“The future of the U.S. market is bright, as there’s a lot of capital deployment, and it is, by far, the largest market in the world”. These are the words of Jaime Tamayo, CEO of North America, in an interview with P&C Specialist, focusing on MAPFRE’s plans to grow its personal business lines in the US.
The publication emphasized how the company’s operations in the United States are growing, as shown by the recent agreement with AAA Washington to create a new joint company that—following the green light of the regulator—will be called Auto Club MAPFRE Insurance Co. and will offer products in both Washington and North Idaho.
“We have known each other for years,” the CEO stated, highlighting the experience in relations with AAA over years, who they value considerably as a commercial partner in the Northeast, Ohio, and Oregon. Last year, MAPFRE’s personal business lines in the US generated almost $1.8 billion in premiums.
In addition to partnerships like the one created with AAA Washington, the company could increase operations in the US through organic growth. “It is not easy, and our aim is to be prudent, taking it one step at a time,” he explained.
The company’s intention is to grow in the states where it already has a footprint, while not entering into new states.
“We are now facing a challenge, especially in auto, where driving is returning to pre-pandemic levels, and we’re seeing claims and severity increasing,” he reminded.