Insurer Mapfre estimates Venezuela quake losses at €25 million as half-year profit grows

Safety Insurance

24/07/2026 07:06

By Marta Serafinko and Mireia Merino

    July 24 (Reuters) - Spanish insurer Mapfre MAP.MC 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 SAFT.O, also announced on Thursday, underscore the company's ability to pursue expansion even as it absorbs geopolitical and catastrophe-related headwinds.
Catastrophe losses, aside from the February storms in Portugal and Spain, were limited in the first half of 2026
Result in Turkey was hit by Q1 floods, €14 million hyperinflation adjustment and 12.4% lira depreciation
Mapfre's half-year net profit rose to €624.2 million
Premiums rose 1.1% to €16.13 billion, driven by growth in life and health insurance
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
($1 = 0.8787 euros)

(Reporting by Marta Serafinko and Mireia Merino in Gdansk, editing by Milla Nissi-Prussak)
((marta.serafinko@thomsonreuters.com, Mireia.Merino@thomsonreuters.com))