Insurer Mapfre Estimates Venezuela Quake Losses at €25 Million

Spanish insurer Mapfre said on Thursday that losses from the June 24 earthquakes in Venezuela would be up to €25 million ($28.5 million), after its first-half net profit grew 9.4% despite storm-related claims in Spain and Portugal and negative currency effects in Turkey. Growing profits and Mapfre’s $1.54 billion acquisition of U.S.-based Safety Insurance, also announced on Thursday, demonstrate a push for expansion even as it absorbs geopolitical and catastrophe-related headwinds. Storms in Portugal and Spain cost Mapfre about €50 million in Q1, which was absorbed without major difficulty, CFO Jose Luis Jimenez said Result in Turkey was hit by Q1 floods, €14 million hyperinflation adjustment and 12.4% lira depreciation Non-life combined ratio, a profitability measure where a lower figure indicates better performance, improved to 92.8% from 93.1% Mapfre is cautiously optimistic for the second half and on track to meet 2024-2026 goals Safety Insurance acquisition to boost net profit by 5% once fully integrated Jimenez said the deal would benefit Mapfre “from a strategic and a financial perspective” and add value from the start Shares down 5% by 1005 GMT, with analysts pointing to mixed results ($1 = €0.8787) (Reporting by Marta Serafinko and Mireia Merino in Gdansk, editing by Milla Nissi-Prussak) Related: World Bank Estimates Quakes Cost Venezuela $20 Billion in Damage Topics Carriers Profit Loss Was this article valuable? Thank you! Please tell us what we can do to improve this article. Thank you! % of people found this article valuable. Please tell us what you liked about it. Here are more articles you may enjoy. Interested in Carriers? Get automatic alerts for this topic.