Mapfre sets up €54m COVID-19 support fund

Spanish re/insurer Mapfre has committed €54 million to support customers and suppliers affected by the ongoing COVID-19 pandemic.

Spain is the worst affected country in Europe after Italy.

Mapfre said it will return €30 million euros to its self-employed and SME customers, and the rest €24 million will be allocated to billing advances for its suppliers.

The measure aims to help alleviate the economic difficulties caused by the closure of activity for professionals who regularly collaborate with the company.

These funds are in addition to €5 million commitment made to the Spanish National Research Council (CSIC) to accelerate the research and investigation into COVID-19 pandemic.

“We want to support all the professionals who work with us, who serve our customers, and strive every day to ensure that Mapfre's service is of the highest quality. Now is the time to support them, because they are also an essential part of our value chain,” said Antonio Huertas, chairman and CEO of Mapfre.