European business now represents 44 percent of MAPFRE’s total service-related premiums and revenue, making the region the second-largest contributor to total Group income after Latin America. In 2013, Group revenue in Europe rose to €9.85 billion, and its drive to further geographically diversify its business has boosted growth on the continent, where MAPFRE now ranks among the Top 10 insurance groups in terms of premium volume. MAPFRE is involved in the insurance, reinsurance or assistance lines in virtually every country in Europe, and employs over 13,100 people.
Spain, where MAPFRE was founded 80 years ago, remains a major contributor to the Group’s business, producing revenue of €7.51 billion in 2013.
Nowadays, other markets are becoming increasingly important, such as Turkey, where MAPFRE’s business grew by almost 40 percent in 2013, reaching €695 million. Underpinning this performance is strong premium growth in the Automobile and Health lines, as well as continued expansion of the branch and office network across the country, where MAPFRE now employs close to 700 people.
The UK is also an increasingly important market for MAPFRE, where 2013 revenue totaled €414 million, up 6.2 percent on the previous year. MAPFRE has been active in the UK market since the early 1990s, where it now employs 550 people.
The French market also performed well in 2013, with revenue up by more than 29 percent to €277.3 million; Italy likewise, had a good year, bringing in revenue of €196.7 million, 27.6 percent higher than 2013.
MAPFRE is represented in Malta by Middlesea Insurance, which has been part of the group since 2011.
By region, Latin America generates the most business for MAPFRE (44.3 percent of the total), with income of €9.91 billion, followed by Europe, and then by North America, which recorded income of €2.22 billion, representing 10% of total Group business.