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Welcome to the 26th edition of MAPFRE’s International Global Risks Seminar

The International Workshops held in the city of Palma de Mallorca, concluded last Friday, June 24

 The city of Palma de Mallorca welcomed more than 400 risk managers and experts from the insurance industry in its 28th edition, with the theme of “Ensuring a sustainable world together

Bosco Francoy ended the technical sessions with a series of key conclusions in which he stressed that we find ourselves in a complicated and uncertain financial and social situation, from which we must learn the lessons and turn it into an opportunity.

All global instability and climate uncertainties (war, inflation, catastrophic events etc.) are having an impact on the reinsurance market with a clear tightening of terms.

Likewise, the impact on our activity of social, environmental and governance aspects is an important reality of the business, reflected in all the processes of the organizations.

Spanish energy industry companies are fully involved in sustainability and one of the main challenges is to reduce the uncertainty of the insurance industry towards the green transition.

On the other hand, he emphasized that we must be aware of the importance of large critical service infrastructures and the task of protecting them from threats under a public-private system, as there is no competition between companies when it comes to guaranteeing the security of this type of infrastructure.

Another issue he warned about is that a coverage deficit is occurring where public-private collaboration models can help offset this gap. In addition, the customer remains the focus point. The power of companies has been passed on to the customer and it is critical to execute a customer strategy with a more customized service.

And he concluded by saying that the insurance industry has sustainability in its DNA.

MAPFRE’s Chairman, Antonio Huertas, closed the workshop stating that while the Covid-19 pandemic devastated all forecasts, it is time to regain momentum and “take advantage of the historical opportunity” of the current generation to accelerate the sustainability strategy and maximize the United Nations Sustainable Development Goals.

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