Antonio Huertas: “Insurance has a critical role in mitigating the social challenges of COVID-19”

Remote working, environmental awareness, the struggles of businesses and individuals and the ramifications for young people, especially the millennial generation, are among the points underpinning the reflections of Antonio Huertas, the Chairman and CEO of MAPFRE, on how the insurance industry can help society to overcome this period.

“There are many things the insurance sector can do, but it is worth bearing in mind there is no single society,” he explains. In Latin America, where MAPFRE is the leading Spanish multinational insurance company, “we should help them build new, more egalitarian societies (…), demonstrate we are not only working toward an economic end, but also toward providing a social dividend, as has been apparent during this time.” The article pays special attention to employment and the impact of the crisis on millennials. “How insurers now address these issues has consequences not only for their relationship with regulators and policyholders, but also for their ability to recruit and retain new talent in the future. A major pact is, therefore, needed to hire and train young, unemployed people,” he adds.

Antonio Huertas points to the multiple challenges being faced by the industry, as well as the opportunity for it to have a positive influence on healthcare, social protection and to continue improving quality of life for individuals. “Insurance is a sector that is always expanding when society becomes aware of its weaknesses, because we provide the guarantee that allows people to live with confidence and security,” he says.

In total, MAPFRE mobilized more than 200 million euros to help SMEs and the self-employed around the world, donated money and health supplies and created a mutual fund worth 50 million euros to help finance the extraordinary expenses suffered by the community of Madrid due to the pandemic.

Read here the full article.