Mapfre becomes largest insurer in Latin America

Mapfre has become the largest insurer in Latin America by business volume, according to a report from Mapfre Economics. The company reached 11.044 billion dollars in premiums, representing a growth of just over 1% and a 5.1% market share.

Bradesco, previously the market leader, fell to second place following a 13.2% decline in revenue, totaling 10.301 billion dollars. This drop was attributed to a downturn in the Life Savings sector in Brazil and the depreciation of the Brazilian real. Similarly, Brasilprev fell from third to sixth position due to a 27.8% decrease in premiums.

The report notes that Mapfre’s diversified business model acted as a stabilizer against local market fluctuations. Other major players in the region include Zurich in third place with 9.012 billion dollars, followed by MetLife with 7.991 billion dollars and Grupo Nacional Provincial (GNP) with 7.537 billion dollars. The Mexican market continues to serve as a primary growth driver for the region, benefiting companies like MetLife and GNP.