MAPFRE, a Spanish insurer and insurance group in Latin America, has joined the consortium of climate insurer Blue Marble as its newest owner through an investment in the company.
This latest development brings the consortium to six organisations in its tenth anniversary year, which are: Aspen, Grupo ASSA, MAPFRE, Marsh McLennan, TransRe, and Zurich Insurance Group.
Established in 2015, Blue Marble designs and delivers parametric insurance solutions to underserved communities in emerging markets.
Its proprietary technology platform powers these solutions, enabling continuous product innovation, rapid scaling, and expansion of coverage for underserved groups.
The consortium works in partnership with local insurers, development agencies, and private sector agents to protect livelihoods from the increasing impacts of climate change.
In the last decade, Blue Marble has launched and scaled insurance programs for underserved communities in 16 countries, bringing climate resilience through innovative parametric insurance to smallholder farmers, workers and SMEs across Africa, Asia and LatAm.
To date, Blue Marble has positively impacted numerous individuals, aiming to prove how public–private collaboration can close protection gaps.
Penny Seach, Chair of the Board, Blue Marble and Group Chief Underwriting Officer, Zurich Insurance Group, commented, “Blue Marble was founded to bring together global insurance leaders with a shared commitment to closing protection gaps for climate-vulnerable communities. Welcoming MAPFRE to the consortium strengthens both our expertise and our reach, and sets the stage for our next decade of impact and innovation.”
Miguel Rosa, Blue Marble Board member, MAPFRE and Chief Executive Officer (CEO), MAPFRE RE, added, “Joining Blue Marble is a natural extension of MAPFRE’s commitment to building resilience for communities facing the greatest climate risks. By combining our technical knowledge and global presence with the consortium’s collaborative approach, MAPFRE can scale innovative solutions where they are needed most.”
Jaime de Piniés, CEO, Blue Marble, said, “MAPFRE’s membership is a milestone in our tenth anniversary year and a powerful signal of the growing importance of climate resilience. Over the past decade, Blue Marble has shown how global insurance businesses, working together, can launch first-of-their-kind products and bring protection to underserved communities worldwide. With MAPFRE joining, our ability to scale these innovations and close protection gaps becomes even stronger.”
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