Mapfre has become the second largest insurance group in Latin America, following its joint operations with Banco do Brasil, moving up one position when compared to the previous year. This emerges from a study published 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 €6,705 million 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 underscores an increase of 47 per cent in non-life business premiums for Mapfre, while progress was also registered in the life assurance business going from the 10thto the sixth position, with total premiums of €1,736 million.

The Latin American insurance sector showed its strength in 2010 in a challenging international context. The companies in the region achieved total premiums of €90,316 million, 19.2 per cent higher than that of the previous year. Non-life business achieved total premiums of €47,460 million, 10.7 per cent more than in the previous year.

Middlesea Insurance plc is a member of Mapfre Group.