main conclusions after the last session of the Global Risks Workshop for Latin America, while Aristóbulo Bausela, CEO of MAPFRE LATAM, was in charge of closing the event, which was followed live by more than 1,700 professionals from the field of Major Risks over the course of two days.

The Global Risks Workshop for Latin America drew to a close yesterday with a clear message: in these times of uncertainty and with a tightened market for all sectors, the value and support of companies like MAPFRE are key.

This statement was made clear in the conclusions presented by Bosco Francoy, CEO of MAPFRE Global Risks, at the end of the workshop and during all the presentations made by the company’s specialists during the various technical sessions held on November 23 and 24.

Innovation at MAPFRE is only conceivable if it adds value to the business

The session on the 24th began with a presentation from José Antonio Arias, MAPFRE’s Chief Innovation Officer, who briefly explained what innovation means to MAPFRE, what MAPFRE Open Innovation (MOI) consists of, and the opportunities it provides through the various projects it promotes.

“Innovation at MAPFRE makes no sense if it does not create value for the business,” highlighted José Antonio Arias. This value must reach all areas, the client, the brokers, and the insurance company.

Transport, a mature and highly specialized market

Then the technical presentations began, starting with a presentation by José Manuel Castillo, head of Transport Underwriting at MAPFRE Global Risks.

José Manuel first provided an overview of the international transport market and its particular characteristics.

According to José Manuel, the transport insurance market is a mature and highly complex market, whose overall technical results compromise its viability. This fact has caused the withdrawal of some companies from the sector, and on top of it there is the crisis resulting from COVID-19.

Given these circumstances, which have led to a tightened market, José Manuel stressed the importance of having a company like MAPFRE, which has a long-standing commitment to Latin America, with a deep knowledge of the risks it faces, and capable of offering it clients an appropriate and profitable solution.

At MAPFRE, we remain firmly committed to the Energy sector

Alberto Mengotti, Director of the Energy and Construction area of MAPFRE Global Risks, provided an overview of the energy markets.

Alberto’s presentation revolved around two main themes: on the one hand, an overview of the Oil & Gas, Power and Renewable Energy markets from an insurance perspective, and on the other, MAPFRE’s value proposition for its clients, supporting them in taking on a complex situation.

According to Alberto, in Downstream, the high level of accidents in recent years has been compounded by the strong impact of the pandemic on the sector, causing a withdrawal of capacity and a strong tightening of the market.

As for the Power and Renewables sector, he said, although it has also been affected by the tightening of the market, the impact on the companies in the electricity sector has been more moderate.

In his final message, Alberto stressed that at MAPFRE we remain firmly committed to the Energy sector, maintaining our capacities in these difficult times for our clients, and a clear commitment to supporting the development of renewable energies.

Leaders in aviation in Latin America

Cristina Quintero, Head of Aviation and Space Underwriting at MAPFRE Global Risks, gave a brief summary of the current situation of the aviation industry, one of the sectors most affected by the COVID-19 crisis, after seeing its activity drop drastically due to the serious restrictions on mobility in place to combat the pandemic.

According to Cristina, the aviation insurance market is still immersed in a tough cycle that began at the end of 2018, after many years of a soft cycle. In relation to the evolution of the rates, she explained that the increase is being maintained, although with reduced premiums due to decreased activity.

Aviation insurers must work with our clients in their different realities, showing flexibility and capacity to adapt and innovate with new products, said Cristina, who also highlighted that “MAPFRE is a leading company in aviation in Latin America, a leader in international programs that has specialized teams at the local level at the different MAPFRE companies in the region, who are familiar with the market and committed to long-term relationships.”

After her presentation, Paola Serrano, CRMO LATAM and International, who moderated the entire event, closed the technical sessions program and said goodbye with the hope that the next edition, scheduled for 2022, could be held as usual, in person. This was followed by the concluding events and closing ceremony.

MAPFRE’s key values

Bosco Francoy, CEO of MAPFRE Global Risks, presented the general conclusions of the various technical sessions, which revolved around the general tightening of the market in all sectors, the impact of the health crisis on them and future prospects. The market has tightened due to a prolonged amount of time of lowering of conditions, a natural consequence of the buoyant development of the economies in the region, that, with the passage of time, has been significantly eroding margins, concluded Bosco.

“We are a sector that has to project solvency, that has to project seriousness, and this forces us to be able to act with the profitability appropriate to our business,” he added.

Aristóbulo Bausela, CEO LATAM, added to this message by emphasizing 3 words that he said are key values for MAPFRE in these times of uncertainty and for the future for customers: trust, in the company’s strength and seriousness, professionalism, provided by the team of specialists, and commitment, through the drive to establish long-term relationships.

We will share the details of the conclusions of each speaker in the next few days, but remember that you can always consult the information and documentation available in the Events section of the MAPFRE Global Risks website, under the space for the Global Risks Latin America Workshop.

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