Updated: December 5, 2019
MAPFRE INSURANCE, formerly MAPFRE INSULAR, recently announced in a media launch that it has raised capital to P900 million, having complied with the minimum net worth requirement set for 2019 by the Insurance Commission, according to the New Insurance Code of the Philippines (RA 10607).
Amended in 2013, the law states that a domestic life or non-life insurance company should have at least a net worth of P250M by June 30, 2013, P550M by December 31, 2016, and reached P900M by December 31, 2019.
At the helm of MAPFRE Insurance is Mr. Tirso Abad, President & CEO, who shared the company breakthrough during the said event held on November 26, 2019.
“This development shows the strengthened presence of MAPFRE Insurance in the Philippines, with a significant investment that will contribute to the industry and most especially improve the lives of Filipinos,” he said.
Marking its 85 years in the business, the company is anchored on three main objectives: to offer non-life solutions with relevant products, to be efficient in claims service, and to better serve the Filipino people.
Owned by MAPFRE Sociedad Anonima Spain at 75% majority, and Insular Life at 25%, MAFPRE INSURANCE is one of the non-life insurance companies with the highest capital and solvency in the Philippines.
In 2018, it introduced digital services and innovations such as the: MAPFRE INSULAR Virtual Office, centralized policy services and claims, QR code for verifying policies, 24/7 claim reporting, and expanded payment channels.
The MAPFRE Insular Virtual Office is the first digital office portal for use of non-life insurance intermediaries – where partners can access accounts for renewal, draft quotations instantly, and make online payments.
“As we leap towards the digital future, we are presented with more choices to connect with people. This is a great opportunity to be more efficient and agile to serve our client’s unique needs. Since our launch last year, we have been continuously developing our channels and we look forward to be a digital leader as well for the insurance industry,” Mr. Abad added.
MAPFRE INSURANCE offers general insurance for optimum financial protection and risk management covering fire and allied lines, motor vehicles, personal accident, casualty, liability, engineering, marine cargo, and surety.
The company has developed a wide network nationwide expanding from 10 branches to 16 sales offices in NCR, Isabela, Lipa, Iloilo, Cebu, Cagayan de Oro, and Davao, among many others.
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