CORPORATE | 11.11.2022
MAPFRE consolidates its leadership in rural insurance in Brazil after recording record premiums
From agriculture to rural landholdings, MAPFRE Brazil has registered its highest-ever premium volume.
With roots in the agribusiness since it was created in Spain in 1933, MAPFRE celebrates a milestone in its history of more than 30 years of operations in Brazil. The company has just exceeded 1 billion reais (€182 million approx.) in rural insurance premium volume for the first time, including all business lines, from agriculture to rural landholdings, further consolidating its leadership in the market.
The Enterprise and P&C Manager at MAPFRE Seguros in Brazil, Patrícia Siequeroli, explains that climatic changes of recent years have caused droughts or long periods of rain in different regions of the country, impacting directly on harvest yields, which in turn has raised landowners’ awareness of the need to have sufficient insurance coverage in place. “We had two consecutive harvests with historic losses and those producers who lacked insurance took a significant economic hit, forcing some of them out of business.”
“Weather-related events will continue to impact the agribusiness and given the forecast of catastrophic harvests, the importance of rural insurance for farmers’ risk management is more evident than ever before,” Siequeroli continues. “Today’s farm producers realize that far from being an option, having at least one type of rural insurance in place is essential for the sustainability of your business,” she comments.
She also believes that MAPFRE’s ability to provide the most appropriate solutions to rural producers has contributed to a better understanding of agribusiness insurance and consequently, to achieving the historic milestone. “We’re very happy to have delivered a new revenue high for MAPFRE in Brazil. We provide coverage for more than 70 types of crops, as well as farm assets. We also have precise underwriting processes in place and our network of almost 400 specialists throughout the country is capable of offering support and advice on our customers’ needs.”
“Our forecast is to continue growing in 2023, so much so that we’re expanding our technical capacity, with new vacancies available for professionals in the sector,” she said.