The Mapfre Group, of which Middlesea Insurance plc is a member, has become the second largest insurance group in Latin America, as a result of its joint operations with Banco do Brasil, moving up one position compared to the previous year, according to a study for the ninth consecutive year by Fundacion Mapfre, analysing in detail the evolution of the 25 major insurance groups in the region.

Mapfre registered a premiums volume of €6,705m in the region and a market share of 7.4 per cent. It has also consolidated its position as the first multinational group in the region. The report also records an increase of 47 per cent in non-life business premiums, while progress was also registered in the life assurance business – from 10th to sixth position – with total premiums of €1,736m.

The Latin American insurance sector showed its strength in 2010 in a challenging international context. The companies in the region achieved total premiums of €90,316m, 19.2 per cent higher than in the previous year. Non-life business achieved total premiums of €47,460m, 10.7 per cent more than in the previous year. According to the report, the rises achieved in 2010 by all the groups in the region have benefited from the appreciation of local currencies against the euro, in particular the Brazilian real, the Colombian peso and the Mexican peso.

The ranking published by the Insurance Sciences Institute of Fundacion Mapfre was prepared using the figures released by the supervisory authorities of the various countries and includes comments about the main corporate operations in the insurance sector in the region.