MAPFRE strengthens core features of leadership position in Malta
Digital transformation, competitiveness and the quest for innovative products that improve people’s lives continue to cement the company’s deep bond with the island.
MAPFRE faces an exciting 2023 in Malta, as the insurance market leader in both Non-Life and Life, with 33% and nearly 77% of total gross premiums underwritten, respectively, in each of these lines.
An analysis of the Maltese insurance market indicates that there are opportunities to be explored because the insurance protection gap is wide in some non-life lines and private pensions are still in a development phase and have not reached their full potential.
To adapt to the market, the company will continue to focus on transformation, supported by its 2022-2024 Strategic Plan. Accessibility and digital interaction with customers are essential, but so is giving customers the opportunity for a face-to-face relationship when they that’s what they prefer.
In 2022, the company met the targets it had set for itself, while dealing with a complex labor situation. It achieved better-than-expected results, executing a strategy aligned with the group and with a highly motivated and professional team.
The top achievements in Malta also include those related to sustainability: it is one of thirteen companies that have joined together to announce the launch of a new alliance, known as the Malta ESG Alliance (MESGA), which will enable the private sector to address environmental, social and governance priorities.
It was also a pioneer in offering the local market an electric vehicle policy, unit-linked insurance tied to three ESG investment funds, and promoting environmental initiatives such as the reforestation of one of the most important natural parks. These will be supplemented in 2023 with the use of energy produced by solar panels in the company’s main premises.
This year, MAPFRE’s objectives will continue to focus on completing transformational projects supported by the new IT core, strengthening strategic alliances in life and non-life, reinforcing its technical performance in Motor and the pricing model, preserving the solvency of the Life business, and accelerating the process of diversifying savings products towards the unit-linked format.
Enhancing the value of the direct distribution network and focusing on talent management and productivity improvement round out the key lines of work.
“The lessons learned from operating in Malta have enabled corporate strategies that help drive MAPFRE’s international turnaround.” This has combined with other strengths, such as the group’s digital transformation, its greater competitiveness and the quest for attractive products that improve people’s lives.
Working meetings at the highest level
MAPFRE CEO Antonio Huertas met recently with the country’s president, George Vella, as well as other senior officials, such as Minister of Economy Silvio Schembri, Minister of Finance Clyde Caruana, the Minister of Environment, Energy and Enterprise Miriam Dalli.
The CEO emphasized MAPFRE’s leading position in Malta, as well as in most of the markets in which it operates. “We have achieved this thanks to our management model, which is differential, and in Malta we are also leaders in both life insurance with MAPFRE MSV Life–through our strategic alliance with Bank of Valletta–and in the overall business, with MAPFRE Middlesea being the biggest player in the local market.”
During the meetings, he highlighted MAPFRE’s commitment to the development of the societies in which it operates, and stated that “the ultimate goal of our company is to generate shared value with society, to carry on our activity on the basis of our commitment to our surroundings and to people, with a long-term vision of a more sustainable and supportive world. Our values guide our actions, and they are the pillars on which our company’s identity is based.”
During his stay in Malta, the MAPFRE CEO, who was accompanied by EURASIA CEO José Ramón Alegre, also took the opportunity to meet with MAPFRE Malta’s management team, led by local CEO Javier Moreno, as well as with senior executives and directors of MAPFRE MSV Life and Bank of Valletta.