In celebration of complying with the minimum net worth requirement set for 2019 by the Insurance Commission, MAPFRE Insular recently rebranded to MAPFRE Insurance.
Owned by MAPFRE Sociedad Anonima Spain at 75% and Insular Life at 25%, MAPFREInsurance is one of the non-life insurance companies with the highest capital and solvency in the Philippines. It has raised capital to PHP 900 million to fulfill the requirements mandated in the New Insurance Code of the Philippines (RA 10607). According to the law amended in 2013, any domestic life or non-life insurance company should have at least a net worth of PHP 250 million by June 30, 2013, PHP 550 million by December 31, 2016, and reached PHP 900 million by December 31, 2019.
Last year, it has introduced a number of digital services and innovations that offer convenience both to its agents and customers. These include the MAPFRE INSULAR Virtual Office where partners can access accounts for renewal, draft quotations instantly, and make online payments; centralized policy services and claims, QR code for verifying policies, 24/7 claim reporting, and expanded payment channels. The company mainly 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.
Heading MAPFRE Insurance in the country is President & CEO Mr. Tirso Abad who shared the company’s milestone during the press conference 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 shared.
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.
“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 said.
The company has now 10 branches nationwide with 16 sales offices in NCR, Isabela, Lipa, Iloilo, Cebu, Cagayan de Oro, and Davao, among many others. For more information about its services, visit MAPFRE Insurance’s website or email [email protected].