Spanish insurer Mapfre Global Risks is looking at stemming the tide of insurers exiting the UK by increasing its business in London. Chris Smith, chief regions and markets officer for MGR’s international business told reporters at its global risks conference in Granada that it plans to use its London hub is to build a UK retail insurance business. The AM Best A-rated business plans to target medium to larger companies operating in the UK.
Mapfre bills itself as a global insurance company – and it is one of the largest insurers in Latin America. With 37 million clients global, it is also a top 10 insurance company in Europe. Last year it reported revenues of €27 billion. Its most important markets are Spain, Brazil and the USA where it is a top 20 auto insurer.
The insurer’s major current business in the UK is travel, followed by GAP cover sold through motor dealers. UK income was £190 million last year with travel accounting for £128 million and automotive (including GAP) at £58 million.
The proposed expansion will open up a whole new market for the giant European, and bring some more competition to the UK business insurance sector.
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