Mapfre Insular premiums up

MANILA, Philippines - Mapfre Insular Insurance Co. (Mapfre Insular) has reported total gross premiums of P1.4 billion, or seven percent better than the previous year.

Mapfre Insular provides a comprehensive line of non-life insurance services. It is a joint ownership between Mapfre of Spain and the Insular Life Assurance Co. Ltd. of the Philippines.

“Total premiums earned also grew by eight percent. The company’s overall net income performed remarkably well in 2008, with a taxed net income of P160.1 million, which is a significant 20-percent growth from the previous year,” Enrique Clemente III, Mapfre Insular president, said.

Clemente added that due to its good performance last year, its underwriting net income expanded by 60 percent.

In preparation for its 75th anniversary, the insurer introduced the La Tienda and Total Protector non-life insurance plans, Mapfre Insular’s latest additions to its line of high-value products and services.

The Gift of Wellness policyholder incentive was launched as well, one of Mapfre Insular’s continuing appreciation programs for its customers.

La Tienda is a comprehensive non-life insurance package designed to protect small- to medium-sized businesses from losses from unpredictable forces such as fire and natural calamities. It is divided into La Tienda Simple and La Tienda Completo, each with its own customer-centered features. This new non-life insurance innovation is the business counterpart of the existing La Casa insurance policy, which currently functions as Mapfre Insurance’s homeowner’s non-life insurance plan.

The Total Protector is a comprehensive motor insurance package for private car owners. It features waived deductible depreciation when the third-party is clearly liable for automobile damage. The package also offers other valuable features such as 24/7 roadside assistance, free legal assistance and bail bond, and free towing expenses depending on the incurred amount.

Under the Gift of Wellness program, existing policyholders will be entitled to a free medical check-up complete with laboratory examinations as part of Mapfre Insular’s partnership with Healthway Medical Philippines.

The Mapfre Group owns 75 percent of Mapfre Insular and is considered to be the largest insurance conglomerate in Spain with a global presence in 36 countries. Insular Life owns 25 percent of Mapfre Insular and is the first and largest domestic life insurance company in the Philippines with over 100 branches nationwide. At present, Mapfre Insular has over 50,000 policyholders and is situated in 11 branches all over the country.