Spanish insurer, Mapfre [4], reported in late 2017, 701 million EUR (839.8 million USD) in net profits, down by 9.7% in comparison with 2016. This slowdown has been attributed to rising loss experience.
The Spanish market had sustained during the previous year 183.8 million EUR (220.2 million USD) in natural-catastrophe-related losses, 58.2 million EUR (69.7 million USD) of which were borne by Mapfre.
Gross written premiums have, nevertheless, progressed by 2.9%, settling at 23.5 billion EUR (28 billion USD). The company’s combined ratio was set at 98.1%.