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Home > ESG in the business

ESG in the business

The monitoring of environmental, social and governance (ESG) factors provides additional information about social movements and transformations, stakeholder expectations and the market. All these factors affect us. This knowledge helps us to identify and assess potential risks (ESG) and business opportunities.

At MAPFRE, we naturally integrate these ESG risks, together with traditional insurance activity risks, into the management and control processes that we have established.

We use different complementary risk assessment and analysis systems, which allow these risks to be integrated.
Find out about the framework for integrating ESG aspects.

We have a framework in place for the integration of ESG aspects into underwriting processes, with a public commitment in terms of coal (2019–2021) to not insure the construction of new coal-fired power plants or the operation of new coal mines. Case-by-case exceptions may be made and assessed taking into account the company’s internal environmental, social and governance analysis systems. In addition, criteria such as the state of development of the country, in line with the UN classification, the country’s dependence on coal or the consideration of renewable or low coal-content alternatives will be included in the evaluation.

For the underwriting of global risks, we have developed an internal ESG evaluation model that, as part of the decision-making process, considers a company’s ESG risk exposure with the ESG risk exposure of the countries and sectors in which the company has been exposed to and the reputational risk analysis.

Natural disasters

Taking action during natural disasters requires an appropriate forecast and a correct assessment of the losses they can cause, both of which are essential in managing an insurance company. The economic impact that the company will have to absorb as well as the response that it will be able to give its clients depends on this, and management of this action is inherent in its operations.

The reinsurance unit covers a number of tasks related to exposure control and catastrophic risk management, as well as providing adequate reinsurance coverage to each of the individual companies and to MAPFRE as a whole. We have specific capabilities that allow us to respond coherently and appropriately to needs at all times and in all locations.

Underwriting business opportunity

We are continuing to work on the design of sustainable solutions, as well as for emerging risks, analyzing market options and moving toward new business models and solutions arising from digital and technological changes in order to offer the best solutions and services to our current and future clients.