MAPFRE awarded Pemex comprehensive policy in Mexico

The policy will cover physical damages to the oil company’s assets for a two-year period

Following a national public tender, MAPFRE’s Mexican affiliate, MAPFRE Tepeyac S.A., has been awarded the contract for comprehensive coverage, with a premium of over 377 million euros ($423.3 million), covering direct physical damages to all assets of Petróleos Mexicanos (Pemex) on land and sea, as well as for general third-party liability arising from business operations.

The policy, whose effective period is from June 30 of this year until June 30, 2017, covers all platforms, refineries, petrochemical complexes, gas processing plants, and all other facilities of the Mexican oil company.

As reported by Pemex, eight insurance companies submitted bids in addition to MAPFRE Tepeyac: Seguros Atlas, AIG Seguros México, Seguros Banorte, Grupo Mexicano de Seguros, Seguros Inbursa, Grupo Nacional Provincial, and Zurich Compañía de Seguros.

Mexico is one of the countries that MAPFRE considers strategic for its growth in the coming years. The Chairman and CEO of MAPFRE, Antonio Huertas, spoke at the latest Annual General Meeting to announce an ambitious five-year business plan in the country that will allow it to raise its market share from 6 percent to 10 percent, with the support of an in-country business network, a Life-specific network, digital business, and large-scale industrial risk business.