The CEO of MAPFRE LATAM inaugurated the panel on Spanish companies investing in Ecuador during the bilateral Business Meeting organized on the occasion of the visit to Spain of the Ecuadorian President, Guillermo Lasso.

Spain is a leading trade partner for Ecuador, a country that is seeking to continue advancing to become a benchmark in Latin America, and where companies like MAPFRE are playing a key role.

Social protection and its development through the business world were highlighted as objectives by Julio José Prado Lucio Paredes, Ecuadorian Minister of Production, Foreign Trade, Investments and Fisheries, during his keynote address at the Spain-Ecuador Business Meeting, held in conjunction with Ecuadorian President Guillermo Lasso’s visit to Spain.

According to LATAM CEO Jesús Martínez Castellanos, MAPFRE’s first challenge in Ecuador is to participate in the development of the country’s insurance market by contributing knowledge and international best practices.

He described how the insurance industry encourages countries’ economic and social development: “Insurance generates significant stability: it plays a stabilizing role in catastrophic situations and helps to reduce public spending (healthcare costs and motor vehicle claims, among others),” said Martínez Castellanos.

He also mentioned the relationship between the survival of businesses (SMEs and MSMEs) and insurance development in countries. In Ecuador, the current Insurance Protection Gap represents excellent opportunities that MAPFRE will leverage to become a “leader” in the development of insurance there, Martínez Castellanos acknowledged.

Some of the measures that, in his opinion, will encourage this include mandatory civil liability insurance and, in large claims, the development of parametric insurance coverage, which provides agile solutions in extraordinary circumstances.

MAPFRE launched its operations in Ecuador in 2007 after acquiring 60% of the insurance company Seguros Atlas. We have since operated in the highly competitive Ecuadorian insurance market, which has many players (30 insurers) for its size, and where distribution through brokers represents a significant part of the market.

We have a multiline insurer in the country, we operate in the different lines of the insurance business, with more weight in Non-Life, for companies and automobiles, and we have multi-channel distribution. In addition, we are the insurer with the best corporate reputation in Ecuador’s Merco ranking (Corporate Reputation Business Monitor).

Jesús Martínez Castellanos shared MAPFRE’s vision of the country, stressing its firm commitment to the region as a whole, in a dialogue with José Juan Haro, general manager of Public Affairs and Business at Telefónica, and Luis Castilla, CEO of Acciona Infraestructuras. The discussion was moderated by Jaime Montalvo, international director of the Spanish Chamber of Commerce.