Huertas (Mapfre): "Spain is the only European country that does not have an independent insurance supervisor"

MADRID, 24 Feb. (EUROPA PRESS) -

The president of Mapfre, Antonio Huertas, has pointed out that Spain is the "only European country that does not have an independent insurance supervisor" and has asked that this "anomalous" situation be resolved.

In an interview for 'KPMG Tendencias', Huertas has indicated that currently the insurance supervisor is a general directorate that depends on the Secretary of State for the Economy and, therefore, the Ministry of Economy.

It should be noted that, in addition, the Government is processing the preliminary draft of the Financial Client Defense Authority, which will be the body in charge of claims received by the financial sector, including insurance.

"We do not have the specific supervisor that we want in the sector. But since we are a very professional sector, which does not create problems, which has very high standards, it seems that we are complacent with the current situation," he added.

Thus, he maintains that the current supervisor is not the one that either the sector or Europe wants, which does "have a specialized supervisor." "It is an anomalous situation that has to be resolved," she said.

Asked in the interview about the latest changes in Mapfre's management 'dome' and the replacement of new generations in command positions, Huertas commented that this change is the "biggest in the last ten years" of the company and that it happens because there are "new cycles."

"Mapfre's management team has to be the best for each moment and, as the circumstances now are different from those before the pandemic, it was appropriate to address the changes," explains Huertas, who justifies the restructuring of the team in the need to the company to adapt to the volatility and uncertainty of a group that is present in 40 countries and with clients in more than 100.

"Not all of us are prepared to do everything, so it is good that the team rotates, that it accepts new challenges and that it rejuvenates itself to take over without stopping. That is to say: the machine keeps running and allows the combination of the talent of veterans and young people," he added, before pointing out that this situation "will allow us to discover people who, in the future, can direct Mapfre."

Regarding the company's growth plan, Huertas believes that it is not so much about landing in new countries as about "acquiring channels and increasing distribution capacity" in the countries in which Mapfre already operates.

"Mapfre is always open to opportunities; but now we are more demanding and it is more difficult for us to enter countries where culturally it is difficult for us to compete with the incumbents," he commented.

In this way, as already stated in the company's 2023 results presentation, Huertas is open to alliances with banks, technology companies and other types of distributors to offer its products.

Mapfre obtained an attributable net profit of 692 million euros in 2023, 7.7% more than in 2022, a result that includes an impairment of 75 million euros in goodwill in the United States. Without this impact, profits would have risen to 767 million euros, 19.4% more than in 2022.

Regarding the political situation, Huertas points out that recent years have been "probably the most complex", with societies that are becoming "polarized." "We have to reduce tension to live in a more dialogic and inclusive environment.

Thus, for Mapfre to continue growing, Huertas believes that it is necessary for society to "shout less" and to be able to "advance more."

"We really feel like contributing to economic and social development, but we have witnessed very dramatic changes in other countries due to this lack of dialogue and we would like to think that in Spain we are capable of doing better together," he concluded.