An insurer’s true capacity is measured when it has to respond to its clients, particularly in the wake of simultaneous large catastrophes that put the company’s solidity to the test and force it to react.
Such is the case with MAPFRE. The company is working around the clock to resolve the problems of its thousands of clients who were affected by the recent hurricanes and earthquakes in the Caribbean, North America and Mexico, without impeding either the company’s day-to-day operations or the development of its business strategy. The first key to absorb with regard to this quarter is the figure of 176 million euros, which is the estimated cost the company has put on these catastrophic events, a figure that, when considered in the context of the scale of these hurricanes and earthquakes, clearly shows that the protection measures MAPFRE has in place to deal with these types of events is more than adequate.
The second key to understanding this quarter is that, once again, the strategy based on profitable growth – which involves concentrating efforts on those lines and/or businesses that deliver the best returns for the company – is the right one. This can be seen in the results generated in markets such as Spain, Colombia, Central America and Turkey, as well as in the reinsurance market, and will continue to be seen in other markets over the coming months as the strategy is fully applied. The Profitable Growth Plan will come to a close at the end of 2018.